Flagright partners with kevin.

Friday 3 March 2023 13:04 CET | News

Flagright, a Germany-based regtech, has partnered with kevin., a Lithuania-based enables businesses to accept payments directly from banks.

kevin. was able to develop an AML program and have it up and operating in three days by using Flagright's technologies. It claimed that it could expand the program with less engineering work and at a lower cost than switching suppliers.

Flagright, a Germany-based regtech, partners with kevin., a Lithuania-based enables businesses to accept payments directly from banks.

KYC/KYB is a critical component in preventing fraudulent actors and guaranteeing regulatory compliance. Flagright's collaboration with AiPrise will allow the company to deliver products directly to customers via a single, standardised API, as well as help them centralise their fraud and compliance operations on Flagright's Console back-office portal, alongside transaction monitoring, blockchain analytics, and sanctions screening capabilities.

Flagright is a global supplier of AML compliance and fraud prevention solutions for fintechs and neobanks. The platform is intended to assist financial institutions of all sizes in preventing financial crimes, securing payments, and navigating compliance.

kevin. is a payments company that assists businesses in accepting payments directly from banks, eliminating the need for card networks. It argues that this makes payments faster, easier, and more convenient.

kevin.’s recent partnership

kevin. is not entering his first partnership of this kind. Sentinels, an intelligent transaction monitoring platform, was chosen by the fintech in June 2022 to manage transaction monitoring compliance. As a result of the collaboration, kevin. can now detect suspicious transactions in real-time while also assuring compliance with local AML requirements.

SME Bank then collaborated with kevin. to provide a one-stop shop for ecommerce business owners. The combined service from SME Bank and kevin. seeks to make life easier for small business owners. It establishes a single point of contact for payment infrastructure, allowing A2A payments across the Baltics, as well as revenue-based financing depending on e-retailers' expenditures and profits.

Ultimately, in September 2022, kevin. began working with Switchio by Monet+, an independent software platform in Europe that manages payment terminals. As a result, kevin's A2A payments will be available on all Switchio-connected POS devices. Furthermore, retailers will be able to minimise transaction costs while maintaining the same level of service that their consumers are accustomed to.

Flaghright’s essential steps to secure digital payments

The regtech firm has detailed the five critical measures that fintechs and neobanks must take to protect digital payments. Implementing tight access controls, encrypting sensitive payment data, deploying fraud detection technologies, monitoring payment activity, and maintaining up-to-speed on regulatory standards are all part of the process.

Because of the nature of their business, fintechs and neobanks encounter particular payment security concerns. They must balance security, user experience, and regulatory constraints. Otherwise, companies risk payment fraud and data breaches, which can result in large fines and brand harm.

Flagright recommends that businesses utilise fraud detection solutions to detect and protect against fraud. These systems analyse payment data in real-time using powerful algorithms to detect possibly fraudulent behaviour. Monitoring payment activity to detect fraudulent activities is another suggestion for securing digital payments. This includes implementing bespoke rules and alerts to detect suspected fraud or money laundering operations.

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Keywords: regtech, partnership, payments , banks, AML
Categories: Fraud & Financial Crime
Companies: Flagright, kevin.
Countries: World
This article is part of category

Fraud & Financial Crime




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