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Modularbank partners with HAWK:AI for AML capabilities

By Sunniva Kolostyak

March 11, 2021

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Core banking platform Modularbank has joined forces with HAWK:AI, the money-laundering detection and investigation platform, to add its software as an out-of-the-box core banking integration.

ModularbankThe Estonian FinTech Modularbank, which provides rapid rollout of new financial services, is adding the German-founded HAWK:AI’s anti-money laundering (AML) software to its core banking suite – meaning customers will benefit from real-time Transaction Monitoring and Sanction screening, optimised with machine learning.

Modularbank’s cloud-agnostic core banking platform, developed using an API-first approach, has been designed for banks, financial services companies, and businesses outside of financial services like retail and telemedicine. Users can seamlessly integrate the modular core banking technology into existing infrastructure, allowing for a fast and efficient roll-out of innovative financial products tailored to their customers’ needs.

The HAWK:AI Software-as-a-Service solution is cloud-first and addresses multiple compliance and crime detection use cases. Regulated companies in the financial services sector are required to apply risk-based monitoring of customers and transactions to identify suspicious behaviour, an often expensive and time-consuming endeavour.

“By utilising HAWK:AI’s software, Modularbank’s customers can improve their detection capabilities and reduce False Positives, based on a combination of traditional rules and Machine Learning. This results in a reduction of manual workload and delivers significant cost savings, in addition to achieving better detection rates,” Tobias Schweiger, Co-founder and CEO of HAWK:AI, commented.

“We believe that an integrated approach spanning core banking and AML/CFT systems reduces risk, both from a technology and compliance standpoint.”

Also commenting, Vilve Vene, Co-Founder and CEO of Modularbank, added: “This partnership represents a significant step for us in expanding our ecosystem and being able to provide our customers with a complete banking suite. Financial crime compliance can be a major burden for our clients, both monetarily and time-wise, which is why we have sought out the very best in AI-driven AML solutions to address these concerns.”

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