- Financial crime compliance company Napier AI has partnered with Romania’s Salt Bank.
- Salt Bank will deploy Napier AI’s transaction screening solution to protect transactions against a variety of fraud risks.
- Napier AI made its Finovate debut at FinovateEurope 2018 in London.
Romania’s first neobank, Salt Bank, has teamed up with financial crime compliance company Napier AI. Salt Bank will deploy Napier AI’s Transaction Screening solution to ensure that the hundreds of millions of transactions Salt Bank handles are safe from fraud risks.
“We chose the Napier AI platform because it offered NextGen technology which enables us to strengthen our financial crime controls and matches our drive to offer clients a seamless digital experience, within a robust regulatory environment,” Salt Bank CEO Gabriela Nistor said.
Salt Bank sought out Napier AI’s technology to ensure that it is able to keep pace with evolving money laundering, terrorist financing, and fraud risks on the one hand, and consumer demand for a seamless digital experience on the other. Napier AI’s Transaction Screening product features a user friendly interface with customizable workflows, a cloud-based deployment, a sandbox environment for optimizing screening configurations, and a configurable dashboard with no-code rule building and AI insights.
“Napier AI’s industry-leading Transaction Screening solution is set to help Salt Bank succeed in setting a new standard for banking in Romania,” Napier AI CEO Greg Watson said. “It is an exciting time for the industry and market, and I am excited to see how we work together to bring best-in-class financial crime compliance to the next generation of digital banking users.”
Founded in 2015 and headquartered in London, U.K., Napier made its Finovate debut at FinovateEurope in 2018. At the conference, the company demoed its Customer Screening and Transaction Monitoring Enhancement software. By addressing gaps in current legacy systems’ AML and client screening solutions – and extending their shelf life – Napier’s technology enables organizations to enhance the performance of their current fraud prevention processes.
Napier AI’s partnership news comes one month after the company teamed up with impact asset manager Finance in Motion. Finance in Motion will deploy Napier AI Continuum – including its Client Screening solution and Client Risk Assessment module – as its AML and counter terrorist financing platform. Earlier this year, Napier AI secured an investment of $56.6 million (£45 million) from Crestline Investors.
“We are excited to work with the Napier AI team and believe their market-leading, AI-powered technology platform is well-positioned to help financial institutions and other regulated companies excel in an environment with rapidly expanding transaction volumes and increasing regulatory requirements,” Crestline Managing Director Will Palmer said when the investment was announced in February.