Fintech, Finance, Technology, Banking Highlights – 1 June 2018
SolarisBank and Clarus.io want to protect FinTechs from financial crime
SolarisBank, the Berlin-based “banking platform” and Clarus.io, an Israeli Regtech startup that develops tools for detecting and preventing financial crime, have recently signed a partnership agreement.
The partnership will enable SolarisBank to streamline its compliance processes and thus scale its local and international activity using Clarus’s transaction monitoring platform.
“As a financial institution that aims to enable innovation in the financial services sector, we see SolarisBank as a natural partner.” Said Clarus.io CEO Nir Mandel, adding that “AML Compliance is expensive, time consuming and knowledge reliant and we aim to easy that pain for growing fintech startups and financial institutions”.
“It’s been a very collaborative and fast-paced process working with Clarus.io due to their great knowledge of compliance requirements” said Till Harnos, Head of Transactional Products solarisBank. “We received tremendous guidance in the onboarding process to bringing the product live and are very much looking forward to future system enhancements”
Transaction Monitoring is often the overlooked element of AML Compliance. By analyzing customer information procured during the KYC process, against the customers actual activity, suspicious patterns, outliers and activity that mirrors known money laundering schemes can be identified, investigated and reported.
Recent regulations, including the 4th EU Money Laundering Directive (MLD4) have made transaction monitoring a requirement for every regulated entity.
Capita bids to Optimize fraud management with Pay360
Pay360 by Capita launches Optimize, a state-of-the-art fraud and risk management solution to help financial services, retail and gaming organisations combat fraud, streamline customer authentication decisions and support revenue growth.
Built using the latest technology, Optimize allows organisations to tailor their payment acceptance and fraud prevention strategies in real-time, to maximise sales opportunities whilst combating evolving cybercrime threats.
Designed to address four key customer needs, Optimize will increase customer conversion at the checkout with more accurate, automated decision-making and help organisations meet their compliance and regulatory requirements including Know Your Customer (KYC) and Anti-Money Laundering (AML).
The software will enable users to create and manage fraud strategies in real-time whilst freeing up valuable people resource and enable organisations to make faster, more accurate decisions whilst identifying previously undiscoverable threats and relationships
“Leveraging Capita’s expertise as one of the UK’s largest software companies, Optimize provides a further example of how we are adding unique value to our partners by incorporating the solution into their existing portfolios, as well as adding real business value to our customers”, explains Chris Baker, executive officer, Capita Software.
Intelligent Environments to rebrand as ieDigital
After a comprehensive brand review, Intelligent Environments, the global provider of financial services technology, is set to become ieDigital.
Founded in 1985, and initially one of the UK’s leading home automation specialists, Intelligent Environments has grown to become a globally recognised fintech provider, creating innovative and secure consumer-facing digital financial platforms for, among many others, HSBC, Lloyds Banking Group and Argos.
The new name and refreshed brand identity reflect the natural evolution of the company’s core digital capabilities, and will support its ambition to expand internationally. The rebrand comes hot on the heels of a new ieDigital office opening in Australia, and the recent appointment of Jeremy Young as CEO.
Young, former Head of Retail Banking & Insurance with Oracle and General Manager of EMEA with Adeptra before and after its acquisition by FICO, initiated the rebrand in January. He will oversee the process, which he believes will better align the brand with what the company does, and strengthen ieDigital’s international profile as it continues to grow.
“As a leading fintech business with global ambitions, it’s important that our brand travels as well as our expertise”, said Jerry Young. “We feel the new brand brings our visual identity right up to date, is more versatile and altogether more digital. The name is also much better aligned with our core business, and easier for customers and colleagues across all territories to pronounce, which is incredibly important.”
