Estonian core banking provider Modularbank has added anti-money laundering (AML) capabilities to its services via a partnership with HAWK:AI, a Germany-based AML platform.
HAWK:AI’s solution, which addresses multiple compliances and crime detection in their offering, will benefit Modularbank users through real-time transaction monitoring and sanction screening, all optimised using machine learning.
Given that the process to apply risk-based monitoring of customers and transactions to identify suspicious behaviour is an often expensive and time-consuming endeavour for financial services companies, it’s the need of the hour to automate these tasks to improve efficiency, Modularbank said.
As Modularbank co-founder and CEO, Vilve Vene said, “This partnership represents a significant step for us in expanding our ecosystem and being able to provide our customers with a complete banking suite. Financial crime compliance can be a major burden for our clients, both monetarily and time-wise, which is why we have sought out the very best in AI-driven AML solutions to address these concerns.”
Echoing a similar sentiment, HAWK:AI co-founder and CEO Tobias Schweiger said, “By utilising HAWK:AI’s software, Modularbank’s customers can improve their detection capabilities and reduce false positives. This results in a reduction of manual workload and delivers significant cost savings, in addition to achieving better detection rates.”
Leveraging an API-first approach, Modularbank’s core banking platform allows banks, financial services companies as well as non-financial businesses to integrate its modular core banking technology into their existing infrastructure, therefore, being able to offer tailored financial services to their customers.
This news follows Modularbank securing seed funding from BlackFin Capital Partners and Karma Ventures last December, which it will use to expand its operations in the UK and beyond.
