Lucinity and Facctum Partner for AI-Powered, Real-Time Watchlist Screening and Investigations

London, United Kingdom, October 8th, 2024 – Lucinity, a leader in AI-driven financial crime investigation tools, and Facctum, a provider of watchlist screening technology, have announced a strategic partnership. This collaboration offers a seamless, end-to-end financial crime prevention solution by integrating Facctum’s real-time screening capabilities into Lucinity’s platform.

By combining their strengths, Lucinity and Facctum will handle alerts across watchlist screening use cases including sanctions and PEP screening. Facctum’s flexible solution allows customers to configure their own watchlists or utilize third-party sources such as LSEG (WorldCheck), Dow Jones, Kharon, and many others, providing institutions with the agility needed to adapt to evolving compliance challenges.

Key Benefits for Customers:

• Regulatory Compliance: Integrating Facctum will provide customers with real-time updates to sanctions lists within 15 minutes – an industry-leading capability that helps institutions stay compliant with fast-changing regulatory requirements like SEPA Instant Payments.
• Customizable Screening: Institutions can create custom watchlists or use external sources, reducing false positives and improving screening accuracy.
• End-to-End Management with AI-Powered Efficiency: The integrated solution embeds watchlist screening into Lucinity’s Case Management platform, providing a comprehensive view of financial crime risks. With Luci, Lucinity’s AI copilot, screening results are analysed in real-time, offering suggestions and insights to speed up the review and decision-making process.
• Real-time Decisioning and Automatic Payment Holds: Analysts can block or release transactions directly from the Lucinity interface as part of reviewing matches. Additionally, payments suspected of fraud are temporarily held, ensuring verification before processing.
• Quick Integration and Deployment: Lucinity’s system-agnostic platform integrates seamlessly with various data sources and systems. Customers can quickly implement the joint solution and start seeing results without disrupting their existing workflows.

Facctum’s advanced matching engines drastically reduce false positives, improving the efficiency of compliance processes. Additionally, the platform helps financial institutions stay ahead of regulatory changes, such as the SEPA Instant Payment Regulation, which requires screening as soon as possible after new EU sanctions are announced.

Lucinity’s platform also reduces investigation times from three hours to just 30 minutes, delivering productivity gains that can save large banks up to $25 million annually. The combined solution offers immense productivity gains, cost savings, and faster compliance with rigorous regulatory requirements.

“At Lucinity, we’ve always aimed to provide comprehensive solutions that simplify financial crime management for our customers,” said Udi, President and Chief Revenue Officer at Lucinity. “Our partnership with Facctum enables us to offer real-time screening alerts alongside fraud and AML monitoring and investigations, all within one platform. This allows institutions to remain compliant with rapidly changing regulations while efficiently managing investigations.”

“Our partnership with Lucinity meets the growing demand for fast, accurate sanctions screening,” said KK Gupta, CEO of Facctum. “By integrating our solutions, we help financial institutions stay compliant and reduce the risk of costly penalties from regulators”.

 About Facctum

Facctum is an innovative leader in financial crime compliance technology, offering advanced AI-driven solutions that empower financial institutions to mitigate risks and ensure regulatory compliance. Designed to meet the evolving needs of the financial services industry, Facctum’s Compliance Platform provides scalable solutions that optimise list management, sanctions screening, transaction monitoring, and client due diligence processes, all while reducing operational overheads and false positives.

For more information, visit www.facctum.com.

About Lucinity

Lucinity is an AI software company for financial crime compliance, founded in 2018 and headquartered in Reykjavik, Iceland. The company's mission is to transform FinCrime investigations from hours to minutes, providing actionable intelligence to accelerate workforce efficiency.

Lucinity's core offerings include Luci, the world's first Generative AI Copilot for FinCrime, a Case Manager for workflow automation, and Customer 360 for comprehensive insights. Lucinity consolidates fragmented systems into a unified case management platform and delivers actionable insights for faster and smarter decision-making.

Lucinity boosts productivity with AI-powered automation, reducing investigation times from 3 hours to 30 minutes. The platform's intuitive, modern user interface is designed to be user-friendly for analysts, enhancing consistency, accuracy, auditability, and explainability. Lucinity Labs, the company's R&D arm, drives innovation with notable patents for federated learning and homomorphic encryption of PII data. Remain regulatory compliant and reduce operational costs with Lucinity.

For more information, visit https://lucinity.com/.