RegTech firm Sentinels has launched a new platform solution designed to help financial institutions detect and eliminate financial criminality faster.
According to Sentinels, in a market characterised by rising transaction volumes, spiralling compliance costs and ever-tightening regulations, Sentinels helps banks, wallets, payment service providers and other financial institutions get ahead of the AML curve.
The company claims Sentinels’ solutions have realised up to a 55% reduction in time spent on case management and a 25% reduction in ‘red herring’ false-positive transaction alerts, which needlessly divert the time and energies of compliance officers while increasing the chances of genuinely illegal activities slipping through undetected.
Sentinels have transitioned to a scalable, high-performance AWS cloud-based delivery model, where customers connect to the SaaS platform via secure, standardized APIs.
This, the firm claims, enables Sentinels to maintain a high pace of product innovation and development and to rollout continuous enhancements without disrupting client operations.
The dynamically scalable computing capacity enabled by AWS also allows Sentinels users to create and run powerful, data-heavy business rules in real-time, with consistent accuracy, allowing them to detect and react instantaneously to potential suspicious and criminal activity.
Sentinels chief product officer Christian Roberts said, “One of the key challenges facing today’s compliance teams lies in their limited capacity to identify, monitor and manage key sources of risk. The Sentinels SaaS platform extends this capacity significantly, by enabling them to create and test tailor-made business rules without interrupting the platform’s real-time detection engine.
“It also opens the door to the introduction of AI and machine learning algorithms which can further reduce risk by, for example, analysing patterns and suggesting enhancements. This is an important step forward in our transaction monitoring capability and we’re extremely excited to bring it to market.”
Sentinels chief technical officer Ibrahim En-nali added, “Our real-time detection capability helps our customers tackle more areas of financial risk by providing immediate analysis of transaction processing flows. This enables our customers to proactively block suspicious transactions before they create further risks.
“The scalability of our SaaS architecture enables Sentinels clients to grow their transaction volumes unimpeded by the technologies they use to monitor, manage and mitigate risk.”
Sentinels previously expanded its leadership team with the appointment of Christian Roberts to the role of chief product officer.
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