Nationwide targets illegal payments with transaction filtering software

Nationwide Building Society has implemented a transaction filtering system from FircoSoft, helping it to clamp down on illegal transactions and money laundering.

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Nationwide Building Society has implemented a transaction filtering system from FircoSoft, helping it to clamp down on illegal transactions and money laundering.

Nationwide is now using Firco Continuity, which provides real-time filtering to detect and block fraudulent payments in accordance with industry regulations and ‘know your customer’ requirements.

Money laundering is significant problem for many banks, with HSBC forced to pay a record $1.9bn (£1.2bn) to US authorities in December last year for failing to put adequate systems and controls in place, while Royal Bank of Scotland and subsidiary Coutts have been hit with fines from UK regulators.

Nationwide, the UK’s largest building society with 15 million customers, had previously used an external service for transaction filtering, before bringing its compliance controls in-house to gain greater oversight of the filtering process.

"As the largest building society, we needed a solution that could scale as we grow our member base,” said Paul Horlock, head of payments and service strategy at Nationwide. “Firco Continuity's ability to manage volumes in real time was another strong factor to impact our choice.”