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Satchel taps RegTech Napier to secure BaaS platform

By Gloria Methri

January 24, 2024

  • Anti-Money Laundering (AML)
  • Client Activity Review
  • Client Risk Assessment

Napier, Compliance Technology, RegTech, Financial Crime, Satchel, BaaS, UKNapier, the London-based financial crime compliance RegTech, announced that Napier Continuum has been selected as the anti-money laundering (AML) platform for Satchel, the Europen Banking as a Service (BaaS) provider.

Napier will provide its Transaction Monitoring, Transaction Screening, Client Screening, Client Risk Assessment and Client Activity Review solutions to Satchel, to support its large growth in providing BaaS solutions globally for any financial institution looking to expand into financial products without its own technology stack or banking license.

Napier’s solutions will equip Satchel with complete financial crime compliance for anti-money laundering and counter-terrorist financing (AML/CTF) and will be integrated into Satchel’s own white-labelled BaaS platform.

Key features in the Napier platform that aligned with Satchel’s modern technology include:

  • API enabled for speedy and smooth onboarding of clients;
  • Configurable dashboards with no-code rule building and AI insights for efficient decision-making;
  • Sandbox environment to finetune and optimise screening configurations;
  • Real-time and batch screening, supporting transliteration of 22 languages, AI fuzzy matching and secondary scoring capabilities across all payment types;
  • Real-time graphical analysis of customer behaviour to analyse anomalies and understand the risk profile.

“With this partnership, Satchel is poised to lead the evolution of Banking as a Service to include Compliance as a Service, delivering secure, innovative, and customer-centric solutions to meet the evolving needs of our customers,” said Sergiy Barybin, Satchel’s CEO. “Napier’s NextGen screening and monitoring solutions enable our compliance team to deal with ever-increasing transaction volumes and new alternative payment types, positioning Satchel at the forefront of industry change. Our collaboration not only ensures not only compliance but also sets new benchmarks for transparency and customer care, levelling the FinTech playing field.”

Greg Watson, Chief Executive Officer at Napier noted, “We are proud to join forces with Satchel in redefining digital banking services globally. Our cutting-edge compliance solutions empower Satchel with real-time monitoring, AI insights, and sandbox capabilities. Together, we navigate the evolving regulatory landscape, setting new standards for innovation, security, and transparency in digital banking for the next generation of FinTechs.”

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