Simplex, the largest fiat infrastructure for the crypto industry, has opted for Napier’s Transaction Monitoring tool as part of an upgrade to its anti-money laundering (AML) defences.
Napier’s Transaction Monitoring will give Simplex a systematic, intelligent review of its transactions and allow it to identify suspicious patterns of behaviour quickly and easily that would be otherwise difficult to spot amongst high volumes of data.
Based in Israel and founded in 2014, Simplex is an EU-licensed financial institution that processes and guarantees crypto-to-credit card payments. The platform already supports over 50 government-issued currencies and has a growing number of crypto-partners all over the world, facilitating a wide range of payment methods including Visa, MasterCard, and Apple Pay.
Simona Jovaisaite, Compliance Officer at Simplex, said: “It’s our ongoing mission to make the purchasing process for crypto-currencies accessible and secure worldwide and we’re putting every system in place to ensure rigid compliance to international regulations.
"Napier’s solution now helps futureproof what is an essential part of our promise to provide a market-leading, secure platform" - Simona Jovaisaite, Compliance Officer at Simplex
"In recent years as cryptocurrencies have become more widely adopted, we have seen significant business growth, but as we have expanded our existing tools for monitoring suspicious behaviour proved too inflexible, so it was time for an upgrade. Napier’s solution now helps futureproof what is an essential part of our promise to provide a market-leading, secure platform by ensuring that Simplex is fully compliant in preventing money laundering activities.”
Julian Dixon, founder and CEO of Napier, said: “By harnessing artificial intelligence and machine learning, our technology massively reduces the pressure on compliance teams. It will help Simplex to spot unusual transactions, reduce false positives and identify risk easily and quickly, aligning with its goal to stay ahead of financial criminals operating in the crypto space.”
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