Financial crime assurance platform Cable has launched a new product, Transaction Assurance, aimed at improving fincrime compliance and transaction testing.
Transaction Assurance automates the effectiveness testing of financial transaction systems, monitoring transactions and testing for regulatory breaches or control failures, which the company says will eliminate the limitations of manual dip sampling.
“In recent years, we’ve witnessed a surge in compliance lapses, highlighted by billions in fines levied against major institutions for financial crime failures,” Cable founder and CEO Natasha Vernier said in a news release. “These cases have brought to light gaps in existing protocols, including systemic failures in manual testing. These industry shortcomings are why we developed Transaction Assurance. It helps illuminate the vast, often untested expanse of transactional data, bringing that previously unseen 99% into sharp focus.”
Transaction Assurance offers banks, fintechs and payment platforms a fully automated and continuous effectiveness testing solution for financial transactions, ensuring strict adherence to regulatory requirements related to transaction monitoring as well as sanctions, suspicious activity reports (SARs) and the “Travel Rule,” the company said in the news release.
Cable’s new product release comes about six months after the company announced it had raised $11 million in a Series A funding round.