Insight & Analysis

Press release: New RegTech promises to overhaul the way the financial services industry addresses increasingly complex risk and compliance challenges

Published: Oct 2022

10th October 2022 – As SIBOS, the world’s premier financial services industry conference gets underway, Global Screening Services (GSS), a regulatory technology company conceived at, and incubated by, global consulting firm AlixPartners, has launched with the promise of bringing enhanced efficiency, reduced costs, and improved customer satisfaction in the face of ever-increasing industry wide risk and compliance demands.

Founded in 2021 GSS uses cutting-edge artificial intelligence and machine learning technology to streamline transaction and information processing. With an initial and immediate focus on sanctions compliance, the business is developing a full suite of offerings to assist global financial services institutions to meet evolving regulatory obligations, manage risk and increase efficiency.

GSS now operates as a standalone company with approximately 120 financial services and technology experts currently engaged in the new company’s activities. To date this team has worked alongside over thirty financial institutions, payment infrastructure providers and international regulatory bodies across the globe to bring its initial sanctions screening service to market, culminating in a recently announced partnership with SWIFT, the global provider of secure financial messaging services. Further details of this partnership can be found here at the SWIFT website.

Tom Scampion, formerly of AlixPartners and the newly appointed CEO of GSS, added “Financial institutions the world over are facing constantly increasing complexity as they have to manage the threats of ever more sophisticated criminality, the fallout from geo-political events and the risks that related non-compliance or additional processing time bring. Failure to manage these is severely detrimental to an organization’s reputation, can significantly dent its revenues and undoubtedly impacts upon the quality of its customer relationships.

We believe the best way to meet these challenges is through collaboration, and our mantra of “By the industry, for the industry” is something we have witnessed first-hand as we have worked closely with banks, regulators and other stakeholders to bring GSS’ first sanctions-focused offering to market. The level of interest, support and commitment we have experienced throughout this process underlines just how much appetite there is to do things differently, do things faster, do things better and above all do things together.

We are delighted to be partnering with SWIFT, and our collaboration reflects both the need and desire in the industry for our solutions. Over the coming weeks we will making further announcements relating to key industry partnerships and deployment of our sanctions screening product as we take our first exciting steps as a new business.”

GSS will be attending several of the world’s leading financial services events over the coming months as it shares its industry leading solutions with clients, partners, regulators, and industry commentators. This starts at Sibos, where the team will be in attendance in Amsterdam for the full schedule from October 10 to October 13. The team will be located at booth DIS23 in the Discovery Hall at Sibos for the duration of the event.

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