Diasoft, Interfax develop solution to automate verification of bank customers, counterparties

Diasoft has automated comprehensive verification of customers and counterparties by parameters and lists available in the X-Compliance solution created by Interfax Group.

Thanks to integration with X-Compliance, Diasoft's "Verification by lists of suspicious countries, persons and organizations" software now provides mass automated verification of all of a bank's customers and transactions by global and Russian sanctions lists and watch lists (Russia, the United States, United Nations, European Union, United Kingdom, Canada, Switzerland, Japan, Australia and Ukraine), as well as by the list of companies subject to the "50% Rule."

Diasoft's head of Risks and Compliance, Andrei Simakov said that the "joint solution of Diasoft and Interfax makes it possible to save a great deal of bank employees' time on carrying out the necessary verifications, as well as avoid the risk of using incomplete or inaccurate information for decision making."

"We are now carrying out a pilot project to roll out the solution at a Russian bank in the top 25. As a result of the project, the bank will be able to verify customers by sanctions lists and lists of suspicious persons with minimal staff hours," Simakov said.

The "Verification by lists of suspicious countries, persons and organizations" software product is part of the Digital Q.Risk&Compliance platform. It was developed in microservice architecture on a modern technology stack, so it can be easily integrated with any IT landscape of a credit institution. If the bank already uses the X-Compliance service, the product's installation makes it possible to automate the process of customer verification directly in the IT system and reduce the time it takes to process large arrays of data.

"The current geopolitical and economic situation has increased banks' requirements for high quality products to monitor client transactions and assess sanction risks. The import-independent joint solution of Diasoft and Interfax will help solve these problems," Interfax Group Executive Director Vladimir Gerasimov said.

Diasoft is one of the leading Russian developers of information technology solutions for the financial sector and other sectors of the economy, recognized by international experts such as Gartner, IDC, Forrester and Celent. Over the past 31 years the company has gained unique experience in developing, rolling out and supporting IT systems. Diasoft carries out more than 250 unique IT projects annually. The company has more than 200 customers in various sectors of the economy, including more than half of the banks in the top 100

Diasoft solutions can be rolled out on a Russian, import-independent software and hardware stack. The company has been investing for more than 15 years in the promotion of digital transformation technology, and the creation and development of a digital omnichannel platform. In 2021, Diasoft unveiled the Digital Q digital transformation ecosystem, which makes it possible to organize efficient production of digital solutions. All Diasoft software products are included in the Unified Registry of Russian Software for Computers and Databases.

Interfax Group is Russia's largest non-governmental information group, developer of advanced B2B information and analytical systems, one of the leading news agencies in Russia and the most cited Russian news agency in the world.

The Group's best known products include SPARK, SCAN, RuData, Marker and X-Compliance, which help businesses to effectively manage risks and handle tasks in the areas of KYC, compliance, competitive intelligence, due diligence and business reputation assessment; work on financial and commodity markets, including the government procurements sector; meet regulatory requirements; analyse and monitor mass media and social media; and organize external communications.

X-Compliance is a solution for identifying, assessing and effectively managing compliance risks as regards AML/CTF compliance, monitoring sanctions lists, and controlling the risk of sanctions under the "50% Rule."