Financial crime compliance RegTech, Napier, has revealed that its Napier Continuum platform has been selected as the anti-money laundering (AML) solution by Satchel, a European Banking as a Service (BaaS) digital banking provider.
Napier’s suite of solutions, including Transaction Monitoring, Transaction Screening, Client Screening, Client Risk Assessment, and Client Activity Review, will be integrated into Satchel’s operations.
Satchel is leveraging Napier’s technology to support its expansive growth and offer BaaS solutions globally to financial institutions seeking to venture into financial products without developing their own technology stack or obtaining a banking license.
The collaboration equips Satchel with comprehensive financial crime compliance for anti-money laundering and counter-terrorist financing (AML/CTF). These solutions will seamlessly integrate into Satchel’s white-labeled BaaS platform, bringing Napier’s intelligent compliance capabilities to Satchel’s growing customer base.
Satchel CEO Sergiy Barybin said: “With this partnership, Satchel is poised to lead the evolution of Banking as a Service to include Compliance as a Service, delivering secure, innovative, and customer-centric solutions to meet the evolving needs of our customers.
“Napier’s NextGen screening and monitoring solutions enable our compliance team to deal with ever-increasing transaction volumes and new alternative payment types, positioning Satchel at the forefront of industry change.
“Our collaboration not only ensures not only compliance but also sets new benchmarks for transparency and customer care, levelling the fintech playing field.”
Key features of the Napier platform that align with Satchel’s modern technology include:
– API enablement for swift and seamless client onboarding;
– Configurable dashboards with no-code rule building and AI insights for efficient decision-making;
– Sandbox environment for fine-tuning and optimizing screening configurations;
– Real-time and batch screening supporting transliteration of 22 languages, AI fuzzy matching, and secondary scoring capabilities across all payment types;
– Real-time graphical analysis of customer behaviour to detect anomalies and understand risk profiles.
Satchel, designed to simplify the launch of new fintech propositions, sought a compliance partner that could match its commitment to continuous innovation in a Software as a Service (SaaS) offering. Napier’s capabilities align with Satchel’s promise to provide smart security features, ensuring full compliance and the safety of end customers’ funds.
Napier CEO Greg Watson said: “Napier is proud to join forces with Satchel in redefining digital banking services globally. Our cutting-edge compliance solutions empower Satchel with real-time monitoring, AI insights, and sandbox capabilities.
“Together, we navigate the evolving regulatory landscape, setting new standards for innovation, security, and transparency in digital banking for the next generation of fintechs.”