Icelandic mobile-first neobank indó, has chosen AML platform Lucinity to help monetary crime prevention. The digital financial institution seems to make use of Lucinity’s AML compliance software program, together with its Transaction Monitoring and Case Supervisor options.
The Lucinity anti-money laundering platform leverages synthetic intelligence (AI) to enhance human experience and can allow the indó compliance group to make sooner selections. Combining know-how and human insights to create augmented intelligence has helped Lucinity to help a variety of banks and fintechs to extend their compliance productiveness by over 50 per cent.
indó chosen Lucinity to simply combine its AML answer into the neobank’s present know-how and scale with its rising buyer base. The neobank plans to make use of Lucinity’s Transaction Monitoring to help its compliance group, by offering behaviour-based danger screening and explainable AI.
The Lucinity Case Supervisor additionally gives indó contextual knowledge visualisations, to provide data-driven decision-making and increase effectivity and productiveness.
‘Zero-tolerance coverage for cash laundering’
Haukur Skúlason, CEO of indó, commented on the partnership. Skúlason mentioned: “We’re a brand new contender within the banking area, and we had been searching for a contemporary answer that may help our ambition and requirements.
“Lucinity shouldn’t be merely a vendor however a accomplice, able to matching our tech stack and agile approach of working. Lucinity additionally understands our priorities, together with our zero-tolerance coverage for cash laundering.”
indó was based in 2018, turning into the primary neobank to function in Iceland. It obtained its Icelandic banking licence in February 2022 – representing the primary licence to be issued in over 30 years. indó goals to make use of the nation’s extremely digitised banking market, by which 95 per cent of the inhabitants makes use of digital IDs, banking apps, or digital currencies.
The digital financial institution goals to emulate the success and progress of comparable challenger banks arrange within the likes of the UK and the Nordics.
Guðdmundur Kristjánsson, founder and CEO of Lucinity, additionally provided his ideas: “We’re excited to be partnering with indó to assist them realise their mission of restoring belief and regaining transparency within the banking business in Iceland and past.”
Since 2018, Lucinity has change into an AML supplier that appears to attach “know-how and purposeful design” to assist its prospects uncover cash laundering.
The partnership comes throughout a busy interval of growth in Iceland for Lucinity, which now serves greater than 1 / 4 of the Icelandic market. In November, Iceland-based Arion Financial institution additionally chosen Lucinity for its AML options.
