Hawk AI, the leading provider of artificial intelligence (AI) based AML surveillance technology for banks, FinTechs, and payment firms, has announced a strategic partnership with Fourthline, a pioneering RegTech company specialising in AI-powered, compliant KYC and AML solutions.
This strategic partnership brings together Fourthline’s innovative customer onboarding procedures and Hawk AI’s proficient transaction monitoring capabilities to combat fraudulent activities and money laundering.
The partnership’s primary motivation is to consolidate Fourthline’s meticulous KYC-compliant customer onboarding process with Hawk AI’s real-time transaction monitoring. Together, they aim to streamline the complex aspects of their clients’ Anti-Money Laundering (AML) programmes, enhance customer experience, fortify defences against financial crime, and substantially boost operational efficiency.
Fourthline, founded in 2017, offers a platform equipped with a complete suite of technological products, tailored to meet local KYC, AML, and GDPR requirements for banks and financial service providers across Europe and beyond. The proprietary technology, fully developed in-house, harnesses the power of ethical AI to automate processes, detect and prevent fraud, and financial crimes in real-time. Hawk AI utilises a blend of AI and machine learning to identify suspicious transactions as they occur, reducing false positives and uncovering unknown instances of financial crime.
Through this partnership, both Fourthline and Hawk AI will augment their offerings to clients. Fourthline will enhance its capability to provide clients with the most advanced AML surveillance technology, while Hawk AI will broaden its scope, delivering a more comprehensive AML compliance solution.
Further details reveal that the integration of Fourthline and Hawk AI’s solutions will enable clients to scale safely and efficiently on an international level amidst a rapidly evolving regulatory landscape. By providing an end-to-end solution that covers the entire customer journey, from onboarding to ongoing relationship monitoring, both the customer experience and crime detection rates will significantly improve.
Fourthline’s CEO, Krik Gunning, commented: “We are thrilled to partner with Hawk AI. This allows us to integrate our solutions and thereby streamline often complex AML programs for clients. This partnership demonstrates our commitment to innovation and providing our clients with the most agile technologies to keep up with the fast-changing regulatory landscape.”
Echoing his sentiments, Tobias Schweiger, CEO of Hawk AI, added: “We’re excited to partner with Fourthline to bring cutting-edge, real-time surveillance technology to a broader market. The change needed to fight today’s sophisticated financial crime requires a team effort. Whether it’s fraud and AML, explainable AI and rules, or partnerships between leading technology vendors, together is how we drive the industry forward.”
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