Cable Transaction Assurance enhances the efficacy of front-line financial crime controls

Cable launched Transaction Assurance, pioneering a new wave of financial crime compliance and transaction testing.

“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,” said Natasha Vernier, CEO, Cable. “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.”

Distinct from traditional transaction monitoring, Cable’s Transaction Assurance automates the effectiveness testing of these systems, ensuring every transaction is not only monitored but also rigorously tested for any regulatory breaches or control failures, thereby eliminating the limitations of manual dip sampling.

The launch of Cable’s Transaction Assurance marks a significant leap in the standard for monitoring, testing, and enhancing the efficacy of front-line financial crime controls. It offers banks, fintechs, and payment platforms the only fully automated and continuous effectiveness testing solution for financial transactions, ensuring strict adherence to regulatory requirements related to transaction monitoring as well as sanctions, Suspicious Activity Reports (SARs), and the “Travel Rule.”

Transaction Assurance is specifically designed to address the acute challenges institutions face in effectively testing transactions on their platforms. Cable’s assurance engine transcends traditional, manual sampling methods — which are costly, error-prone, and highly inefficient, typically covering only 1% of an organization’s transaction volume — offering a more reliable, automated solution.

Cable’s Transaction Assurance fills that gap, providing 100% coverage at scale, capable of handling millions of transactions. Cable customer, Ramp Network, had this to say:

“It is either Cable or 4 more people. No one questions the expense for that reason. For our size and volume, you would expect a larger team, but we have literally tested more transactions than all of our competitors.” – Steven Eisenhauer, Chief Risk and Compliance Officer, Ramp Network.

Acting as a sophisticated overlay to existing first-line control systems, Transaction Assurance serves as a powerful translation layer. It amplifies the effectiveness (and value) of these systems by synthesizing and testing data in real-time, thus ensuring continuous adherence to your policies and controls. This not only delivers actionable insights and alerts but also grants maximum visibility into an organization’s compliance posture at any given time, with detailed reporting and analytics capabilities.

This comprehensive approach streamlines the end-to-end compliance workflow, reducing operational burdens. Furthermore, it equips compliance teams with clear evidence of their program’s effectiveness, which can be confidently presented to auditors, regulators, and stakeholders.

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