Bottomline Technologies has partnered with Dow Jones Risk & Compliance to add key data to Bottomline’s Anti-money laundering and Counter Terrorist Financing monitoring and screening capabilities.
Through the partnership, Dow Jones’ risk data will flow through Bottomline’s cyber fraud and risk management platform, which was designed to identify and thwart illicit transactions.
James Richardson, head of market development risk & compliance at Bottomline, said: “Our partnership with Dow Jones benefits customers by protecting their payments across the entire lifecycle. The Dow Jones data feeds for UK, Europe and the Asia Pacific, combined with Bottomline’s compliance solutions, will help to identify and mitigate payments to sanctioned entities, known money launderers and the risk of fraud and financial crime.”
The additional intelligence will help identify internal and external threats and protect against criminal activity.
According to two companies, the data will help banks and corporates avoid incurring regulatory fines and reputational damage that often accompany fraud incidents by enabling them to identify suspicious transactions and stop payments.
Guy Harrison, general manager of Dow Jones Risk & Compliance, said: “As criminals find more sophisticated methods to conceal illicit funds, access to quality, reliable and timely data has never been more important in the fight against financial crime.
“This partnership with Bottomline will enable businesses to better identify suspicious activity that may be linked to money laundering or terrorist financing – helping combat one of the most pressing issues of our time, as we seek to build a safer global financial ecosystem.”
The announcement comes after Bottomline announced in September that it was to offer Confirmation of Payee (CoP), a fraud prevention service owned by the retail payments authority Pay.UK.
Using CoP, banks can assure payers that the money they are sending is being transferred to the intended recipients. The solution aims to prevent payments from being accidentally or fraudulently misdirected.