This press release was orginally distributed by SBWire
Reykjavik, Iceland -- (SBWIRE) -- 11/23/2022 -- There are many initiatives being developed across the Nordic region to help improve accessibility to digital banking. The P27 is a joint initiative by six banks in Denmark, Sweden and Finland aiming to make cross border payments in the Nordics swifter and more efficient - and also to deliver at lower costs. The P27 follows in the footsteps of similar initiatives in other jurisdictions that have been able to deliver on the goal of making instant cross-border payments a reality. One particularly beneficial impact of the push towards instant cross-border payments is that it could actually make AML Transaction Monitoring easier too.
When you start talking about instant payments, the accompanying vetting and sanctions also move into the area of real time. This potentially provides a significant boost to AML Transaction Monitoring because it will force many organisations to make this more of a priority. Underpinning such a focus will be the need to improve existing tech infrastructure and move on from legacy systems that don't accommodate the kind of speed envisaged by platforms like P27. This is going to mean an upgrade for many organisations to integrate AI and machine learning based screening solutions that have the capacity to accommodate real time actions. With this kind of technology in place, AML Transaction Monitoring will significantly speed up - transactions can be screened in a matter of milliseconds, risk can be scored and decisions taken on alerts within the same timeframe.
AML Transaction Monitoring holds the key to improving the way that many organisations respond to the threat of financial crime. However, these same issues around legacy tech persist for a large number of enterprises. Platforms like Lucinity have been designed to help organisations overcome stale technology and move past these obstacles to a brighter tech future. Lucinity is designed to be easy to use and to access - and to put the latest technology for AML Transaction Monitoring in the hands of those that need to access it. Alongside AML Transaction Monitoring, Lucinity also includes other key features, such as SAR management and actor intelligence, which is a quick way to gain a holistic view of customers based on comprehensive data. The system is built on the basis of Human AI, which combines the strengths of both the human mind and artificial intelligence to create a highly effective way to manage money laundering risk.
Lucinity was first established in 2018 and has expanded in the years since to multiple global locations, including Reykjavik, Brussels, London and New York. The firm is focused on better supporting organisations when it comes to discovering money laundering and getting to know their customer more effectively to reduce exposure to financial crime. Make Money Good is one of Lucinity's key priorities and this mission is being fulfilled every day by the innovative and forward-focused team. The business itself has been built on some vital core values, including a focus on simple-to-use products and using a quiet strength to empower businesses in the fight against financial crime.
Lucinity is an anti-money laundering (AML) software developer on a mission to Make Money Good. Lucinity aims to solve productivity and efficiency issues for financial institutions through the company's 'Human AI' approach, a toolset that combines next-generation AI with human insights and expertise.
By leveraging AI, the AML software learns from every interaction and continues to improve indefinitely, providing fewer false positives and saving time. This is on top of its best-in-class interface and visualizations that put users first. Professionals can experience Lucinity's AML compliance solution, including transaction monitoring, through a free demo environment available on https://www.lucinity.com/signup.
Lucinity operates globally, with headquarters in Reykjavik, and serves customers ranging from Tier-1 banks to FinTechs.
Founder and CEO, Gudjmundur Kristjansson, comments, "Lucinity's unique experience in banking, compliance, regulation, and data science has helped us develop a new approach to tackling money laundering—harnessing the best of human intelligence and augmenting it with advanced AI.
Our simple-to-use systems work with analysts, not against them, complementing their skills and making them superheroes so they can take on financial crime, saving institutions time and money in the process.
We believe that by transforming AML, we can have a tremendous positive impact on society. Money laundering is a crime that fuels crime. That is why we set out on the mission of Making Money Good."
To find out more information about AML Transaction Monitoring visit https://www.lucinity.com
Lucinity are regular attendees at Anti-Money Laundering and Fin Tech Conventions around the world. To find out about upcoming Lucinity events visit https://www.lucinity.com/events
For any media enquiries please contact Gary Elliott at Iconic Digital – 020 7100 0726.
For all other enquiries please contact Lucinity at https://www.lucinity.com/contact
For more information about Lucinity services, please go to https://www.lucinity.com.
Lucinity is an AML software company, founded in 2018, with offices in Reykjavik, New York, London and Brussels. Using advanced AI systems, we help banks discover money laundering and really know their customers, more efficiently – to stop the funding of serious crime across the world.
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