Global Screening Services (GSS), a sanctions screening platform, has scored £37m in its first funding round.
The round saw participation from AlixPartners, MUFG and the Cynosure Group. Randal Quarles, former Vice Chairman of the Federal Reserve System and Chairman of the Financial Stability Board, also joined the GSS board.
According to Financial IT, over the past two years, GSS has partnered with leading financial institutions around the globe to create what it claims to be a new approach to compliance, initially focusing on sanctions screening.
Founded in 2021, GSS claims it brings global financial institutions together to deliver higher standards in compliance, providing a trusted platform to enhance and exchange information.
The first service delivers sanctions transaction screening, built on industry standards and improved processes. Services under the firm are easily accessible to everyone, delivering greater effectiveness, improved efficiency and the reduction of friction.
GSS CEO Tom Scampion said, “Sanctions screening is both an international security imperative and one of the major sources of friction in the global payment system – at a time when consumers and businesses are increasingly demanding real-time settlement.
“GSS is uniquely position to deliver improved regulatory compliance and an enhanced customer experience. We’re delighted to have closed this funding round and to be working with such incredible partners to take GSS to market.”
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