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Managing the Dilemma of Cost vs Risk in Payment Screening: Improved Fuzzy Matching Helps the Finance Industry

Blog: Actico - Blog

Payment screening software allows banks and financial institutions to check whether incoming and outgoing payments pose a risk or are in breach of compliance regulations. Checking customer data against sanctions and embargo lists costs money – but failing to detect a compliance risk can be even more expensive, resulting in penalties and reputational damage. Machine Learning helps to manage the dilemma of cost vs. risk by improving fuzzy matching.

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