London, 21 January 24 – Napier AI, the global intelligent financial crime compliance technology company, has been identified as a Technology Standout by leading research and advisory firm Celent, in its Financial Crime Compliance Technology: Watchlist Screening Edition—2024 XCelent Awards, Powered by VendorMatch.
The Client Screening and Transaction Screening solutions from Napier AI Continuum were evaluated alongside 21 other vendor solutions for Anti Money Laundering (AML). The next-generation technologies built into the platform helped secure Napier AI’s status as a Technology Standout:
“Napier AI offers a fully-featured watchlist screening system built on a modern microservices architecture. Various deployment options are supported, with a majority of clients using the solution on the cloud. Napier AI's watchlist screening system is scalable enough to support real-time screening of large customer lists, and its capabilities are used to support an event-driven risk monitoring solution offered separately by Napier AI.”
The evaluation also details exactly what sets Napier AI’s screening solutions apart when it comes to meeting sanctions requirements. Napier AI delivers the next generation of screening in which, “The system supports granular configuration of screening routines through a no-code interface. For example, screening can be performed at various thresholds against any or all data elements of a transaction and against specific lists. Screening configurations can also be applied to specific client segments. The system also incorporates a no-code sandbox for testing and optimizing thresholds as well as screening rules and configurations.”
Alongside the technical prowess, the report also highlights how Napier AI is a great choice for financial institutions seeking lower Total Cost of Ownership (TCO) and rapid time to value because, “Napier AI packages these capabilities into an intuitive user interface targeted at financial institutions and other regulated businesses such as payments and gaming. The solution has been implemented in as quickly as 21 days at midmarket clients.” In addition to the UI, the Artificial Intelligence (AI) innovations in the solution drive further efficiencies. “Napier AI offers a suite of pre-trained machine learning algorithms, called AI Advisor, that can be tuned to client risk requirements to further reduce the false positive rate.”
“Client feedback on Napier AI's solutions was strong,” says Neil Katkov, Director, Risk at Celent. “Clients particularly appreciated the system's self-contained case management functionality and auditability, as well as the quality of the algorithm, which they say ensures safe and reliable screening while reducing false positives—resulting in enhanced operational efficiency. Additionally, clients valued the system's ease of use and the vendor's readily available specialist support.”
“We are very pleased to be recognised by the Celent team as a leading innovator for screening solutions,” says Greg Watson, Chief Executive Officer at Napier AI. “Celent continues to be a hallmark for quality and customer advocacy in technology evaluation. We are thrilled that the next generation screening capabilities within the Napier AI Continuum platform had been awarded this recognition, it is a reflection of Napier AI's commitment to building and delivering AI and automation that simplifies AML for our clients, and drives down TCO. And the customer feedback in the report is a strong endorsement if this approach.”
About Napier AI
Napier AI is a new breed of RegTech that is committed to embracing technological innovation to deliver AML compliance solutions powered by AI that make a measurable difference in driving down financial crime. Our platform, Napier AI Continuum, transforms compliance from a legal obligation to a competitive edge. Trusted by leading financial institutions, we design and build technology to help companies in any sector comply with AML regulations, detect suspicious transactions, screen potential customers, and predict customer behaviour.
For enquiries:
Elise Thrale
Head of Content
elise.thrale@napier.ai
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