Transaction Monitoring
Onboarding and transaction monitoring made simple
Identifying and preventing illicit activity such as money laundering is essential for all modern businesses. With the advanced 123signed transaction monitoring solution, this process is made simple, and can protect your business against illegal financial activity.
With our technology, your compliance team can onboard merchants safely and ensure all due diligence checks are taking place, allowing for far more efficient merchant performance management and transaction monitoring strategies.
How 123signed’s Transaction Monitoring Solution Works
We have created a fully automated transaction monitoring solution that is designed to monitor for suspicious behaviour.
123signed makes it easy to create and adapt fraud and AML transaction monitoring strategies to put your business in control
It allows your team to focus on critical alerts and prioritise their activities, saving you time and money
123signed monitors transactions to differentiate between standard day-to-day transactions and those that carry a higher probability of risk
It uses a multitude of rules to spot suspicious activity in real-time. These rules are adapted to the risk level of the merchant
Suspicious activities are then rated by risk and our reporting interface allows your team to easily review alerts and drill down for further information
One single application
Monitor the transactions made by customers in real-time and/ or on a daily basis.
Easily configurable
Easily configurable rules allow you to monitor transactions for suspicious behaviour.
Real-time monitoring
Analyse a customers historical information and account profile.
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What is transaction monitoring?
As can be guessed from the name, transaction monitoring is the observation of the transactions a customer makes. This can include deposits, transfers, and withdrawals, and is designed to create a complete picture of a customer’s spending habits. Such monitoring can be done historically and with current data to reveal whether or not there has been a significant change in a customer’s spending habits. If there has, firms can then determine the next course of action to take.
Automated Processes
In an ideal world, every single customer payment could be monitored. However, this simply isn’t feasible even for small firms that might only cover a few consumers. For this reason, it is vital that firms adopt automated processes, so that they can fulfil these monitoring protocols successfully.
This is a valuable part of KYC processes and can help to monitor accounts to flag those in need of investigation due to suspicious charges. Such changes could come from an established account just as easily as a brand-new one. This is one reason why software that monitors transactions must be so precise.
Why firms need to manage their transaction monitoring
Since monitoring transactions is such a vital part of AML protocols, it is vital that firms accurately manage these processes.
One major reason is to avoid a rise in false positives. These are cases that are highlighted by the software that do not actually require review. With too many rules in place within the software or a one size fits all scenario in place, the software can quickly over-analyse and produce a range of reports that are false positives. The review process can therefore become overly long – potentially creating an expensive backlog and preventing legitimate cases from being investigated promptly.
Work with 123signed to create a set of parameters that address the needs of your firm to ensure that you are doing your due diligence.
Why choose 123signed?
Rule configurations
Choose from over 800 pre-determined rules from our rule hub or use our template rule wizard to meet your needs. If you’re looking for a specific rule you can code it without free-form scripting or migrate existing rules via a quick batch. Enjoy all of this with the additional ability to activate rules in real-time.
Rule set customisation
Rule set options are endless when you have the ability to customise rules to your needs. You will have the ability to set a rule to a specific account type, whether that’s a PSP, merchant, acquirer or sub-account, the ability to set a rile to a MCC code, a country, a website, a market or industry, a date and time frame or a transaction intelligence, whether that’s payment, deposit, withdrawal, or transfer.
‘What-if’ rules engine logic
Use the ‘What-if’ rule logic to maximise the performance of your rules by looking at the impact of new rules. Compare them against historical transactions to be sure of what can be improved upon in the future. Evaluation like this will allow you to have confidence in your configurations and obtain the best performance.
Database management
Pre-defined keywords or result codes can be used to flag entire transactions or parameters automatically. Take the hard work out of filtering and adding to lists with keywords like “reject” for negative, “accept” for white list, or “review” for high risk transactions. Use our case management tools to flag or blacklist customer information and their entire customer profile to ensure your security.
Association logic
The 123signed platform continuously monitors associations so that you are kept alert to potential security risks. Associations, links, and/or collusions across all traffic is monitored across various parameters like device ID, email, phone, address, IP, and more are all monitored to identify repeat offenders and fraud rings. Alerts are then sent out to you to improve your reaction times.
Evidence management
Transactions are reviewed efficiently and timely by agents while managing any exceptions or evidence. Flagged or declined transactions are informed by the agent’s supporting evidence and reasoning attached. Every transaction is therefore afforded seamless management.
Frequently Asked Questions
Q.
What is transaction monitoring?
Transaction monitoring is the observation of the transactions a customer makes, including deposits, transfers, and withdrawals. It is designed to create a complete picture of a customer’s spending habits. Monitoring can be done historically, and results compared with current data to reveal whether or not there has been a significant change in a customer’s spending habits. If there has, firms can then determine the next course of action to take.
Q.
Why do firms use 123signed for their transaction monitoring?
The 123signed transaction monitoring solution is advanced and offers a range of excellent features and benefits, including rule configurations, database management, rule set customisation, association logic, and evidence management.
Q.
How can transaction monitoring help your compliance team?
123signed’s transaction monitoring software helps your compliance team with their checks to ensure that vulnerable customers can be identified, and potentially illegal activities like money laundering can be flagged, prevented, and reported to the relevant authorities.
The escalating costs of global financial crime compliance
The digital revolution, spearheaded by digital banking, cryptocurrency, artificial intelligence (AI), and digital payment systems, has significantly contributed to the exponential rise in global financial crime compliance costs. According to the recent findings of the True Cost of Financial Crime Compliance Study by LexisNexis Risk Solutions for 2023, the increasing costs have surpassed a staggering $200 billion. The surge in
The escalating costs of global financial crime compliance
The digital revolution, spearheaded by digital banking, cryptocurrency, artificial intelligence (AI), and digital payment systems, has significantly contributed to the exponential rise in global financial crime compliance costs. According to the recent findings of the True Cost of Financial Crime Compliance Study by LexisNexis Risk Solutions for 2023, the increasing costs have surpassed a staggering $200 billion. The surge in
Be confident in your onboarding and compliance monitoring with 123signed
We offer a fully supported service designed to help your company maintain compliance through your payment portal.
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