Napier, the London-based provider of next-generation anti-financial crime compliance solutions, has announced that it will be providing ClearBank, the cloud-based clearing bank, with its advanced Transaction Screening system.

As a purpose-built, technology-enabled clearing bank, ClearBank offers cloud-based banking services to financial service providers, FCA-regulated businesses and fintechs. Its new Transaction Screening system, built on Napier’s AI-enhanced technology, will allow ClearBank to identify sanctioned individuals and entities in payments, while reducing false positives and accurately alerting on risk.

Stuart Morley, CIO of ClearBank, commented: “As with all financial organisations, it is imperative that ClearBank has a robust sanction screening programme in place to support the industry in its constant battle against financial crime. Having gone through a thorough vendor selection process, we are delighted to have now joined forces with Napier, whose next-generation technology and AI-enhanced capabilities are leading the way in AML compliance. We feel this has the potential to become a long-term partnership with the RegTech provider.”

Napier works with institutions such as ClearBank around the globe to provide its AI-led platform for intelligent KYC, AML & trade compliance. Doubling its annual revenue in 2020, Napier has recently been strengthening both its senior management team and its roster of global customers. 

Former HSBC Group COO and BCG Global Banking Chair, Andy Maguire, joined Napier as Board Advisor, while the RegTech provider was also recently named as the official anti-money laundering and counter terrorism financing technology platform for Australia Post.

Julian Dixon, Napier CEO, said: “We are honoured to be the vendor of choice to help ClearBank supercharge its Transaction Screening. Our technology will help provide its agency and transaction banking services with a faster, smarter way to meet regulatory requirements while driving business efficiency."

“We are going to be building on this new relationship with ClearBank by partnering on future cutting-edge product development too, so there’s a lot to look forward to that will really raise the bar for the industry as a whole.”