This report explores Golden Global Bank’s implementation of Fineksus’ PayGate Inspector and Service Bureau software to detect suspicious financial transactions and ensure secure international money transfers. The report identifies the main challenges Golden Global Bank faced with earlier methods, highlights the deployment of PayGate Inspector and Service Bureau to address the challenges, and explores the benefits they offered and the resulting outcomes.
Governments worldwide started to take financial compliance seriously after the 2008 global financial crisis, in which millions of people lost their jobs and savings. To protect public money and maintain people’s trust in the banking system and capital markets, governments have enforced stringent financial compliance rules and regulations and are revising them regularly to prevent financial fraud such as money laundering, phishing, and embezzlement. Given that governments are changing financial compliance regulations continuously, an increasing number of financial institutions are deploying sophisticated financial technologies to comply with them, lower operational costs, and increase their respective operational efficiency.
An example of one such use case is Golden Global Yatırım Bankası A.Ş.’s (Golden Global Bank) implementation of Fineksus’ PayGate Inspector SWIFT Alliance Application Service (SaaS) software (PayGate Inspector) and Service Bureau SaaS software (Service Bureau). PayGate Inspector is a regtech application that detects suspicious financial transactions by checking all transactions against official and private blacklists, while Service Bureau is a software solution that ensures secure international money transfers. The solutions enabled Golden Global Bank to comply with Turkish financial regulations, quickly detect money laundering and suspicious activities, execute international money transfers quickly and accurately, and provide excellent customer experience.
Governments worldwide started to take financial compliance seriously after the 2008 global financial crisis, in which millions of people lost their jobs and savings. To protect public money and maintain people’s trust in the banking system and capital markets, governments have enforced stringent financial compliance rules and regulations and are revising them regularly to prevent financial fraud such as money laundering, phishing, and embezzlement. Given that governments are changing financial compliance regulations continuously, an increasing number of financial institutions are deploying sophisticated financial technologies to comply with them, lower operational costs, and increase their respective operational efficiency.
An example of one such use case is Golden Global Yatırım Bankası A.Ş.’s (Golden Global Bank) implementation of Fineksus’ PayGate Inspector SWIFT Alliance Application Service (SaaS) software (PayGate Inspector) and Service Bureau SaaS software (Service Bureau). PayGate Inspector is a regtech application that detects suspicious financial transactions by checking all transactions against official and private blacklists, while Service Bureau is a software solution that ensures secure international money transfers. The solutions enabled Golden Global Bank to comply with Turkish financial regulations, quickly detect money laundering and suspicious activities, execute international money transfers quickly and accurately, and provide excellent customer experience.
Scope
- Financial organizations operating in Turkey must comply with anti-money laundering regulations to prevent criminals and fraudsters from making large amounts of money from illegal activities.
- Golden Global Bank needed an advanced and powerful software tool to effectively monitor all financial transactions by comparing them against private and official blacklists.
- PayGate Inspector helps detect suspicious financial transactions, and Service Bureau seamlessly and cost-efficiently connects core banking systems to the SWIFT network and ensures accurate and secure international money transfers.
Reasons to Buy
- Gain insights into Golden Global Bank's implementation of PayGate Inspector and Service Bureau.
- Gain insights into the major challenges for Golden Global Bank.
- Gain insights into the solution deployment.
- Gain insights into the key benefits achieved by Golden Global Bank.
Table of Contents
- Overview
- Introduction
- Challenges
- Solutions Deployed
- Technology Implemented
- Benefits
- Future Perspective
- About The Publisher
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Golden Global Bank
- Fineksus
