Napier, a London-based next-generation anti-financial crime compliance solution provider, announced that the company will provide its cloud-based clearing bank ClearBank with its advanced transaction screening system .
ClearBank is a technology-based clearing bank established for a specific purpose, providing cloud-based banking services for financial service providers, enterprises and financial technology companies regulated by the UK Financial Conduct Authority (FCA). Its new transaction screening system based on Napier artificial intelligence enhancement technology will enable ClearBank to identify sanctioned individuals and entities in payments, while reducing false positives and accurately providing risk warnings.
ClearBank Information Director Stuart Morley commented: “Like all financial institutions, ClearBank must implement a strong sanctions screening program to support the industry’s continued fight against financial crime. After conducting a comprehensive screening of suppliers, we are very happy to cooperate with Napier. Cooperation, the company’s next-generation technology and artificial intelligence enhancements are in a leading position in anti-money laundering compliance. We believe that this cooperation may develop into a long-term partnership with the regulatory technology supplier.”
Napier cooperates with ClearBank and other institutions around the world to provide an artificial intelligence-led platform for smart KYC (know your customer), anti-money laundering and trade compliance. Napier’s annual revenue will double in 2020, and the company has recently been strengthening its senior management team and global account management.
Andy Maguire, former Chief Operating Officer of HSBC Group and Chairman of Global Banking of Boston Consulting Group (BCG), joined Napier as an advisor to the board of directors, and the regulatory technology provider was recently designated as Australia Post’s official anti-money laundering and Supplier of anti-terrorism financing technology platform.
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Julian Dixon, Chief Executive Officer of Napier, said: “We are honored to be a provider of assistance to ClearBank to enhance its transaction screening capabilities. Our technology will assist it in providing agency and transaction banking services to meet regulatory requirements in a faster and smarter manner, while Improve business efficiency.
We will also cooperate in the development of cutting-edge products in the future and establish a new cooperative relationship with ClearBank. Therefore, we have a lot to look forward to, which will truly improve the level of the entire industry. “
