Commerzbank, Germany’s second largest bank, is upgrading to the latest version of ACE’s OFAC Guard to ensure its cross-border message filtering capability is ready for Single Euro Payments Area (SEPA) messages on 28 January 2008.
Commerzbank processes over 100,000 transactions a day. The German bank has reached new levels of SEPA readiness and is live on the latest ACE application for message filtering and anti money laundering.
Commerzbank is a long time customer of ACE’s OFAC Guard with the application installed in Frankfurt and run globally in multiple locations using ACE’s innovative Web OFAC interface for simple deployment.
“Commerzbank initially selected ACE’s OFAC Guard, to help manage our AML obligations and compliance, based on a technical and functional fit with our requirements and we have been very pleased with its performance,” says Markus Rosner, vice president, Commerzbank.
Part of the successful Pelican range of intelligent payment applications, ACE’s OFAC Guard module is capable of scanning high volumes of payment messages against various watchlists from national governments and other authorities. It uses advanced artificial intelligence to accurately determine suspicious messages, resulting in a low rate of false positives, and ensures resources can be concentrated on those transactions most at risk.
“ACE’s superior technology represents a significant advance over other solutions, even those that have been launched in the last two years. This is the basis upon which we have built a long term relationship with Commerzbank,” says Parth Desai, CEO, ACE Software Solutions. “
“The latest version of OFAC Guard that we are testing will ensure that our compliance standards are maintained at the very highest level. Over time both the payments market and our requirements have evolved but it is clear that ACE has continued to invest in product development to effectively meet the needs of a changing market,” adds Rosner.