Following this announcement, the partnership is expected to use Tuum’s API-first approach in order to integrate improved complementary services, which will ensure that financial institutions can meet their unique needs in an efficient and fast way through the use of modern services. The collaboration will also provide advanced and secure tools to detect and prevent financial crimes.
In addition, both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
Tuum’s API’s first cloud-native architecture was developed in order to enable secure integration with improved technology services. The strategic deal with ComplyAdvantage will optimise the manner in which financial institutions quickly adapt to regulatory changes and enhance their compliance posture. Tuum is expected to also integrate with other solutions in order to deliver a comprehensive end-to-end proposition beyond core features.
At the same time, by partnering with ComplyAdvantage, Tuum is set to expand its platform’s capabilities and offer robust, real-time financial crime detection and compliance tools. The collaboration also underscores the shared commitment to provide comprehensive, region-specific products that are deployed quickly, while also addressing the complex regulatory requirements of the financial industry.
Tuum customers will have the possibility to gain access to an array of improved compliance tools, such as real-time AML screening (including automated, real-time monitoring that will identify and report suspicious transactions), efficient onboarding (streamlined, compliant customer onboarding that is set to save time and reduce costs), as well as holistic risk assessment (which will leverage artificial intelligence and machine learning in order to offer a comprehensive risk evaluation and actionable insights).
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