Neterium's Jetflow and Jetscan
Combining the Power of API, Cloud, and AI in Watchlist Screening
Digitalization of financial services is creating new products, channels, and business models, and is reshaping customer behavior and expectation as they increasingly demand rapid onboarding, instant funds transfer, and frictionless user experience. Responding to these changes amidst growing volume and low latency while ensuring compliance controls -- especially for preventing financial crime-can be challenging as legacy compliance technology is not enough to meet today’s challenges.
Neterium, a fintech startup founded in 2017, has developed API-native and cloud first watchlist screening solutions that are powered by artificial intelligence and machine learning. Neterium recently briefed Celent about the company and its solutions. This solution brief summarizes our key takeaways from the briefing.
Neterium offers two solutions: Jetscan, which is a name screening API, and Jetflow, which is a transaction screening API. By leveraging advanced analytics, Neterium’s solutions seek to improve screening effectiveness and efficiency and simplify the screening process by reducing the need for post-screening rules. Its cloud-based architecture is intended for real-time screening and high throughput which will be helpful to address the increasingly growing volumes of digital payments.
Neterium’s solutions are most suitable for technologically advanced financial institutions, Fintechs, and solutions providers in the emerging API economy. Adoption of AI and API technology among legacy financial institutions is progressing at an uneven pace as there are many institutions hampered by the inertia linked to legacy systems and technical debt, especially in their financial crime compliance operations where regulatory scrutiny makes it more complex to adopt new technologies. Among this segment, Neterium’s solutions can be used as a secondary screening engine to reduce the volume of alerts raised by their legacy screening solution to improve operational efficiency.