FircoSoft, a global provider of watch-list filtering solutions, announced last week the availability of its Stripping Detector solution, designed to identify resubmitted transactions and block stripped messages in real-time.

Stripping is intentional misconduct, internal or external, that involves the practice of removing wire transfer information—such as customer names, bank names, vessels and addresses—to evade economic sanctions detection. Because of the information removed from the wire, financial institutions are at risk of processing transactions that are not allowed by economic sanctions programs.

The Stripping Detector is designed to protect financial institutions against processing payments that have been purposefully altered. The solution identifies and blocks stripped messages in real time with minimal impact on the filtering process or system performance.

Stripping Detector is seamlessly integrated with Firco Continuity, making it simple to implement and requires no changes to the alert-review process. The solution can also be deployed with any watch-list filtering environment regardless of vendor or source files.