Payments services provider Ping Payments has chosen transaction monitoring and client risk management platform Sentinels to reinforce its AML controls.
Ping Payments – previously named Youcal – established an early-stage partnership with Sentinels in October 2020 when the latter was incubating as part of Slimmer AI. Now that Sentinels in operating independently, it has onboarded Ping as a fully-fledged customer.
Complex payment environments such as online marketplaces can be hot spots for criminals who are looking to move illicit money through global financial systems. According to Sentinels, its transaction monitoring solutions are purpose-designed to detect and eliminate these fraudulent transactions at speed.
Sentinels outlined that its AI-driven solution tests new monitoring rules in a no-code sandbox and then deploys those tested and calibrated new rules in real-time. In addition, it compiles all customer information into one simple profile that can be accessed instantly with little training required, while offering, at scale, transaction monitoring.
Sentinels CEO Joost van Houten said, “The financial services space has become increasingly challenging in recent years, making transaction monitoring far more complicated. The operational efficiency demanded in online marketplaces is vital to Ping Payments’ business. Sentinels is delighted to support such a crucial requirement, and to ensure the company’s ongoing compliance with AML regulation. Ping Payments is also our first Nordic partner, representing another proud milestone for Sentinels.”
Ping Payments CEO Petter Sehlin added, “With compliance across new territories and verticals a requisite, combined with the reality that we had grown beyond our in-house monitoring solutions, the decision to choose Sentinels was easy to make. Sentinels’ machine learning approach to monitoring transactions allows us to scale our business without being held back by inefficiencies.”
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Copyright © 2018 RegTech Analyst
