Stripping is intentional misconduct that involves the practice of removing wire transfer information such as customer names, bank names, vessels and addresses. Because of the information removed from the wire, financial institutions are at risk of processing transactions that are not allowed by economic sanctions programs.
FircoSoft’s Stripping Detector is designed to protect financial institutions against processing payments that have been purposefully altered. The solution is an add-on module to Firco Continuity, making it very simple to implement. Designed to identify and block stripped messages in real time, it has minimal impact on the filtering process or the performance of your system.
The solution can be deployed with any watch list filtering environment regardless of vendor or source files.
- Detect stripping before a transaction is processed
- Reduce manual effort currently necessary to stop stripped transactions
- Protect your financial institutions against risk and fines