Cloud-based clearing bank ClearBank tied up with AML/CTF and trade compliance tech provider Napier for its advanced transaction screening system in a bid to boost its security.
ClearBank offers cloud-based banking services to financial service providers, FCA-regulated businesses and FinTechs. The new association with the London-based AI-driven anti-financial crime compliance solutions provider will allow ClearBank to identify sanctioned individuals and entities in payments while reducing false positives and accurately alerting on risk.
It’s easy to see ClearBank chose Napier’s transaction screening system. Doubling its annual revenue in 2020, the RegTech provider was recently named as the official AML and counter-terrorism financing technology platform for Australia Post. Furthermore, Napier has been strengthening both its senior management team and its roster of global customers. Former HSBC Group COO and BCG Global banking chair Andy Maguire joined Napier as board advisor. Napier currently works with a slew of institutions such as ClearBank around the globe to provide its AI-led platform for intelligent KYC, AML and trade compliance.
Commenting on the new collaboration, ClearBank CIO Stuart Morley said, “As with all financial organisations, it is imperative that ClearBank has a robust sanction screening programme in place to support the industry in its constant battle against financial crime. Having gone through a thorough vendor selection process, we are delighted to have now joined forces with Napier, whose next-generation technology and AI-enhanced capabilities are leading the way in AML compliance. We feel this has the potential to become a long-term partnership with the RegTech provider.”
Echoing a similar sentiment, Napier CEO Julian Dixon added, “Our technology will help provide its agency and transaction banking services with a faster, smarter way to meet regulatory requirements while driving business efficiency.
“We are going to be building on this new relationship with ClearBank by partnering on future cutting-edge product development too, so there’s a lot to look forward to that will really raise the bar for the industry as a whole.”
Copyright © 2021 FinTech Global
