Hawk AI, an AML surveillance technology provider for banks, payment firms, and FinTechs, has announced a new collaboration with OTTO Payments.
OTTO Payments is the payment division for otto.de, a renowned online marketplace, known for its commitment to effective AML compliance and financial crime prevention.
The partnership is primarily focused on enhancing AML compliance for OTTO Payments. They have chosen to utilize Hawk AI’s Transaction Monitoring and Customer Screening technology, which leverages explainable AI for improved financial crime detection and regulatory adherence.
Hawk AI specializes in providing top-tier AML surveillance technology. Their offerings include AI-powered Transaction Monitoring and Customer Screening, designed to tackle the increasing complexity and volume of financial crime. OTTO Payments, on the other hand, manages the payment operations for the otto.de marketplace, emphasizing efficiency and compliance in financial transactions.
OTTO Payments selected Hawk AI for its scalable and accurate technology, which includes explainable AI and an intuitive user interface. This choice aligns with their goal of maintaining high efficiency in detecting financial crimes while scaling their operations.
Hawk AI is experiencing significant growth due to the increasing demand for its unique explainable AI technology. Their AI-driven solutions are being adopted by banks and payment organizations globally to enhance fraud detection and AML compliance, offering an alternative to traditional rules-based systems.
“Hawk AI’s mission is to be a formidable ally against the escalating volume and sophistication of financial crime. Our scalable technology empowers organizations to forge ahead with ambitious growth plans, all the while fortifying their defenses against the threats of money laundering and fraud,” Hawk AI CEO and Co-founder, Tobias Schweiger, said.
“Due to rapid growth, OTTO Payments was looking for a trusted provider that could rapidly implement a world-class system, and ensure leading performance well into the future,” OTTO Payments CEO, Mirko Krauel, said. “The Hawk AI team demonstrated their technology leadership and willingness to work closely with our teams to hit ambitious goals. We look forward to a strong relationship that ensures the highest level of AML compliance.”
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