Modularbank, the Estonian-founded next-generation core banking platform, and HAWK:AI, the German-founded money-laundering detection and investigation platform, have today announced a new partnership which sees HAWK:AI’s AML software added as an out-of-the-box integration to Modularbank’s core banking suite. 

Modularbank’s cloud-agnostic core banking platform, developed using an API-first approach, allows banks, financial services companies, or even businesses outside of financial services (like retail or telemedicine), to seamlessly integrate its modular core banking technology into their existing infrastructure, allowing for a fast and efficient roll out of innovative financial products tailored to their customers’ needs. 

By including HAWK:AI’s solution in their ecosystem, Modularbank can now offer customers the benefit of real-time Transaction Monitoring and Sanction screening, optimized using Machine Learning. This addresses multiple compliance and crime detection use cases. Regulated companies in the financial services sector are required to apply risk-based monitoring of customers and transactions to identify suspicious behavior, an often expensive and time-consuming endeavor. 

“By utilising HAWK:AI’s software, Modularbank’s customers can improve their detection capabilities and reduce False Positives, based on a combination of traditional rules and Machine Learning. This results in a reduction of manual workload and delivers significant cost savings, in addition to achieving better detection rates,” comments Tobias Schweiger, Co-founder and CEO of HAWK:AI. “We believe that an integrated approach spanning core banking and AML/CFT systems reduces risk, both from a technology and compliance standpoint.” 

As Modularbank co-founder and CEO Vilve Vene notes: “This partnership represents a significant step for us in expanding our ecosystem and being able to provide our customers with a complete banking suite. Financial crime compliance can be a major burden for our clients, both monetarily and time-wise, which is why we have sought out the very best in AI-driven AML solutions to address these concerns.”