Today, on the 473rd birthday of John Napier, we celebrate the renowned Scottish mathematician and physicist after whom Napier was named.
John Napier is best known for his invention of logarithms which were instrumental in the development of mathematics and science in the early 17th century. His contributions, including ‘Napier’s bones’, a means of simplifying complex calculations, remain one of the most important advances in the study and practical application of mathematics. The team at Napier saw a parallel between Napier's work and their own mission to use AI to solve complex problems and close gaps in compliance, thereby taking an important step in fighting financial crime.
Napier was founded in 2015 by Julian Dixon, who was working as an economic buyer for a bank and saw that the legacy systems used to underpin financial crime compliance were inadequate and outdated. The company was set up by a team of four in a small office in Smithfield to develop a suite of easily installable, adaptive end-to-end platforms which were much more effective in the fight against financial crime.
Then, as now, traditional approaches to financial crime compliance typically relied on manual processes and rule-based systems to detect suspicious activity - an inefficient, time-consuming and error-filled process, as it relies on human judgement and can be circumvented by sophisticated criminals. Compliance teams were being fined billions of dollars by regulators and taking a big hit to their reputations.
In the intervening eight years, Napier has grown into a leading provider of AI-powered solutions for financial crime compliance with more than 200 employees across the globe. The company continues to focus on developing cutting-edge solutions to help businesses of all sizes leverage the power of AI to improve their operations and drive growth, while ensuring compliance with financial crime regulations. Napier helps organisations achieve a continuous and holistic view of risk with its AI-enhanced platform that connects data, controls operations, and manages risk in a single, fully integrated financial crime risk management centre. It currently has a presence in key financial hubs across the globe including in North America, the UK, Europe, and APAC, providing solutions to over 200 clients including banks, payment providers, asset managers, FX, gaming specialists, crypto exchanges, and other financial institutions.
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Photo by Jeremy Bishop on Unsplash