Technology needed for high-growth and customer-focused PSP business in India, says Ueno
NTT Data Payment Services has chosen Facctum’s FacctViewTM screening platform to expand its anti-financial crime defenses, saying the new technology will support NTT Data Payments Services’ e-commerce platforms by detecting and assessing sanctions, terrorism financing and money laundering risk in consumer transactions especially in India.
The deal provides NTT Data Payment Services with high-performance counter measures to the threats posed by criminals attempting to commit financial crimes.
Takeo Ueno, CEO at NTT Data Payment Services, said, “Facctum technology is a great match for the needs of our high-growth and customer-focused PSP business in India. Its addition to our anti-financial crime defenses shows our commitment to protecting customers and providing the highest standards of compliance effectiveness.
“This approach extends the capabilities of the business to provide continuous robust compliance whilst also improving the speed of services for customers.”
“With growing volumes of digital transactions, combined with changing customer behaviors, there is an increasing concern about the potential abuse of Payment Service Providers (PSPs) through cyber-attacks.
“The increasing risks to which PSPs are exposed have led to increasingly stringent regulatory standards of compliance effectiveness. In response, PSPs are prioritizing investments in risk screening capabilities, not only to fulfil regulatory obligations but also to protect consumers and deter criminals.
K.K. Gupta, Founder and CEO of Facctum, comments, “The payments ecosystem is facing a growing threat from financial criminals. This is increasing the need for regulatory and compliance countermeasures.
“Leaders of PSPs have therefore recognized the vital importance of robust and resilient anti-financial crime technology to meet the challenges of regulatory change and ever-changing risks.
“I am humbled that NTT Data Payment Services has trusted Facctum technology to enhance the effectiveness and efficiency of risk controls.”
FacctView is powered by innovative parallel processing technology and an extensive library of risk detection algorithms. This combination enables the rapid detection of comprehensive financial crime risks. An innovative approach to data management technology also delivers low-latency batch processing of payment transactions that are scalable to massive volumes.
Facctum is headquartered in London, with operations in Dublin, Johannesburg, Pune and Bengaluru.
NTT DATA Payment Services India is part of NTT DATA Corporation, one of the globally top 10 IT service providers, headquartered in Japan. The NTT DATA Payments division group has a significant presence across Japan, Hong Kong, Singapore, Vietnam, and Malaysia. fiinews.com
