Sentinels, a transaction monitoring and client risk management platform, has been selected by Netherlands-based neobank Brand New Day to scale its anti-money laundering (AML) controls.
Sentinels is an intelligent transaction monitoring solution dedicated to data-driven compliance for the financial industry. It was recently acquired by Fenergo, a provider of customer lifecycle management technology solutions for financial institutions. The acquisition allowed Sentinels to scale and increase its global footprint.
Brand New Day had seen rapid growth since it obtained its banking license in 2017, now managing over €4.5bn for more than 20,000 customers.
In line with this growth, it required a transaction monitoring and compliance solution that could scale with it. Sentinals said this was a key factor in Brand New Day’s decision to choose Sentinels, as the RegTech is designed to scale with companies and provide actionable insights no matter what their active compliance needs are.
Further, Brand New Day was searching for a “true compliance partner” that it could work with to build custom and futureproofed compliance infrastructure, rather than a simple buyer-vendor exchange. This relationship is possible with Sentinels, which has a proven track record in developing with businesses to deliver compliance solutions at every stage of growth. For Brand New Day, this has resulted in increased efficiency by reducing operational and resource cost, and creating an agile compliance department internally without needing to overly expand headcount.
Joost van Houten, CEO of Sentinels, said, “Neobanks like Brand New Day are committed to disrupting conventional wisdom to create stronger services, making them an increasingly popular choice for end-users. However, this disruption comes with intense regulatory scrutiny, particularly for those operating using their own banking licenses.
“We’re thrilled to be working with Brand New Day, easing its regulatory burden through our own disruptive approach to compliance and ensuring that both the neobank and its customers are better protected from AML issues.”
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