LONDON, 21 March 2024 - Napier AI, the London-based global financial crime compliance RegTech, is pleased to announce that its customer, Banco do Brasil has won the Celent Model Risk Manager 2024 Award for Combatting Financial Crime. Banco do Brasil was chosen as a winner for its initiative ‘Banco Do Brasil: Optimizing sanctions operations through technology transformation’.
Celent is a global research and advisory firm for the financial services industry. One of the most prestigious in the industry, the awards recognise financial institutions for best practices in technology in different areas critical to success in financial risk management, operational risk management, cross risk, and financial crime.
Banco do Brasil chose NextGen screening from the Napier AI Continuum platform to drive increased operational efficiency and drive town total cost of ownership (TCO). The project helped Banco do Brasil transform its compliance requirements into a business advantage that enhances customer experience through:
- Multi-org capability, securing real-time payments in multiple screening configurations to establish a holistic view of financial crime risk across multiple geographies in the EMEA region, Asia and Latin America while configuring the solution to fit each business unit’s requirements.
- No-code sandbox environment, granting autonomy to tailor its rules to improve screening, without negatively impacting customer experience.
- Reducing false positive hits by more than 90%, significantly increasing operational efficiency, facilitating fewer disruptions to customers.
One of the oldest banks in continuous operation in the world, Banco do Brasil’s culture of innovation is the enabler of the company’s perenniality and source of competitive advantage in the industry. The award win reflects this value, having made its services more secure against financial crime, while protecting customer experience.
"A huge congratulations to Banco do Brasil for a well-deserved recognition of its industry leadership in anti-money laundering strategies,” said Greg Watson, CEO at Napier. “It reflects the innovations across Napier AI’s platform and implementation team; delivering banks an unparalleled platform for financial crime compliance, without compromising on the end-customer experience.”
According to Neil Katkov, Director in Celent’s Risk Practice, “The Model Risk Manager Awards recognize how banks are using technology to change the face of financial crime prevention. Banco do Brasil serves as an inspiration to others looking for strong examples of best practice implementation that will have a truly meaningful impact on business results and the industry overall. The entry from Banco do Brasil leveraging Napier AI’s technology clearly demonstrated this.”
"The award is a testament to Banco do Brasil’s commitment to tackling financial crime while also maintaining the highest level of customer experience. Napier AI’s solution has given us the autonomy to centrally calibrate financial crime compliance rules and strategies and continue providing an industry-leading service to our customers,” noted Bruno Pereira Carneiro, Deputy Head of IT for EMEA at Banco do Brasil.
Celent’s annual Model Risk Manager Awards recognise financial institutions as “model risk managers” for their outstanding technology initiatives. To win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence.
Learn more in Celent’s Model Risk Manager case study here.
About Napier AI
Napier AI is a RegTech delivering anti-money laundering and financial crime compliance software to banking, 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 150 institutions worldwide, the company’s platform, Napier AI Continuum, is transforming compliance from a legal obligation to a competitive edge.
For media enquiries:
Elise Thrale
Head of Content, Napier AI
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