The best payment screening software and companies in 2024

If you’ve found this guide, there’s a good chance you’re looking for a payment screening solution that:

• Accurately detects risks and explains why alerts were generated.
• Integrates across your compliance tech stack.
• Provides up-to-date sanctions and politically exposed person (PEP) data.
• Can be tuned internally without waiting on third-party assistance.

This article summarizes top payment screening vendors, how to assess payment screening software, and where key firms sit on the G2 GridⓇ for Anti-Money Laundering.

Payment screening software: 4 features to look for 

When evaluating payment screening software vendors, there are several features compliance teams should look for: 

1. Ability to manage real-time payment rails: The growth of real-time rails like SEPA Instant and FedNow means firms need a screening solution that can operate in real-time and scale as payment volumes grow. Daily screening based on managing transactions in batches will no longer be sufficient.  
2. Data quality: Geopolitical instability means sanctions lists are changing unprecedentedly. This makes the quality of vendors’ databases critical – particularly their ability to quickly and accurately update lists at short notice.
3. Effective implementation: Often overlooked in the evaluation process, an inefficient implementation can delay the roll-out of new products and/or compromise a firm’s ability to implement its risk-based approach effectively. Compliance teams should ask vendors for proof of how customers have rated their implementations.
4. Advanced capabilities: Beyond the payment screening software’s core features, what other capabilities does the vendor offer? Risk scoring, fuzzy matching, adverse media screening, and insightful data visualizations are all potential areas to inquire about.

Top payment screening software companies

1. ComplyAdvantage

The G2 GridⓇ for Anti-Money Laundering is a helpful way of measuring financial crime risk management vendors based on customer reviews. The G2 GridⓇ lists ComplyAdvantage as a leader in anti-money laundering.

Payment screening from ComplyAdvantage can be purchased as a standalone solution or leveraged as part of the broader ComplyAdvantage fraud and anti-money laundering (AML) risk detection suite. It allows clients to screen all major transaction types in real-time via a RESTful API and has four key benefits:

1. Market-leading data – We source from 140 global sanctions lists, 1200 watchlists, 244 PEP jurisdictions and monitor regulators directly for updates. Our sanctions lists are always updated so teams can screen against updated lists in as little as 60 minutes.
2. Intuitive interface – Data, screening engine, and case management are all integrated with one easy-to-use platform.
3. Support for all major payment types, including faster payments – Screening as fast as 150 to 500 milliseconds supports leading faster payment schemes (including Instant SEPA Credit, Faster Payments, and FedNow.) A single API call screens every element of a transaction in real time.
4. Configurable risk – Screen against multiple data points to avoid true positive misses for sanctioned banks or other intermediaries.

Top ComplyAdvantage Features:

• Real-time screening: Screen transactions in real-time to prevent delays and ensure efficient processing.
• Optimized algorithms calibrated to our data power fast, accurate screening flexibility, and higher straight-through processing (STP) rates.
• Tailored risk: Adjust the screening process based on your firm’s unique risk appetite and compliance requirements.
• Flexible integration: Integrate with various payment systems and data sources in batch or real-time.
• Robust reporting: Generate reports and provide insights to customers on screening results and any compliance issues.
• Flexible screening: Screen any payment attribute, including names, BIC codes, countries – even unstructured text fields.
• Customizable screening profiles: Apply tailored lists and fuzziness levels to different payment corridors – for a differentiated, risk-based payments approach.
• JSON RESTful API offers seamless integration. 
• Out-of-the-box integration with several core banking platforms.
• Flexible fuzzy logic and matching algorithms can screen using exact or approximate name matches.
• Real-time API or batch ingestion of customer transaction data.
• Comprehensive rules are set to screen transactions against sanctions lists, PEPs and RCAs, warnings & regulatory enforcement, fitness & probity, and customer-supplied lists.
• All-in-one data and platform solution integrated across the full screening stack – from data to screening and case management.

Companies that use ComplyAdvantage to screen payments include Currencycloud, Holvi, Raisin Bank, AZA Finance, and Qonto.

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2. LexisNexis

According to Crunchbase, LexisNexis Risk Solutions “provides information to assist customers in industry and government in assessing, predicting and managing risk.” Headquartered in Atlanta, Georgia, the firm has offices in 24 countries worldwide.

3. Hawk:AI

Crunchbase states Hawk AI is a “money-laundering detection & investigation platform.” Investors, including Sands Capital, DN Capital, and BlackFin Capital Partners, fund Hawk AI. It was founded in 2018 and has its headquarters in Germany.

4. Napier

According to Crunchbase, Napier is “a new breed of financial crime compliance technology specialist.” Founded in 2018 and based in London, the firm has secured investment from Crestline Investors.

5. FinScan

Crunchbase describes FinScan as providing “the most advanced sanctions list and PEP compliance solutions available to help financial services organizations.” The company was founded in 2008 and is headquartered in Australia.

How to measure success

While every firm will have different objectives and challenges with their payment screening software, success metrics should include:

• Protect the firm and its customers’ reputation. Payment screening software is critical to ensuring firms don’t enable payments to be sent to sanctioned individuals. 
• Deliver an outstanding customer experience. Customers expect to send and receive money in real-time – an effective payment screening solution can ensure AML checks are seldom the reason why this isn’t possible. 
• Effective internal processes. Intuitive workflows should allow compliance leaders to delegate resources, prioritize the greatest risks, and resolve alerts faster. 
• Integration with wider AML stack: To maximize the value of payment screening software, it should be implemented alongside other key AML programs, such as negative news screening. This will ensure a firm’s risk-based approach can be rolled out in an integrated, holistic way.

Next Steps: Explore Payment Screening from ComplyAdvantage

Discover why leading firms choose ComplyAdvantage for Payment Screening, and book a demo to see the solution for yourself.

All information sourced from publicly available websites is correct as of March 2024. If you’d like to request a correction, please e-mail [email protected] and we’d be happy to review this with you.