Satchel partners with Napier

Tuesday 23 January 2024 14:21 CET | News

Lithuania-based Electronic Money Institution (EMI) company Satchel has partnered with UK-based financial crime compliance regtech Napier to integrate the latter’s AML platform. 

Through this collaboration, Napier offers its Transaction Monitoring, Transaction Screening, Client Screening, Client Risk Assessment, and Client Activity Review solutions as part of the Napier Continuum platform to Satchel. The move assists the company in providing BaaS solutions worldwide to financial institutions aiming to extend into financial products and services without their own technology stack or banking licence.

Lithuania-based Satchel has partnered with Napier to integrate its AML platform and support its growth in providing BaaS solutions globally.

Satchel – Napier collaboration objectives

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:
  • API enabled for accelerated and simplified client onboarding;

  • Customisable dashboard with no-code rule building and AI insights for effective decision-making;

  • Sandbox environment to optimise screening configurations;

  • Real-time and batch screening that supports the transliteration of 22 languages, AI fuzzy matching, and secondary scoring features across all payment types;

  • Real-time graphical analysis of customer behaviour to evaluate inconsistencies and understand the risk profile.

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.

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Keywords: partnership, AML, money laundering, CFT, online security, digital banking
Categories: Fraud & Financial Crime
Companies: Napier, Satchel
Countries: World
This article is part of category

Fraud & Financial Crime




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