FinScan, the AML compliance solution of Innovative Systems, has outlined a series of product, performance, and leadership developments delivered over the past 12 months.
The updates span payment screening, data quality controls, trade finance, and user experience, and are aimed at financial institutions, fintechs, insurers, and payment service providers managing compliance risk at scale.
Product and platform developments
On the payments side, FinScan extended its screening coverage to include native support for IACH and Fedwire using the ISO 20022 standard, enabling transaction screening across real-time and batch flows for both domestic and cross-border payments. The platform also introduced risk-based conditional logic to assess higher-risk transactions dynamically, using thresholds, corridors, counterparties, and custom blocklists, moving beyond traditional list-based screening approaches.
Additional updates include expanded APIs for real-time, in-flight data cleansing and parsing through FinScan Enhance, and field-level configuration for trade finance document screening. The company reported that the trade finance enhancements typically reduce false positives by three to eight times. Alert remediation workflows and transaction reporting capabilities were also upgraded to support audit trails and regulatory filings.
Performance and retention metrics
As FinScan's client base expanded to include neobanks and paytechs with high-volume screening requirements, the company invested in processing capacity and response times. The platform now supports more than 100 million transactions per day, with most completing in under a quarter of a second and response times reaching as low as 66 milliseconds per transaction in single-threaded environments. The company's customer retention rate stands at 93%, up from 92%, against a reported SaaS industry average of approximately 68%.
Leadership additions
To support its next phase of growth, FinScan made several leadership appointments, including a Chief Revenue Officer, a Product Management Leader, a Principal for AML Strategy and Innovation, and two regional partnership leaders. The appointments follow the naming of a Chief Operating Officer in the prior year. Planned developments for the coming year include further real-time payments support, digital asset screening, and dashboard and workflow improvements.
