Icelandic neobank indó selects Lucinity to fight financial crime

By Gloria Methri

indó, an Icelandic mobile-first advanced neo-bank, has selected Lucinity as its AML compliance software, including its Transaction Monitoring and Case Manager solutions.

Established in 2018, indó is the first neobank to operate in Iceland. The company received its banking license in February 2022 to capitalize on the country’s highly digitalized banking market. indó is looking to emulate the success and international growth of challenger banks in the UK and Nordics.

The announcement comes during a busy period of expansion in Iceland for Lucinity, which now serves more than a quarter of the Icelandic market after Arion Bank selected Lucinity to provide its AML solutions in November.

Lucinity’s AML platform leverages artificial intelligence (AI) to augment human expertise, allowing compliance teams to make smarter decisions faster and enjoy modernized AML processes.

indó will use Lucinity’s Transaction Monitoring for behaviour-based risk screening and explainable artificial intelligence. Transaction Monitoring enables AML teams to receive a manageable caseload and enjoyable user experience. Lucinity’s Case Manager offers indó contextual data visualizations, resulting in data-driven decision-making and boosting efficiency and productivity.

In selecting Lucinity, indó was looking for a compelling AML solution that could integrate seamlessly into its existing technology and scale along with its growing customer base.

“We are a new contender in the banking space, and we were looking for a modern solution that can support our ambition and standards,” said, Haukur Skúlason, indó’s CEO. “Lucinity is not merely a vendor but a partner, capable of matching our tech stack and agile way of working. Lucinity also understands our priorities, including our zero-tolerance policy for money laundering.”

Guðdmundur Kristjánsson, Founder & CEO of Lucinity, added, “We are excited to be partnering with indó to help them realize their mission of restoring trust and regaining transparency in the banking industry in Iceland and beyond.”