Fircosoft leads companies to avoid financial risks [fr]
- Mr. Corbel, hello and thank you for kindly introducing the company you represent. After having exposed the various services offered by Fircosoft, maybe you could also present your clientele?
Founded in 1990 in Paris, France, the activity of FircoSoft then focused on the automation of international payments. In 1994, a Canadian customer presented us a new issue related to the program of international sanctions. FircoSoft therefore developed a first version of the software capable of filtering USD payments out of Canada according to the international regulations requirements.
September 11, 2001 changed the face of the world for the banks. Constraints imposed on financial institutions as well as increased vigilance lists have grown, while making necessary the use of filtering solutions to meet policy and compliance risks set in place by different governments. International public opinion has realized that we could not continue to accept banking secrecy without any control measures.
FircoSoft offers two leading software solutions that eliminate the risk of processing illegal transactions and detect customers and counterparties at high risk.
One focuses on "knowing the customer" better known as "Know Your Customer, KYC" (Firco Due Diligence, Firco Trust) and studies the customer’s database to determine whether or not they contain clients "at risk ".
The second focuses on banking transactions (Firco Continuity) to filter through the lists in place to detect and halt any transactions involving individuals and organizations listed.
The majority of our clients are banks; however, our solutions also address insurance, casinos, and any company dealing with multiple worldwide suppliers. Our customers want to verify their right to trade with them.
Fircosoftis recognized today as one of the world leaders in the market for transaction monitoring, how would you explain this success?
Indeed today, more than 700 financial institutions, including 8 of the Global Top 10 trust FircoSoft. We have been able to meet the new post 9/11 regulations while improving existing software solutions and developing a global distribution network for the software, focusing particularly on SWIFT.
Since 2011, we also opened eight offices in order to closely accompany our customers in the establishment of sanctions & KYC programs to meet international regulations and also local ones.
- Your company operates in Europe, Asia, Australia and South America. In the United States, the choice fell on New York and Tampa...
Why did you choose Tampa?
We now have a total of 11 offices allowing us to cover the different continents. The opening of the first office in the United States was made in late 2004 in New York.
Then ensued the Sao Paulo office in Brazil in 2012 and finally in 2013 in Tampa, Florida. This is a strategic decision to move closer to two major customers based in Tampa and establish a basis for developing the business in the Caribbean and Central America. The office has five employees at the moment but tends to expand in the coming months.
Finally, can you tell us the objectives of your company and its projects in the short and medium term?
Our goals tend to meet the growing demand and emerging needs because of recurring updates to recurring lists, a growing volume of transactions and the development of compliance policies, while forcing us to constantly innovate. Take the example of the FATCA regulations.
The Foreign Account Tax Compliance Act was enacted in 2010 to target the non-respect of the tax system by US taxpayers using offshore accounts.
FATCA requires foreign financial institutions (FFI) to identify and provide information on accounts held by US taxpayers or by foreign entities in which US taxpayers hold a substantial participation. To adapt to this new law, the expertise of FircoSoft of KYC and compliance controls has allowed the design of Firco FATCA.
For more information on the history of FircoSoft and its 20 years of expertise and innovation, please visit the website. Several interviews, videos and Q & A are available. You can also contact: firstname.lastname@example.org
Article published on Nov. 10, 2014.