Modularbank and HAWK:AI, have linked up in a deal that will see the money-laundering detection and investigation platform’s AML software added as an out-of-the-box integration to the core banking platform’s suite.
Utilising an API-first approach, Modularbank’s cloud-agnostic core banking platform allows banks, financial services companies, or even businesses outside of financial services, to integrate its modular core banking technology into their existing infrastructure.
“By utilising HAWK:AI’s software, Modularbank’s customers can improve their detection capabilities and reduce False Positives, based on a combination of traditional rules and Machine Learning. This results in a reduction of manual workload and delivers significant cost savings, in addition to achieving better detection rates”, commented Tobias Schweiger, Co-founder and CEO of HAWK:AI.
“We believe that an integrated approach spanning core banking and AML/CFT systems reduces risk, both from a technology and compliance standpoint.”
By including HAWK:AI’s solution in their ecosystem, Modularbank has the option to offer customers the benefit of real-time transaction Monitoring and Sanction screening, optimised using Machine Learning.
As Modularbank co-founder and CEO, Vilve Vene, added: “This partnership represents a significant step for us in expanding our ecosystem and being able to provide our customers with a complete banking suite.
