Complytek partners with Advapay to provide core banking solutions

As part of its offering, Complytek provides Anti-Money Laundering (AML) compliance tools, including AI-powered AML screening, onboarding automation, transaction monitoring, and risk assessment. By utilising these tools, fintech firms are set to be able to simplify complex compliance processes, allowing them to follow requirements and reduce risks. On the other hand, Advapay offers core banking software, a front-end and back-end system, and Embedded Payments solutions to enable businesses to effectively set up optimised payment infrastructures.

By teaming up, Complytek and Advapay intend to ensure that, even if they maintain their unique offerings, fintech companies can benefit from an integrated solution. Merging their capabilities is set to allow fintech clients to have the ability to augment their operations for expansion and compliance. When commenting on the announcement, representatives from Complytek underlined that their company’s technology focuses on simplifying compliance, providing fintechs with the ability to better navigate complex regulatory frameworks.

Furthermore, Advapay’s officials mentioned that the collaboration with Complytek is set to equip fintech clients with a comprehensive solution and support them in scaling their operations. Also, the integration between Advapay’s core banking systems and Complytek’s compliance tools aims to offer an advantage in the market, enabling clients to expand both securely and at an accelerated pace. The current move follows Advapay’s partnership with ICT Misr from August 2024, with the two companies working on expanding the former’s core banking offering to customers across Egypt and Libya. By joining forces, ICT Misr was set to provide core banking solutions, including implementation, integration services, and ongoing support to Advapay’s customers in these regions.