VR Payment, a payment specialist that is part of the DZ Bank Group, has teamed with German RegTech Hawk AI.
As part of the collaboration, VR Payment will use Hawk AI’s software for transaction monitoring to identify financial crime even more accurately – among other things with the aim of reducing false alarms for suspicious transactions and customers to a minimum and thus increasing the process efficiency in case processing.
Due to its modular architecture and the optimized interaction of rules and artificial intelligence, the German firm’s software is tailored to the requirements of high-volume payment service providers and banks and enables complete integration in a very short time.
Hawk AI co-founder and CEO Tobias Schweiger said, “We are thrilled to be working with VR Payment. We see that in Germany the demand for more effective and modern software solutions to prevent money laundering and fraud is increasing rapidly. Hawk AI is a global leader in real-time use of artificial intelligence to combat money laundering. By partnering with Hawk AI, VR Payment is therefore sending a clear signal of the importance of innovation in preventing financial crime.”
VR Payment head of compliance and officers Ciro De Biase added, “”We are very pleased about the successful implementation of the software solution from Hawk AI, one of the leading providers in the field of AI-based money laundering prevention. As an innovative payment service provider, we need a modern and effective solution that continuously keeps up with the latest developments in payment transactions and is transparent and secure at the same time.
“We evaluated various software vendors on the market and found Hawk AI’s technology to be the most advanced and the most suitable for us. The speed of the software implementation and the result-oriented dynamic of the project implementation were remarkable.”
Earlier this year, Hawk AI entered into a partnership with FinTech Nikulipe, a company that specialises in local payment methods in fast-growing and emerging markets.
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Copyright © 2018 RegTech Analyst