FircoSoft Moves into India with Peocit's Help

Peocit, a Mumbai-based software company, has agreed to locally resell watchlist filtering solutions created by Paris-based FircoSoft to help Indian financial institutions reduce the risk of processing illegal transactions and detect high-risk financial customers or counterparts.

Products offered are Firco Continuity for the filtering of transactions, Firco Trust for the enhancement of know-your-customer (KYC) programs, and Firco List Service, for the optimization of sanctions lists to reduce workload and false positive hits. Peocit will also provide implementation and support services for FircoSoft's solutions.

"Recently, we have noticed a growing interest in watch list filtering solutions in India as most Indian banks manage international transactions and need to have a good filtering solution to meet regulatory requirements," says Florence Vicentini, channel and alliance director at FircoSoft. "FircoSoft considers India as a major market and sought partners to represent us and provide local expertise to our customers. Peocit ... has a strong track-record with more than 1,600 customers since its inception in 2001 and we are fully confident they will comprehend Indian banks' needs and challenges."