LONDON, 23 January 2024 - Napier, the London-based financial crime compliance RegTech, is pleased to announce that Napier Continuum has been selected as the anti-money laundering (AML) platform for one of Europe’s fastest growing Banking as a Service (BaaS) digital banking providers.
Napier is providing its Transaction Monitoring, Transaction Screening, Client Screening, Client Risk Assessment and Client Activity Review solutions as part of the Napier Continuum platform to Satchel, to support its large growth in providing BaaS solutions globally to any financial institution looking to expand into financial products without its own technology stack or banking license.
Napier’s solutions will equip Satchel with complete financial crime compliance for anti- money laundering and counter terrorist financing (AML/CTF), and will be integrated into Satchel’s own white labelled BaaS platform. Bringing the power of Napier’s intelligent compliance to Satchels’ global customer base.
Key features in the Napier platform that aligned with Satchel’s own modern technology include:
- API enabled for speedy and smooth onboarding of clients;
- Configurable dashboards with no-code rule building and AI insights for efficient decision-making;
- Sandbox environment to finetune and optimise screening configurations;
- Real-time and batch screening, supporting transliteration of 22 languages, AI fuzzy matching and secondary scoring capabilities across all payment types;
- Real-time graphical analysis of customer behaviour to analyse anomalies and understand the risk profile.
Satchel was created to make it seamless for new fintechs to launch their propositions, with a fully functional and compliant technology platform to underpin their business. As such it was crucial for Satchel to find a compliance partner that could match its promise to bring continuous innovations to its platform in a Software as a Service (SaaS) offering, and deliver on its promise to employ smart security features that answer for full compliance and safety of the end customers’ funds.
"With this partnership, Satchel is poised to lead the evolution of Banking as a Service to include Compliance as a Service, delivering secure, innovative, and customer-centric solutions to meet the evolving needs of our customers. Napier’s NextGen screening and monitoring solutions enable our compliance team to deal with ever-increasing transaction volumes and new alternative payment types, positioning Satchel at the forefront of industry change,” noted Sergiy Barybin, Satchel’s CEO. “Our collaboration not only ensures not only compliance but also sets new benchmarks for transparency and customer care, levelling the fintech playing field."
Greg Watson, Chief Executive Officer at Napier noted, “Napier is proud to join forces with Satchel in redefining digital banking services globally. Our cutting-edge compliance solutions empower Satchel with real-time monitoring, AI insights, and sandbox capabilities. Together, we navigate the evolving regulatory landscape, setting new standards for innovation, security, and transparency in digital banking for the next generation of fintechs.”
Napier is a RegTech delivering anti-money laundering and financial crime compliance software to banking, payments and wealth & asset management firms. Napier designs and engineers technological innovation to make a measurable difference in driving down financial crime. Trusted by over 200 institutions worldwide, the company’s platform, Napier Continuum, is transforming compliance from a legal obligation to a competitive edge.
Established in 2018, Satchel.eu is one of the fastest-growing European EMI companies based in Lithuania. Satchel offers secure, user-friendly financial tools for digital banking, including international money transfers, fintech consulting, BaaS, SaaS, currency exchange, and card services. Satchel is the first Lithuanian EMI to achieve principal membership status with Mastercard Europe for card issuance.
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