Effectiveness testing platform Cable has introduced its industry-first automated testing solution, dubbed Transaction Assurance, to bolster financial crime compliance and transaction testing.

Transaction Assurance is designed to eliminate the limitations of manual dip sampling by automating the effectiveness testing of transaction monitoring systems.

The new solution assures that every transaction is monitored and rigorously tested for any regulatory breaches or control failures.

Cable founder and CEO Natasha Vernier said: “In recent years, we’ve witnessed a surge in compliance lapses, highlighted by billions in fines levied against major institutions for financial crime failures.

“These cases have brought to light gaps in existing protocols, including systemic failures in manual testing.

“These industry shortcomings are why we developed Transaction Assurance. It helps illuminate the vast, often untested expanse of transactional data, bringing that previously unseen 99% into sharp focus.”

According to Cable, the launch of Transaction Assurance advances the standard for monitoring, testing, and improves the efficacy of front-line financial crime controls.

Besides, it provides banks, fintechs, and payment platforms with fully automated and continuous effectiveness testing solution for financial transactions.

It will also ensure strict adherence to regulatory requirements related to transaction monitoring and sanctions Suspicious Activity Reports (SARs) and the Travel Rule.

Transaction Assurance, which serves as a sophisticated overlay to existing first-line control systems, increases the effectiveness and value of the systems by synthesising and testing data in real-time.

It also offers maximum visibility into an organisation’s compliance posture at any given time, with detailed reporting and analytics capabilities.

Besides, the solution’s approach optimises the end-to-end compliance workflow and reduces operational burdens.