We're thrilled to unveil Cable's latest product – Transaction Assurance, a pioneering solution and a revolutionary step toward setting the new standard for transaction effectiveness testing.
Distinct from traditional transaction monitoring, Cable’s Transaction Assurance automates the effectiveness testing of these systems, ensuring every transaction is not only monitored but also rigorously tested for any regulatory breaches or control failures, thereby eliminating the limitations of manual dip sampling.
In recent years, the financial industry has faced mounting compliance challenges, highlighted by billions of dollars in fines levied against major banks and crypto exchanges for anti-money laundering (AML) failures. These cases have brought to light, critical gaps in existing transaction testing protocol – minimal coverage due to manual sample testing, lack of scalability as transaction volume grows, and data gaps in reconciling transaction data across businesses and partners.
“These industry shortcomings bring to light the systemic gaps in manual testing. This is why we developed Transaction Assurance, it helps illuminate the vast, often untested expanse of transactional data, bringing that previously unseen 99% into sharp focus.”
Natasha Vernier, Founder and CEO, Cable
With Transaction Assurance, we're eliminating the guesswork and inefficiencies associated with manual transaction testing. Our innovative technology offers real-time testing and validation, providing compliance assurance for each transaction to help ensure control effectiveness and adherence to transaction monitoring regulations, sanctions screening, Suspicious Activity Reporting (SARs), and Travel Rule compliance.
Transaction Assurance seamlessly integrates with your existing transaction monitoring systems, providing a translation layer that continuously and automatically tests every transaction.
Our assurance engine, proactively tests, analyzes, identifies, and flags potential breaches and control failures as they arise. When anomalies are detected, the system immediately alerts your compliance team, allowing for swift resolution while minimizing remediation costs and time.
Automated Oversight: Transaction Assurance introduces unparalleled automated transaction testing, ensuring meticulous scrutiny of every transaction for regulatory adherence.
Real-Time Transaction Testing: This feature offers instant insights with real-time, automated testing, allowing for the immediate identification of any regulatory breaches or control failures and providing a clear path to remediation.
Seamless Integration: Designed for easy integration, Transaction Assurance enhances existing first-line control tooling without disruptive infrastructure changes, ensuring complete coverage.
Regulatory and Stakeholder Confidence: The solution reinforces trust and transparency in compliance programs, boosting confidence among regulators and stakeholders.
Operational Efficiency and Risk Reduction: By automating and streamlining compliance processes, Transaction Assurance significantly reduces operational costs and minimizes risk, promoting efficient resource utilization.
High-profile cases have repeatedly exposed critical gaps and consequences in existing transaction monitoring systems. Most recently, Binance, the world’s largest cryptocurrency exchange, faced a historic $4.3 billion fine for AML, unlicensed money transmitting, and sanctions violations, including failure to prevent transactions in sanctioned jurisdictions and ineffective transaction monitoring. This case, among others in years past, underscores the importance of effective transaction testing:
These cases demonstrate the critical need for comprehensive transaction effectiveness testing, as a means to help prevent breaches and safeguard institutions from costly enforcement actions.
Interested in seeing Transaction Assurance in action? Chat with our team today or schedule a product demo for a deeper look at how Automated Effectiveness Testing can transform your organization’s risk & compliance program.
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Why Fintechs Need 24/7 Automated Compliance Testing.png)
Expanding Compliance Testing: New Modules for Reg E, Reg B, and Reg Z
Compliance as a Competitive Advantage: A Perspective from the Frontlines of Embedded FinanceWe're thrilled to unveil Cable's latest product – Transaction Assurance, a pioneering solution and a revolutionary step toward setting the new standard for transaction effectiveness testing.
Distinct from traditional transaction monitoring, Cable’s Transaction Assurance automates the effectiveness testing of these systems, ensuring every transaction is not only monitored but also rigorously tested for any regulatory breaches or control failures, thereby eliminating the limitations of manual dip sampling.
In recent years, the financial industry has faced mounting compliance challenges, highlighted by billions of dollars in fines levied against major banks and crypto exchanges for anti-money laundering (AML) failures. These cases have brought to light, critical gaps in existing transaction testing protocol – minimal coverage due to manual sample testing, lack of scalability as transaction volume grows, and data gaps in reconciling transaction data across businesses and partners.
“These industry shortcomings bring to light the systemic gaps in manual testing. This is why we developed Transaction Assurance, it helps illuminate the vast, often untested expanse of transactional data, bringing that previously unseen 99% into sharp focus.”
Natasha Vernier, Founder and CEO, Cable
With Transaction Assurance, we're eliminating the guesswork and inefficiencies associated with manual transaction testing. Our innovative technology offers real-time testing and validation, providing compliance assurance for each transaction to help ensure control effectiveness and adherence to transaction monitoring regulations, sanctions screening, Suspicious Activity Reporting (SARs), and Travel Rule compliance.
Transaction Assurance seamlessly integrates with your existing transaction monitoring systems, providing a translation layer that continuously and automatically tests every transaction.
Our assurance engine, proactively tests, analyzes, identifies, and flags potential breaches and control failures as they arise. When anomalies are detected, the system immediately alerts your compliance team, allowing for swift resolution while minimizing remediation costs and time.
Automated Oversight: Transaction Assurance introduces unparalleled automated transaction testing, ensuring meticulous scrutiny of every transaction for regulatory adherence.
Real-Time Transaction Testing: This feature offers instant insights with real-time, automated testing, allowing for the immediate identification of any regulatory breaches or control failures and providing a clear path to remediation.
Seamless Integration: Designed for easy integration, Transaction Assurance enhances existing first-line control tooling without disruptive infrastructure changes, ensuring complete coverage.
Regulatory and Stakeholder Confidence: The solution reinforces trust and transparency in compliance programs, boosting confidence among regulators and stakeholders.
Operational Efficiency and Risk Reduction: By automating and streamlining compliance processes, Transaction Assurance significantly reduces operational costs and minimizes risk, promoting efficient resource utilization.
High-profile cases have repeatedly exposed critical gaps and consequences in existing transaction monitoring systems. Most recently, Binance, the world’s largest cryptocurrency exchange, faced a historic $4.3 billion fine for AML, unlicensed money transmitting, and sanctions violations, including failure to prevent transactions in sanctioned jurisdictions and ineffective transaction monitoring. This case, among others in years past, underscores the importance of effective transaction testing:
These cases demonstrate the critical need for comprehensive transaction effectiveness testing, as a means to help prevent breaches and safeguard institutions from costly enforcement actions.
Interested in seeing Transaction Assurance in action? Chat with our team today or schedule a product demo for a deeper look at how Automated Effectiveness Testing can transform your organization’s risk & compliance program.
