indó, an Icelandic neobank, has selected Lucinity to use its AML compliance software such as its transaction monitoring and case manager solutions.
Founded in 2018, indó is the first neobank to operate in Iceland. It was created to restore faith in the banking system by being open with customers about how their money is used.
The company received its Icelandic banking license in February 2022, the first new license issued in more than 30 years, aiming to capitalize on the country’s highly digitalized banking market where 95% of the population uses an electronic ID, banking apps, or digital currencies.
Lucinity’s AML platform leverages AI to augment human expertise, allowing compliance teams to make smarter decisions faster and enjoy modernized AML processes.
Lucinity’s approach of creating augmented intelligence, combining the best of technology and human insights, has helped various banks and FinTechs increase their compliance productivity by more than 50%.
indó will use Lucinity’s transaction monitoring to provide its compliance team with behavior-based risk screening and explainable artificial intelligence.
Transaction monitoring also enables AML teams to receive a manageable caseload and enjoyable user experience. Lucinity’s Case Manager offers indó contextual data visualizations, resulting in data-driven decision-making and boosting efficiency and productivity.
In selecting Lucinity, indó claims it was looking for a compelling AML solution that could integrate seamlessly into its existing technology and scale along with its rapidly growing customer base.
Lucinity CEO and founder Guðdmundur Kristjánsson said, “We are excited to be partnering with indó to help them realize their mission of restoring trust and regaining transparency in the banking industry in Iceland and beyond.”
Indó CEO Haukur Skúlason added, “We are a new contender in the banking space, and we were looking for a modern solution that can support our ambition and standards. Lucinity is not merely a vendor but a partner, capable of matching our tech stack and agile way of working. Lucinity also understands our priorities, including our zero-tolerance policy for money laundering.”
Last year, Icelandic bank Arion Bank revealed it would implement the software of RegTech platform Lucinity to bolster its defences against money laundering.
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