Financial institutions and businesses around the world need quality sanctions data in their screening software to manage risk and meet regulatory requirements. OpenSanctions is partnering with Neterium to help financial institutions and fintechs screen large volumes of transaction data with up-to-date sanctions data and help businesses monitor their counterparty data for risks.
Neterium, headquartered in Belgium and founded in 2017, provides watchlist screening technology that is particularly capable of screening high data volumes. Its API-based screening service Jetscan helps to screen counterparties to identify high-risk relationships while its screening solution Jetflow is dedicated to screen large volumes of transaction data.
The Neterium and OpenSanctions teams at a recent industry event.
The partnership between Neterium and OpenSanctions in particular targets high-volume transaction monitoring of financial institutions such as digital payment services providers, electronic money institutions and foreign exchange and remittance services providers. The joint sanctions screening package can also easily be integrated into know-your-business (KYB) compliance processes of non-financial institutions.
Just like OpenSanctions, Neterium is considering its technology to be one building block in the screening processes of its clients. Its API services are designed to be easily integrated without extensive IT integration projects. Usage of the OpenSanctions data collection, which contains data from 71 global sanctions programs, can also be easily trimmed to different regional or industry-based screening requirements.
The OpenSanctions data collection is open source and transparent. All of its data points have data lineage all the way to the official source of the sanctions data, making the dataset easily auditable. This renders it usable as a reference dataset that can be used by financial institutions to test the effectiveness of their sanctions screening.
Pascal Aerens, Chief Product Officer and co-founder at Neterium, highlights the shared vision:
“Neterium and OpenSanctions share a deep understanding of the fight against financial crime. Together, we provide the advanced technology and the specialized content required to make watchlist screening more effective and efficient for organizations worldwide.“
Friedrich Lindenberg, our founder, also emphasizes the partnership's value: “Our products – OpenSanctions’ data resources and Neteriums screening engine – are perfect complements, with shared values: technical excellence, pragmatism, and the objective to provide meaningful building blocks in the identification and interdiction of illicit financial flows.“
Please get in touch if you have any questions on our partnership with Neterium!
