RegTech firm Sentinels has been appointed by payments FinTech kevin. to handle transaction monitoring compliance for the company.
According to Sentinels, the relationship means kevin. now detects suspicious transactions in real-time while ensuring compliance with local AML regulations.
kevin.’s A2A payment infrastructure solution – enabled by open banking – allows merchants to receive payments from more than 350 million people with bank accounts within 27 European countries.
The company’s goal is to improve security and convenience for consumers and increase conversion, speed up settlement and lower transaction fees for merchants while by passing card schemes.
Sentinels added that it equips kevin.’s AML officers with a modern tool that enables it to meet its regulatory needs and improve transaction monitoring.
Sentinels CEO Joost van Houten said, “It’s a privilege to have another open banking-powered fintech adopt our transaction monitoring solution. We’re committed to helping kevin. continue its commendable ascent unimpeded by the threat of fraud and money laundering, with increased operational efficiency, and in line with Europe’s compliance requirements. It’s a vital role in kevin.’s journey that we’re thrilled to have been chosen to play.”
kevin. head of compliance Mindaugas Gaulia added, “Following a quick onboarding process, we’ve reaped the benefits of the flexible Sentinels platform. Its rules-based alerts are customizable, and the entire workflow is configurable to suit our business needs and the jurisdictions we serve, reducing the time and effort spent on investigations. kevin. has huge growth ambitions for our bank coverage and A2A payments products, and we see Sentinels as our future one-stop-shop compliance partner.”
Sentinels was recently selected by Netherlands-based neobank Brand New Day to scale its anti-money laundering (AML) controls.
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Copyright © 2018 RegTech Analyst
