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Napier: pioneering the evolution of anti-money laundering technology

Recently our CEO, Julian Dixon, sat down with Richard Doherty for a 30-minute podcast, talking about Napier’s business journey and how we solve financial industry regulatory problems.

Antonis Melis
July 9, 2020

Recently our CEO, Julian Dixon, sat down with Richard Doherty for a 30-minute podcast, talking about Napier’s business journey and how we solve financial industry regulatory problems.

What was said:

Stricter regulations

Over the last few years, changes in the financial industry have led to stricter regulatory requirements being enforced to ensure institutions are looking for, investigating and reporting crime arising from suspicious transactions. This can be fraud, money laundering or people and companies on sanctions lists.  

See our blog post on the Fifth Anti-Money Laundering Directive as an example of such regulatory changes in Europe.

The financial industry was not equipped for the increase in money laundering and these regulatory changes, which caused institutions to be fined by regulators.

To adapt, financial institutions began hiring people to stay on top of regulations and deal with higher volumes of transactions, but this proved to be an expensive, short-term fix that did not solve the problems.  

The problems being, that financial institutions still tend to rely on legacy technology that is not fit for purpose, with poor controls and inadequate policies and procedures in place.

Appetite for change

The appetite for change within the financial industry is slow and onerous due to seasonal budgets, lengthy procurement procedures to go through and legacy systems that are difficult to change.  

To address this, Napier has created managed software that can easily be distributed to clients. For much larger clients with bigger implementations, we can complement their software by adding new products to old systems. This reduces the need to spend large amounts of time doing labour intensive drudgery work.  

Napier’s AML solution uses AI and automation and is built to be efficient and scalable as well as highly configurable and user-friendly. The system provides information to financial institutions about their clients, raising any potential red flags where there are suspicious transactions or activities. The benefit of modern tech like Napier’s is that it reduces the volumes of false positives dramatically, saving organisations vast amounts of time and money.  

Tech alone is not enough

However, having USP’s and brilliant tech to back up the product is not enough in the compliance industry. You need to be able to build trust with potential clients as they want to be sure that you are reputable, that you have tenure and that you will be there for them in the following years.  

Making the blend between groundbreaking technology and communicating it effectively to the industry the key to Napier’s success.  

If you would like to listen to the full podcast, covering more on Napier’s journey in the compliance industry, you can find it here.

More on the Scaling Show

The Scaling Show is hosted by Richard Doherty, who is an Executive Board Member of the South African Chamber of Commerce and Founder of IP Group. In each podcast Richard will be speaking to leading Fintech guests about how innovative tech companies are scaling up and pushing the boundaries. He speaks to both UK and African leaders, who are pioneering the new wave of tech innovation and in doing so, creating our future.

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Napier is here to make the world a safer place through intelligent compliance. Our technology can completely transform your compliance processes, moving you from a tick box exercise to a competitive edge.

Request a demo today from one of our experts.

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