Accuity is enhancing its compliance software offering with the acquisition of Safe Banking Systems (SBS), a specialist provider of know your customer due diligence and anti-money laundering solutions.
Accuity is a provider of data and software to manage risk and compliance, as well as tools that optimise payments pathways through its Fircosoft, Bankers Almanac and NRS brands. The acquisition of SBS, the firm says in a statement, will provide Accuity with an enhanced account screening solution and complement its transaction and trade screening offerings.
SBS’s solutions perform advanced false positive reduction and risk assessment in the account screening process across a number of sectors, including high-volume banks and non-bank financial institutions.
SBS is already a long-standing partner of Accuity, leveraging the Fircosoft filter in its solutions. According to Accuity, the two firms “share many mutual customers, which benefit from their complementary offerings”. The acquisition, it adds, will allow Accuity to “strengthen these benefits to clients as they face an evolving, complex and costly regulatory environment”.
Also commenting on the acquisition, SBS’s CEO David Schiffer calls Accuity “the natural home for SBS”, explaining that the move affords the firm “the opportunity to build on our existing partnership and success to date, grow our investments in our business, and expand globally”.
“Bringing our expertise and teams together will enable us to accelerate the development of innovative approaches to managing risk through advanced entity resolution and reducing false positives,” he adds.
SBS has approximately 50 employees and is based in Mineola, New York.