Accuity buys Safe Banking Systems

Accuity has purchased Safe Banking Systems (SBS), a provider of Know Your Customer due diligence and anti-money laundering solutions.

SBS enables financial institutions to identify, assess and manage risk across the enterprise. Its solutions perform advanced false positive reduction and risk assessment in the account screening process across a number of sectors, including high volume banks and non-bank financial institutions, bringing greater intelligence for entity resolution to clients worldwide.

Accuity said the purchase will provide it with an enhanced and leading account screening solution, complementing its transaction and trade screening offerings.

Hugh M. Jones, Accuity president & CEO, said: “SBS has an impressive track record of delivering award-winning technology and deep subject matter expertise, enabling clients to truly take a risk-based approach that advances the field far beyond traditional matching technologies.

“The business shares Accuity’s ambition to be a trusted partner to clients, protecting their reputations and transforming the way they manage risk. We look forward to welcoming the SBS team and collaborating to strengthen our Fircosoft solutions.”

SBS’ client roaster includes Sterling National Bank, Northern Trust, Deutsche Bank, PNC, Bank of America, Lloyds Banking Group, Scotiabank, Citi, CIBC, PWC, and UMPQUA Bank.

Accuity, part of RELX Group, is a provider of innovative solutions for payments and compliance professionals. It offers data and software that manage risk and compliance, and flexible tools that optimise payments pathways through its Fircosoft, Bankers Almanac and NRS brands.

The company’s risk and compliance solutions provide counterparty KYC, sanctions, PEP, and screening data, account screening, transaction screening, trade compliance screening, and US securities industry compliance.

SBS CEO David Schiffer added: “Accuity is the natural home for SBS and affords us the opportunity to build on our existing partnership and success to date, grow our investments in our business, and expand globally. Bringing our expertise and teams together will enable us to accelerate the development of innovative approaches to managing risk through advanced entity resolution and reducing false positives.”

Earlier this year, payments solution company Lemon Way picked Accuity to streamline its financial crime compliance process. Accuity said it will help the FinTech more efficiently identify financial crime and flag potentially high-risk customers.

That partnership came just weeks after Accuity was selected by First Abu Dhabi Bank (FAB) to provide integrated global sanctions screening and data. The UAE bank said it is going to use Accuity’s Fircosoft data and technology solutions to strengthen its transaction, customer and third-party screening processes.

Copyright © 2018 RegTech Analyst

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