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Raisin Bank Teams Up With ComplyAdvantage To Scale Its Anti-money Laundering Program

Raisin DS’s servicing bank, Raisin Bank AG, is teaming up with ComplyAdvantage, the leader in AI-driven financial crime risk detection, to scale its anti-money laundering (AML) program. On the heels of launching as a cloud bank, Raisin Bank needed a provider that could keep pace with fast growth. The scalable solutions offered by ComplyAdvantage across customer screening and monitoring as well as transaction monitoring will support Raisin Bank’s Banking-as-a-Service offerings.

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Raisin Bank offers banking services including customer and account management, payment processing and loans for international start-ups and financial service providers. The servicing bank has been part of Raisin DS since its acquisition by the fintech in 2019.

Stricter regulations require agile solutions

Money laundering represents a growing challenge for financial service providers and authorities worldwide. As a result, regulatory requirements for banks in the area of anti-money laundering have been strengthened. Financial services organizations are required to implement complex control mechanisms to identify users, verify them and react to changes at short notice. In addition to trained staff, banks are therefore dependent on the latest technologies to effectively monitor customer applications and transactions.

ComplyAdvantage simplifies the monitoring process

ComplyAdvantage’s AML solutions are helping fast-growing fintechs to meet these challenges. The company combines integration via a modern API with the latest regulatory technology innovations. Its customer screening and monitoring and transaction monitoring solutions enable Raisin Bank to make continuous improvements to its anti-money laundering procedures. ComplyAdvantage’s intuitive user interfaces also facilitates the work of the bank’s anti-money laundering officers. The system decides whether to stop suspicious payments or to review them in more detail based on rules with versatile settings and customization options.

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Perfect complement for Raisin Bank’s core banking system

Traditionally, AML solutions are integrated into a bank’s software infrastructure and are difficult to improve beyond their initial capabilities. In contrast, ComplyAdvantage’s application is connected to Raisin Bank’s cloud-native core banking system via a standardized API and thus can be further developed and scaled independently. This enables ComplyAdvantage to fit perfectly with Raisin Bank’s technological approach.

Dominik Zühlke, Chief Product Officer at Raisin Bank, comments: “In ComplyAdvantage we have found a reliable and competent partner for Raisin Bank. With their adaptable solutions, we can continually advance the efficacy of our anti-money laundering efforts. Both our companies share a common understanding of what Banking-as-a-Service needs to be: a combination of modern technological products with customer centric consulting and support that focuses on making their businesses thrive.”

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Charles Delingpole, Founder & CEO at ComplyAdvantage, adds: “Raisin Bank epitomizes the type of hypergrowth fintech solution provider that our AML solutions are ideally designed for. With API’s for easy integration, state-of-the-art tooling for AML analysts and the seamless onboarding of customers, our goal has always been to build intelligent solutions that help businesses like Raisin Bank to transact with trust so they can grow with confidence.”

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[To share your insights with us, please write to sghosh@martechseries.com]

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