FinXP, a European payments and banking service provider, has implemented the intelligent compliance technology solution ComplyRadar to enhance and automate transaction monitoring and help with case management.

FinXP, founded in 2014, is a Malta-based electronic money institution licensed by the MFSA. The company’s mission is to enable its customers to quickly and easily, make and receive payments in whatever form best suits them, wherever they are in the world. The company is registered with the European Payments Council and SWIFT. It provides a PCI-certified payment gateway, IBAN accounts, SEPA Direct Debit and SEPA Credit Transfer services, as well as expert payment consultancy services.

After experiencing rapid growth in its transaction volume, FinXP initiated a competitive selection process that involved examining several Anti-Money Laundering (AML) solutions. In the end, ComplyRadar was chosen for its automated solution that detects suspicious activity and risky transactions with a high degree of confidence, while minimising false-positives. Using ComplyRadar, FinXP will also be able to manage compliance cases and analyse suspicious transaction reports more efficiently.

Jens Podewski, CEO and co-founder of FinXP, commented that “good corporate governance is a priority for FinXP. Being compliant with ever-changing AML regulations and standards very much goes hand in hand with our vision of how we want to run FinXP. In light of the company’s growth, implementing ComplyRadar is an important step in scaling up our operations further. It will also help us with maintaining high supervisory standards, which is crucial as we want to preserve the company’s reputation as a secure and reliable payment processor that does not tolerate unethical business practices.”

Dr Vince Vella, CTO/O at Computime Software, authors of ComplyRadar, commented that “ComplyRadar is a leading player in the AML transaction monitoring space. The solution comprises of state-of-the-art technologies, including Artificial Intelligence, and has been proven to address the complex and ever-growing sophistication of the regulatory requirements. This ensures that FinXP can continue to grow their operations while guaranteeing that efficient and effective AML processes are adhered to.”

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