Fast rails. Remote customers. One record for the supervisor.
Payment institutions, asset managers, fintechs, crypto-asset service providers and funds carry the same duties as a bank, often with a smaller team. DetectX® runs screening, payment checks, fraud detection and the audit trail on one platform. Start with one solution and add the rest when you need them.
Four compliance pressures shared by payment institutions, e-money institutions, fintechs and crypto-asset service providers, and how DetectX® answers each one.
None of them is new, and none of them goes away.
Under the EU Instant Payments Regulation, a euro instant payment must reach the payee within 10 seconds. That leaves payment and e-money institutions no time for a manual check, and every payment rail still has to be screened against the same sanctions lists.
DetectX® Instant Payment Screening checks the parties to each instant payment in the seconds it allows. It uses the same sanctions lists and whitelists as DetectX® Transaction Filtering, so instant and standard payments are judged the same way.
Fintechs and digital lenders onboard customers remotely, from a phone. After sign-up, a correct password is often the only proof the customer is who they say they are, which leaves the door open to account takeover.
DetectX® Name Screening checks each new customer against PEP and sanctions lists at onboarding. DetectX® Digital Identity then compares every online or mobile session with the user’s own past sessions, and flags one that does not match.
In an account takeover, a new device and a new payee often appear minutes before the money leaves. Overnight batch monitoring finds the fraud after the funds are gone.
DetectX® Real-time Transaction Monitoring analyses each transaction as it arrives. DetectX® Behavioural Analysis compares it with the customer’s own pattern and with similar customers, so an unusual payment raises an alert straight away.
Payment institutions, e-money institutions and crypto-asset service providers hold licences their supervisor reviews. When the supervisor asks why an alert was closed, the answer has to be on the record.
DetectX® Workflows records each step, comment and four-eyes sign-off on the alert, with who did it and when. DetectX® Regulatory Reporting builds suspicious activity reports for the FIU from data already on the platform.
Every kind of financial firm carries a different risk.
A payment institution, an asset manager and a crypto exchange answer to the same anti-money laundering rules but see very different cases. Pick the one that sounds like yours.
Suggested starting points. Every DetectX® solution is available to every financial firm.
Payment institutions and e-money institutions process payments around the clock, often on rails that settle in seconds and with a small compliance team. Every party to every payment still has to be screened against sanctions lists before the payment is released.
Asset managers and wealth managers serve clients who hold wealth through trusts, foundations and holding companies, sometimes through an external asset manager. Some clients are politically exposed persons (PEPs), and the instruments in a portfolio can themselves be subject to sanctions.
Fintechs and digital lenders onboard customers from a phone and never meet them in person. Fast growth brings volume, and volume brings fraud such as account takeover, hidden inside sessions that look ordinary.
Crypto exchanges, custodians and brokers licensed as crypto-asset service providers (CASPs) under the EU Markets in Crypto-Assets Regulation (MiCA) carry the same customer due diligence and sanctions duties as other financial firms. Their supervisors are still forming a view of the sector, so every decision has to be on the record.
Funds and fund administrators take subscriptions and pay redemptions through distributors and nominees across many countries. Every investor and beneficial owner has to be identified, screened and given a risk rating, and so does whoever receives a redemption.
Five duties should not mean five systems.
When a firm adds a tool for each duty as it grows, one to screen, one for payments, one for fraud, each keeps its own lists, its own queue and its own record. DetectX® runs them on one platform, so every alert lands in one queue and every decision in one audit trail.
Illustrative example. Which solutions a firm runs is configured per institution.
What financial firms usually ask before they choose DetectX®.
Yes. Start with a single solution and add others on the same platform, sharing one queue, one set of lists and one audit trail.
Yes. Lists, whitelists and model updates are kept in sync with the main system.
Yes. Customers are screened like any other financial firm’s, activity is compared with each customer’s pattern, and every decision stays on the record.
You can start with one solution and add the rest when you need them, so a small team takes on only what it needs.
Still to be confirmed: how configuration and support work for a small team.
DetectX® runs on premise or as a SaaS service run by Prospero.
Still to be confirmed: the deployment options offered to financial firms, including private cloud.
A German credit card processor on detection rates, fraud losses and the efficiency of its fraud department.
Read the case studyWebinarDetectX® Innovation DayThree sessions on demand: the platform today, the roadmap, and getting more from the platform you run.
Watch the sessionsSolutionDigital IdentityEach session compared with the user’s own past sessions, and a high-confidence rule can end it.
Explore Digital IdentityBring a payment flow, an onboarding journey or an investor register. We will show you how DetectX® screens, checks and records it on one platform.
