The app uses Fincom.co’s ‘phonetic fingerprint’ system to enable searches and match entries across numerous databases in different languages, reducing the cost of implementation at the bank and enabling rapid time to market. This collaboration brings flexibility of choice for clients, faster time-to-value, and operational savings, made possible due to the reduction in false positives. The solution also provides an ongoing ‘Persistence Mechanism’ which is an automated process designed for ongoing verification to keep the system clean and updated, only alerting the company if there is a significant reason to do so.
Based on an advanced mathematical algorithm, the phonetic fingerprint will act as a unique identifier and irreversible code, resulting in great accuracy and minimal false-positive results when compared with other technologies. It offers real-time transactions, reduces more than 30% of false positives, ensures there are no false negatives and provides significant operational savings.