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  • Writer's pictureRailsbank Webmaster

ComplyAdvantage joins Railsbank Platform as the Partner for advanced Anti Money Laundering (AML) ris

July 10th, London. Railsbank, a global open banking and compliance technology platform provider, announces that it has partnered with ComplyAdvantage, the world’s only provider of AI-driven compliance risk data, to provide clients using the Railsbank platform access to the latest Anti-Money Laundering (AML) risk decision tools.

RailsBank clients will now have access to ComplyAdvantage via the Railsbank API and Railsbank Compliance Firewall. Railsbank clients are able to screen and monitor key datasets, including Global Sanctions and Watchlists, Politically Exposed Persons and Adverse Media.

ComplyAdvantage helps firms make intelligent choices when complying with regulations relating to sanctions, money laundering (AML), terrorist financing (CFT), bribery and corruption. It uses artificial intelligence, machine learning and big data analytics to help firms manage their compliance and risk obligations, and to prevent the occurrence of financial crime.

Railsbank was founded to give businesses fast and cost effective access to global transaction banking with just five lines of code via its API-led Banking and Compliance Platform. The Railsbank platform allows customers to create digital ledgers, assign unique banks account numbers to these ledgers and connect these ledgers to payment schemes (e.g. SEPA, Visa, Mastercard) via connected Partner Banks. Railsbank’s unique Compliance Firewall, ensures all transactions on the platform confirm with bank and customer compliance policies.

CEO & co-founder of Railsbank Nigel Verdon said: “We have admired Charlie and team since they founded the company and have a shared vision of the power of best of breed FinTech APIs as the core building blocks of the future of finance. This a great partnership for us and will be of huge value to our customers.”

Product Manager of Railsbank, Joanna Jenkins, who is responsible for Railsbank Compliance Firewall, said: “This partnership delivers huge benefits for our clients, bringing transaction monitoring and AML into the 21st Century.”

CEO and founder of ComplyAdvantage Charlie Delingpole said: "Given Nigel's prescient understanding of both technology and finance, ComplyAdvantage is extremely excited to be working with Nigel on his most ambitious project yet. Railsbank is the first in the next generation of financial platforms and best in class compliance is a key foundation of that platform".

Stephen Ball, VP of Sales & Marketing of ComplyAdvantage said: “We are delighted to announce our partnership. Legacy banking technology can be slow, complex and costly. By combining simple to set-up, flexible, API-led technology with real-time quality AML risk data, we can offer clients a modern, fast solution that takes the pain out of compliance whilst protecting them from financial crime.”

About Railsbank

Founded by serial entrepreneurs and FinTech veterans Nigel Verdon and Clive Mitchell, Railsbank is a global banking and compliance platform that gives companies access to wholesale banking services in 5 lines of code. Railsbank turbo-charges the scaling of businesses by massively reducing the time and complexity of opening bank accounts, streamlining technical integration with banks, enhancing banking functionality with core Railsbank services; and enabling both parties to have a trusted compliance relationship. Awarded the FinTech50 2017, winners of the Simmons & Simmons FinTech Fund in 2016 and Startup Pitch winners at Paris FinTech Forum 2017, Railsbank was also the “Startup-in-Residence” for the 2016 Startupbootcamp FinTech 2016 Cohort.

About ComplyAdvantage

As the world’s only provider of AI-driven proprietary risk data on individuals, organizations and associated entities that pose a financial crime risk, ComplyAdvantage provides dynamic real-time insight into risk indicators including sanctions, Politically Exposed Persons (PEPs), watchlists and adverse media. Their screening platform helps to safely automate the risk assessment of customers and transactions, and their real-time analytics enable firms to monitor customer activity and spot suspicious behaviours.

ComplyAdvantage was founded in 2014 and is headquartered in New York and with offices in London, UK. It works with over 200 firms in the financial markets and other regulated and high-risk sectors.

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