Tier1 joins forces with financial crimes management solution provider Alessa
By Pavithra R
Tier1 Financial Solutions, a leader in global relationship management software for capital markets, investment banking and investment management, has announced the acquisition of Alessa, a compliance and financial crime prevention solution provider. Terms of the transaction were not disclosed.
Through the acquisition, Tier1 is looking forward to significantly grow its portfolio of solutions to digitally transform processes within organizations for greater client insights, regulatory compliance, revenue protection, and AI-driven automation.
Alessa is an integrated solution with due diligence, sanctions screening, transaction monitoring and regulatory reporting that makes AML compliance easy and cost-effective. It is trusted by banks, MSBs and FinTechs to meet their AML and other regulatory and compliance needs. Its versatile and modular nature makes it a consistently chosen solution that integrates easily with existing infrastructure and scales with organizations as their size and needs grow.
“Regulatory requirements are no longer just a bank compliance department issue but an important part of the front-office workflow and client lifecycle management. We are very excited about joining forces with Alessa and together accelerating the digital transformation of our client’s transactional workflow,” said Jiro Okochi, CEO of Tier1 Financial Solutions.
Tier1’s acquisition of Alessa is a step towards the digitalization of the client relationship workflow. The acquisition will not only enhance operational efficiency, onboarding experience and reduce regulatory compliance risk but also lead to the “single source of truth” of client data across the full range of financial institutions.
“We are excited to be part of the Tier1 family as this allows us to be even more aggressive in our barrier-breaking mindset to deliver powerful solutions to the multi-billion-dollar compliance and fraud prevention market. All our customers, partners and team members will benefit from this acquisition as it enables us to accelerate delivery on our bold promises,” said Andrew Simpson, Chief Operating Officer of Alessa operations.
Alessa will become part of the Tier1 branded product suite. Andrew Simpson will remain as COO and report to Jiro Okochi who assumed the CEO role of Tier1 Financial Solutions on January 1, 2021. Co-Founders Mark Notten and Phil Dias will continue as Board Member and become Board Advisor, respectively.
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