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London, June 19th – Napier AI, the London-based financial crime compliance RegTech firm, today announced that its customer, Australia Post, has been named the winner of the prestigious Celent Model Risk Manager Award. The award recognises Australia Post’s innovative and successful financial crime compliance transformation, powered by the Napier AI Continuum platform.
Australia Post implemented new anti-money laundering systems and controls as part of its evolution from traditional postal services to digital banking and financial services. This expansion introduced new complexities in financial crime prevention, necessitating a robust and agile anti-money laundering (AML) solution. Australia Post selected Napier AI Continuum, deploying it within the Microsoft Azure cloud to integrate transaction monitoring, client screening, and behavioural analytics across its extensive operations.
"We are incredibly proud to see Australia Post recognised by Celent for its pioneering work in financial crime compliance," said Greg Watson, Chief Executive Officer at Napier AI. "AusPost’s transformation journey is a testament to its commitment to safeguarding the financial landscape and the power of advanced technology to achieve real-world impact. This award highlights the effectiveness of the Napier AI Continuum platform in empowering organisations to detect and prevent financial crime with greater accuracy and efficiency."
The implementation of Napier AI Continuum has yielded significant benefits for Australia Post, including:
- More than 50% reduction in false positives rates, significantly improving operational efficiency.
- 135% increase in accurate suspicious activity detection, strengthening their ability to prevent money laundering.
- 42% reduction in manual reviews, enabling a 190% increase in monthly cases processed.
A notable societal impact of this transformation was Australia Post’s ability to provide crucial suspicious activity information that helped law enforcement dismantle a cross-country money laundering syndicate, leading to the successful prosecution of 13 individuals. This real-world success underscores Australia Post’s effective use of its detection technology and the importance of collaboration between financial institutions and law enforcement.
Australia Post’s financial crime compliance transformation showcases its commitment to continuous improvement, leveraging innovation to navigate the complexities of the financial landscape while upholding its dedication to community service and trust.
About Napier AI
Napier AI is RegTech delivering anti-money laundering and financial crime compliance software to financial institutions, payments, and wealth & asset management firms. Napier AI designs and engineers technological innovation to make a measurable difference in driving down financial crime. Trusted by over 100 institutions worldwide, the company’s platform, Napier AI Continuum, is transforming compliance from a legal obligation to a competitive edge.
For more information, please visit: napier.ai.
For Media Enquiries:
Elise Thrale
Head of Content & Communications, Napier AI
+4477890 952278
