Financial crime assurance provider Cable has announced the launch of Transaction Assurance, an automated testing solution for financial crime compliance. Cable’s officials stated that the company developed Transaction Assurance to combat certain industry difficulties, including compliance lapses and gaps in existing protocols due to systemic failures in manual testing, aiming to offer improved visibility over the vast and often untested expanse of transactional data.

Transaction Assurance’s capabilities Cable’s Transaction Assurance product automates the effectiveness testing of systems, intending to ensure that every transaction is monitored and thoroughly tested for regulatory breaches or control failures, while also removing the restrictions of manual dip sampling. The service provides banks, fintechs, and payment platforms with a fully automated and continuous effectiveness testing solution for financial transactions, providing adherence to regulatory requirements concerning transaction monitoring, sanctions, Suspicious Activity Reports (SARs), and the Travel Rule. Cable’s product was designed to address the challenges institutions face in testing transactions on their platforms. The company’s assurance engine aims to surpass traditional, manual sampling methods, which can be costly and error-prone, by offering a more reliable, automated solution.

Transaction Assurance offers complete coverage at scale, being capable of managing millions of transactions. Moreover, Transaction Assurance acts as an overlay to existing first-line control systems, serving as a translation layer by amplifying the effectiveness through synthetisation and testing data in real time. This ensures adherence to policies and controls while delivering actionable insights, alerts, and visibility into an organisation’s compliance position. Considering the comprehensive approach, Cable’s product simplifies the end-to-end compliance workflow, minimising operational difficulties.

Moreover, it provides compliance teams with evidence of their program’s effectiveness, which can be presented to auditors, regulators, and stakeholders. Cable’s past developments and collaborations With its all-in-one effectiveness testing platform, Cable provides banks, fintechs, and crypto firms with a suite of tools to ensure compliance with financial crime requirements, including tech-enabled risk assessments, automated assurance, quality assurance, management information, and reporting, among others. In recent months, the company entered multiple partnerships to advance its development strategy. At the end of October 2023, Cable partnered with BankProv to enhance the latter’s financial crime compliance programme.

Through this collaboration, BankProv could further improve its financial crime compliance solution with secure and automated financial crime assurance and testing. Considering that BankProv is a Banking-as-a-Service (BaaS) provider that specialises in technology-driven banking products, the company intended to integrate with Cable to solidify and accelerate its plan to use technology in the process of minimising financial crime. Moreover, Cable’s financial crime effectiveness testing platform enabled the company to access its tools and optimise its overall financial crime regulatory compliance. During the same month, BHG Financial collaborated with Cable to launch automated financial crime assurance and testing capabilities in its compliance programme.

The partnership aimed to further solidify BHG Financial’s regulatory compliance and its commitment to using the power of data, analytics, and technology. By having improved efficiency and insights across its business. BHG Financial was set to be enabled to grow faster and better deliver on its objective to provide solutions for business professionals, consumers, and financial institutions.

.