A Next-Gen End-to-End AML Solution
Abstract
Regtech Solution Briefs are a new report series designed to provide Celent research clients with timely updates on regtech solutions and strategies by highlighting vendor briefings we found particularly interesting.
Supporting financial services in the digital era requires the underlying compliance processes to be intelligent, effective, efficient, flexible, and scalable. In that pursuit, Napier, a regtech founded in 2015, is on a journey to develop an end-to-end anti-money laundering (AML) platform related to financial institutions’ financial crime compliance (FCC) operations that is powered by new technology and supported by big data architecture and advanced analytics including artificial intelligence (AI) and machine learning (ML).
Napier has designed its Intelligent Compliance Platform with the aim to break down silos in AML operations traditionally seen in financial institutions where onboarding, screening, transaction monitoring, and case management are often managed using disparate solutions. Napier seeks to link data across the different silos, systems, and processes, thereby solving a key challenge in AML. The company positions its platform as a solution that can link the different processes, such as KYC, screening, and transaction monitoring, and monitor complex behavior on a single platform.
Napier is building a comprehensive end-to-end AML suite with its foundation based on next-generation technology and loaded with AI horsepower under the hood. The company has already tasted success, especially among the midtier market of financial institutions and corporations. It recently went live with its Client Activity Review solution at a large global bank, had a large screening deal with a major tier 1 bank, and is in several late stage transaction monitoring deals with major banks. Its longevity and solidity will be tested by its ability to further penetrate the large global bank segment where institutions have complex AML requirements and are the heaviest spenders in AML technology. Expanding its footprint in this segment will require Napier to have not only rich functionalities and sophisticated technology but also proven experience of operationalizing the new solution at multiple financial institutions with very large-scale and complex technology architecture.