Global Screening Services, a London, UK-based regtech startup that provides a platform to screen financial institutions’ transaction data, secured $45 million in funding from AlixPartners, The Cynosure Group, and MUFG.
“Sanctions screening is both an international security imperative and one of the major sources of friction in the global payment system – at a time when consumers and businesses are increasingly demanding real-time settlement,” said Tom Scampion, CEO of Global Screening Services.
The platform leverages technology, including artificial intelligence, and an ecosystem of financial institutions and industry partners to provide streamlined compliance screening for sanctions. As well as improving standards, GSS will drive efficiency, speed up transactions and material reduce friction for the bank’s customers.
Randal Quarles, chairman and co-founder of The Cynosure Group, former vice chairman of the Federal Reserve System, and chairman of the Financial Stability Board, has joined the GSS board.
William Langford, global head of financial crimes compliance and chief compliance officer for the Americas at MUFG, will serve as an observer to the GSS Board.
Over the past two years, GSS has partnered with leading financial institutions around the world to create a new collaborative approach to compliance, initially focusing on sanctions screening.
Company: GSS UK Services Limited
Funding Month: January 2023
Lead Investors: AlixPartners, The Cynosure Group, and MUFG
Company Website: https://www.gss-rose.com/
Software Category: Screening Data
About the Company: Global Screening Services, also known as GSS, was founded in 2021 to solve cross-industry challenges in financial services. The company has created a centralized, cloud-based platform for banks and financial institutions to conduct and share payments screening data, removing the duplication of effort across compliance teams and reducing friction and delay in international payments. GSS provides an industry collaboration platform to improve compliance standards by enhancing and exchanging information. It brings global financial institutions together to deliver higher standards in compliance, providing a trusted platform to enhance and exchange information. The company now has more than 140 employees.
Source: GSS-LinkedIn Press Release