Napier to provide advanced Transaction Screening system for ClearBank

KUALA LUMPUR, May 6 -- Napier, the London-based provider of next-generation anti-financial crime compliance solutions, will provide ClearBank, the cloud-based clearing bank, with its advanced Transaction Screening system.

As a purpose-built, technology-enabled clearing bank, ClearBank offers cloud-based banking services to financial service providers, FCA-regulated businesses and fintechs.

Its new Transaction Screening system, built on Napier’s AI-enhanced technology, will allow ClearBank to identify sanctioned individuals and entities in payments, while reducing false positives and accurately alerting on risk, according to a statement. “We are honoured to be the vendor of choice to help ClearBank supercharge its Transaction Screening. Our technology will help provide its agency and transaction banking services with a faster, smarter way to meet regulatory requirements while driving business efficiency,” said Napier Chief Executive Officer, Julian Dixon.

Meanwhile, ClearBank CIO, Stuart Morley said: “Having gone through a thorough vendor selection process, we are delighted to have now joined forces with Napier, whose next-generation technology and AI-enhanced capabilities are leading the way in AML compliance.”

Napier works with institutions such as ClearBank globally to provide its AI-led platform for intelligent KYC, AML & trade compliance.

Doubling its annual revenue last year, Napier has recently been strengthening both its senior management team and its roster of global customers.

Former HSBC Group COO and BCG Global Banking Chair, Andy Maguire, joined Napier as Board Advisor, while the RegTech provider was also recently named as the official anti-money laundering and counter terrorism financing technology platform for Australia Post.

-- BERNAMA