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indó selects Lucinity as its AML compliance software

Wednesday 22 February 2023 10:26 CET | News

indó, an Iceland-based neobank, has selected Lucinity as its AML compliance software, including its Transaction Monitoring and Case Manager solutions.

indó will use Lucinity's Transaction Monitoring to provide its compliance team with behaviour-based risk screening and explainable artificial intelligence. Transaction Monitoring also enables AML teams to receive a manageable caseload and enjoyable user experience. Lucinity's Case Manager offers indó contextual data visualizations, resulting in data-driven decision-making and boosting efficiency and productivity.

indó, an Iceland-based neobank, selects Lucinity as its AML compliance software, including its Transaction Monitoring and Case Manager solutions.

In selecting Lucinity, indó was looking for a compelling AML solution that could integrate into its existing technology and scale along with its customer base.

Established in 2018, indó was one of the first neobanks to operate in Iceland. It was created to restore faith in the banking system by being open with customers about how their money is used. The company received its Icelandic banking licence in February 2022, the first new licence issued in more than 30 years, aiming to capitalise on the country's highly digitalised banking market where 95% of the population uses an electronic ID, banking apps, or digital currencies.

More information about Lucinity

The announcement comes during a busy period of expansion in Iceland for Lucinity, which now serves more than a quarter of the Icelandic market after Arion Bank selected Lucinity to provide its AML solutions in November.

Lucinity's AML platform leverages artificial intelligence (AI) to augment human expertise, allowing compliance teams to make smarter decisions faster and enjoy modernised AML processes. Lucinity's approach of creating augmented intelligence, combining technology and human insights, has helped various banks and fintechs increase their compliance productivity by more than 50%.

Lucinity is a SaaS anti-money laundering (AML) software platform and compliance hub aiming to ‘Make Money Good’ through means related to productivity improvement and efficiency issues in compliance. The company is looking to minimise alert fatigue and scaling issues for financial institutions by using augmented intelligence and a human-centred user interface that is combining purpose-built AI together with human insights and expertise. With headquarters in Iceland, the company operates on a global scale and serves customers worldwide, be they Tier-1 US banks, fintechs, or payments companies.


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Keywords: neobanks, partnership, financial crime, AML, compliance
Categories: Fraud & Financial Crime
Companies: indó, Lucinity
Countries: Iceland
This article is part of category

Fraud & Financial Crime

indó

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Lucinity

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