Merchant acquirer PAYSTRAX buffs up AML with Sentinels

European merchant acquirer PAYSTRAX has picked transaction monitoring platform Sentinels to bolster its anti-money laundering processes.

Through the partnership, PAYSTRAX’s compliance analysts will be able to identify suspicious transactions with better speed, efficiency and precision, which will reduce the client and laundering risk.

PAYSTRAX picked Sentinels for its adaptable platform that can offer simple and customisable rules-based alerts and real-time, data-driven insights. This will help reduce the false positives and give a comprehensive view of risk across the transaction environment.

The decision also came in an effort to future-proof its transaction monitoring capabilities to ensure ongoing compliance within Europe and Lithuania.

Sentinels CEO Joost van Houten said, “Online payments crime is causing significant pain across the industry for payment service providers and merchants. Our self-improving operations, based on a hybrid of business rules and machine learning algorithms, help these organizations to eliminate illicit activities without wasting money and time on false-positive alerts.

“We’re excited to work with PAYSTRAX on improving AML detection rates and support its efforts in increasing both efficiency and compliance with the Lithuanian regulator – enabling it to operate and scale uninhibited by regulatory compliance.”

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