Sanctions Screening Solution
GSS: Network-Driven Managed Service
Safer, faster, cheaper transaction screening.
The industry default for screening transactions for sanctions risk – through a consistent, standardised, and scalable model. Supported by regulators, trusted by the market.
We are standards driven
Industry defined standards that enable effective, efficient and consistent screening across all institutions.
THE DETAIL
- Make the most effective and cost-efficient sanctions compliance outcomes available to all customers, regardless of their size
- Transform the industry screening model to enable ‘Screen Once’
We are platform-led
A shared managed service that continuously improves for all users, enabling secure information sharing, cutting industry-wide costs and fostering collaboration.
THE DETAIL
- Develop once and provide for all
- Instantly share improvements with every user of the platform
- Improve screening at a speed and cost that is not possible by one bank alone
- Dramatically decrease total industry cost
- Deliver inter institution information sharing
We are cloud-native
Scalable on demand supporting high-volume screening at significantly reduced cost.
THE DETAIL
- Scale effortlessly as transactions grow in volume and increase in speed
- Quickly adopt new technology from AWS, our cloud partner
- Significantly reduce client costs thanks to economies of scale
We are configurable and secure
Client led configurability that delivers precision without compromising standards or control.
THE DETAIL
- Meet specific customer needs through configuration, providing precision and control
- Enable customers to self-configure elements of the platform without compromising core standards
- Delivered as a managed service to save you time and effort
We are AI/ML powered
Improves alert quality and reduces operational cost through automated tuning that outperforms conventional screening.
THE DETAIL
- Achieve effectiveness and efficiency (alert rates) that are not possible with conventional screening technology
- Reduce GSS cost and increase implementation speed by adopting automation of tuning activities
- Significantly reduce customer operational cost thanks to reduced alert rate
From the industry, for the industry
A unique approach to deliver better sanctions screening.
THE DETAIL
- GSS was founded in 2021 to solve cross-industry challenges in financial services where there is material benefit to be gained from industry standards, information sharing, a trusted platform, and using leading technology
Screen Once
THE CURRENT SCREENING MODEL
OUR ‘SCREEN ONCE’ MODEL
INFORMATION SHARING
One of the most powerful enablers of a platform-led model is the ability to securely share information across institutions. GSS enables participants to benefit from pooled data signals, shared tuning improvements, and cross-network alert patterns, all while respecting data boundaries and privacy. This safe and secure exchange of information, whether RFI data, true matches or false positive matches, accelerates effectiveness, lowers duplication, and builds collective intelligence the industry has never had before.
We collaborate with industry-leading partners to deliver a fast, efficient and seamlessly integrated service.
GSS’ sanctions screening capabilities include:
List Management
We acquire public lists and our client’s private lists for the purpose of being used for screening.
Alert management
We allow a client’s alert investigation team to manually review alerts.
Alert generation
We identify potential sanctions matches.
Reporting
We provide management information reports.
Alert disposition
We identify potential false positives sanctions matches.
Record keeping
We record key information and audit data and provide it to our clients.
The result is a more effective and efficient screening product allowing financial institutions to leverage cloud-native technologies and automation for one of their most important compliance processes.
GSS Standards: The Industry Standard for Sanctions Screening
Sanctions screening is a complex and ever-changing challenge for financial institutions. To comply with global sanctions regulations, institutions must screen their customers, transactions, and other data against a variety of sanctions lists. However, there has been a lack of common standards and approaches to sanctions screening, which has led to inefficiencies, inconsistencies, and increased costs. As a result, institutions have had to work out how they can screen individually.
Repeatedly developing individual solutions for transaction screening leads to inconsistencies and inefficiencies. GSS brings financial institutions together to define common standards and solve problems collaboratively, leveraging collective expertise to create best-in-class solutions, from the industry, for the industry.
The GSS Standards are a set of industry-defined standards for sanctions screening, which have been developed by a consortium of over 30 global financial institutions, including Swift and The Wolfsberg Group. The GSS Standards cover all aspects of sanctions screening, including:
List Management
We acquire public lists and our client’s private lists for the purpose of being used for screening.
Alert management
We allow a client’s alert investigation team to manually review alerts.
Alert generation
We identify potential sanctions matches.
Reporting
We provide management information reports.
Alert disposition
We identify potential false positives sanctions matches.
Record keeping
We record key information and audit data and provide it to our clients.
These standards are designed to help financial institutions improve the efficiency, effectiveness, and consistency of their sanctions screening programs.
By adopting the GSS Standards, financial institutions can benefit from:
Reduced friction in global payments
GSS Standards introduce consistency, helping to reduce friction in the global payments industry by harmonizing sanctions screening practices across different institutions. This can lead to faster and more efficient cross-border payments.
Reduced costs
GSS Standards can help financial institutions to reduce the cost of sanctions screening by improving the efficiency and effectiveness of their programs.
Improved regulatory compliance
GSS Standards are aligned with the latest regulatory guidance and industry best practice on sanctions screening. By adopting GSS Standards, financial institutions can demonstrate their commitment to regulatory compliance.
Improved customer experience
GSS Standards can help financial institutions to improve the customer experience by reducing the number of false positives and delays in processing transactions.
GSS and Swift Partnership
Why choose GSS and Swift
The combination of GSS’s powerful screening solution integrated with Swift’s state of the art API infrastructure, helps financial institutions to eliminate friction and accelerate compliance through our innovative network-driven screening approach.
Unlock the benefits of Network-Driven Screening
Accelerated onboarding & reduced costs
Leveraging existing API channel to onboard rapidly and significantly reduce integration efforts and expenses, driving quicker time-to-value.
Advanced security & reliability
Rely on Swift’s trusted MV-SIPN network, employing robust encryption, mutual TLS authentication, and secure data handling practices, ensuring data integrity and continuous compliance.
Seamless integration & frictionless experience
Benefit from Swift’s established, secure connectivity, eliminating the need for separate channels or additional approvals. Deploy quickly with minimal disruption.
Comprehensive compliance & audit capabilities
Detailed audit trails, comprehensive reporting, and real-time compliance monitoring provide end-to-end protection, simplifying regulatory requirements and improving transparency.
Superior efficiency and screening effectiveness
Aligned payment standards and advanced network-driven screening drastically reduce false positives, enhancing operational efficiency and lowering the cost of alert remediation.
How it Works
Key Integration Capabilities
The Swift-GSS integration is built around advanced APIs to facilitate secure, standardised, and efficient data exchange:
Unified API platform
Consolidated handling of MT, MX, and Non-Swift transactions for seamless and standardised integration.
Real-time notification service
Immediate notification of screening results significantly reduces manual intervention, increasing efficiency and timeliness.
Enhanced Data Security
Secure, encrypted data exchange with robust authentication measures, ensuring confidential handling and integrity of sensitive compliance data.
Future-proof Sanctions Compliance
The Swift-GSS partnership continues to evolve, proactively adapting to regulatory shifts and technological advancements. By embracing our network-driven screening approach, your institution gains an innovative, sustainable compliance solution designed to scale with your business needs.
Ready to advance your compliance strategy? Contact us to see how GSS and Swift can streamline and enhance your sanctions screening processes.
