Napier Continuum has been selected as the anti-money laundering (AML) platform for Satchel, the fast-growing Banking as a Service (BaaS) digital banking provider.
Napier is providing its Transaction Monitoring, Transaction Screening, Client Screening, Client Risk Assessment and Client Activity Review solutions as part of the Napier Continuum platform to Satchel. This will support its growth in providing BaaS solutions globally to financial institutions looking to expand into financial products without its own technology stack or banking licence.
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Napier’s solutions will equip Satchel with complete financial crime compliance for anti-money laundering and counter-terrorist financing (AML/CTF) and will be integrated into Satchel’s own white-labelled BaaS platform.
Keys features of the Napier platform
The key features of the Napier platform includes, API enabled for speedy and smooth onboarding of clients, configurable dashboards with no-code rule building and AI insights for efficient decision-making and a sandbox environment to finetune and optimise screening configurations.
The solution also includes real-time and batch screening, supporting transliteration of 22 languages, AI fuzzy matching and secondary scoring capabilities across all payment types and real-time graphical analysis of customer behaviour to analyse anomalies and understand the risk profile.
Satchel was created to make it easier for new fintechs to launch their propositions, with a fully functional and compliant technology platform to underpin their business. As such it was crucial for Satchel to find a compliance partner that could match its promise to bring continuous innovations to its platform in a Software as a Service (SaaS) offering and deliver on its promise to employ smart security features that answer for full compliance and safety of the end customers’ funds.
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By GlobalDataSergiy Barybin, Satchel’s CEO, 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.”
