As a purpose-built, tech-enabled clearing bank, ClearBank provides Cloud-based banking services to financial service providers, FCA-regulated companies and Fintech firms.
ClearBank‘s updated Transaction Screening system, developed on Napier’s AI-powered tech stack, will enable ClearBank to identify sanctioned persons and other entities in payments. The system should also help lower the number of false positives and provide accurate alerts on potential risks.
Stuart Morley, CIO at ClearBank, stated:
“As with all financial organisations, it is imperative that ClearBank has a robust sanction screening program in place to support the industry in its constant battle against financial crime. Having gone through a thorough vendor selection process, we are delighted to have now joined forces with Napier, whose next-generation technology and AI-enhanced capabilities are leading the way in AML compliance. We feel this has the potential to become a long-term partnership with the RegTech provider.”
Napier works cooperatively with institutions like ClearBank to offer its AI-powered platform for “intelligent” KYC, AML and trade compliance. The company reports doubling its yearly revenue. Recently, Napier has also been focused on strengthening its senior management team while onboarding new global clients.
Andy Maguire, the former HSBC Group COO and BCG Global Banking Chair, has joined Napier as a Board Advisor. The Regtech firm has also been named as the official anti-money laundering (AML) and counter-terrorism financing (CTF) tech platform for Australia Post.
Julian Dixon, CEO at Napier, remarked:
“We are honored to be the vendor of choice to help ClearBank supercharge its Transaction Screening. Our technology will help provide its agency and transaction banking services with a faster, smarter way to meet regulatory requirements while driving business efficiency. We are going to be building on this new relationship with ClearBank by partnering on future cutting-edge product development too, so there’s a lot to look forward to that will really raise the bar for the industry as a whole.”