Transaction monitoring platform Sentinels has formed a deal with TerraPay, marking its first partnership with a B2B payments and remittance company.
Through the deal, Sentinels will provide TerraPay’s infrastructure with an AI-powered tool that can improve transaction monitoring capabilities.
TerraPay helps clients improve their remittances, payments and cross-border spending. Its partners include banks, money transfer companies, mobile wallet platforms and other financial institutions that support money services.
TerraPay co-founder Akbar Hussain said, “TerraPay’s vision is financial inclusion at-scale – that is, to build a global payments highway on which all transactions, regardless of ticket-size, are processed with world class compliance standards, speed and transparency.
“Sentinels’ scalable AML solution supports PEP and sanctions screening, while delivering innovative transaction monitoring capabilities, furthering our mission of scale and efficiency. Our partnership with Sentinels signals our commitment to harnessing the power of machine learning and AI.”
Sentinels, which is based in the Netherlands, claims to optimise existing anti-money laundering and transaction monitoring processes with real-time actionable insights. Its technology can unlock internal data siloes and complement it with external data sources to track current and historic behaviours, helping it identify suspicious activity.
The RegTech company previously raised €5.7m in a funding round, which closed in June. Its investors included INKEF Capital, which acted as the lead investor, and a selection of angel backers.
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