Accuity has acquired Safe Banking Systems (SBS), a provider of know your customer due diligence and anti-money laundering.
SBS enables financial institutions to identify, assess and manage risk by performing false positive reduction and risk assessment in the account screening process.
According to Accuity, this acquisition will provide it with an enhanced and leading account screening solution, and complementing its transaction and trade screening offerings.
Accuity, part of RELX Group, offers data and software that manage risk and compliance, and tools that optimise payments pathways through its Fircosoft, Bankers Almanac and NRS brands.
SBS is already a partner of Accuity’s Fircosoft business, leveraging the Fircosoft filter in its solutions.
Hugh Jones, president and CEO of Accuity, said: “SBS has an impressive track record of delivering award-winning technology and deep subject matter expertise, enabling clients to truly take a risk-based approach that advances the field far beyond traditional matching technologies.”
He added: “The business shares Accuity’s ambition to be a trusted partner to clients, protecting their reputations and transforming the way they manage risk. We look forward to welcoming the SBS team and collaborating to strengthen our Fircosoft solutions.”
David Schiffer, CEO of SBS, commented: “Accuity is the natural home for SBS and affords us the opportunity to build on our existing partnership and success to date, grow our investments in our business, and expand globally.”
He added: “Bringing our expertise and teams together will enable us to accelerate the development of innovative approaches to managing risk through advanced entity resolution and reducing false positives.”
