The solution addresses the growing need of corporates, banks and credit unions to screen payments to meet compliance with tougher sanctions, embargoes and political trade restrictions.

Expertus' Bulk Payment Filtering (EBPF) allows the de-bulking of payment files whatever the format (FIN MT1xx, MT2xx, CHAPS, BACS, NACHA, FEDWIRE, SEPA, Canadian ACH, XML and ISO 20022) into individual transactions enabling the screening of messages, the re-bulking of those that have passed screening, and their transmission in the needed format through the channel expected by the receiving bank.

“This new solution fills in an industry gap whereby the whole bulk file is rejected following a sanctions screening hit. With EBPF, financial institutions are now in a better position to offer their customers a seamless filtering solution that enhances their payment workflow,” said Ayman Jammoul, EVP, Business Development at Expertus. “Based on the XML ISO 20022 model, EBPF easily integrates to any ERP or back-office application such as SAP and Oracle Financials, and can be deployed in-house or in the Expertus Cloud (SaaS), expediting and better securing payment processing.”

“We are very pleased with this integration as it allows customers to be advised early in the payment process of any potential hit against the sanctions list, thus avoiding any delay in the payment chain,” said Steve Hamel, Director, Account Management at FircoSoft. “The customer does not have to resubmit the whole payment file when only one or several transactions are being investigated, avoiding payment delay, saving compliance costs and improving efficiency. It’s a win-win solution for both corporates and the bank.”