Satchel partners with Napier

Initially, Satchel worked with Napier in September 2021 to deploy the latter’s artificial intelligence-enhanced technology for anti-money laundering (AML). By leveraging Napier’s transaction screening solution, the company was set to screen transactions against sanctions and watch lists, reducing the risk of sending to or receiving funds from sanctioned entities. As per the information detailed in the press release, Napier’s current solutions intend to equip Satchel with complete financial crime compliance for AML and counter-terrorist financing (CTF), with them being set to be integrated into the company’s white-labelled BaaS platform. Moreover, the partnership provides the capabilities of Napier’s intelligence compliance to Satchel’s global customer base.

Napier platform’s features that aligned with Satchel’s modern technology include:

Considering that Satchel was developed to simplify the launching process of propositions for new fintechs, the company required a compliance partner that could provide constant improvements to its platform in a SaaS offering and employ smart security features for the safety of the end customer’s funds. According to Satchel’s officials, the collaboration intends to support the evolution of BaaS to include Compliance-as-a-Service and to deliver secure and customer-centric solutions that meet the needs of its users. Furthermore, Napier’s screening and monitoring solutions aim to enable the company’s compliance team to manage the increasing transaction volumes and alternative payment types while also solidifying Satchel’s position in the industry.

Representatives from Napier expressed their enthusiasm over the collaboration with Satchel as the company works towards improving the digital banking services landscape globally. Napier’s compliance solutions focus on enabling Satchel with real-time monitoring, AI insights, and sandbox capabilities. By joining forces, the two companies intend to navigate the evolving regulatory environment while providing enhanced security and transparency in digital banking for fintechs.

Source: Link