North American Bancard taps Hawk.AI for AML compliance

North American Bancard taps Hawk.AI for AML compliance

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North American Bancard Holdings, LLC (NAB), a payments technology company with an advanced product platform, and HAWK:AI (HAWK AI GmbH), a global leader in real-time transaction screening and monitoring solutions for financial institutions, today announced a partnership that will strengthen NAB’s Anti-Money-Laundering (AML) compliance through real-time transaction monitoring, applying machine learning in combination with classic rule-based approaches.

By integrating HAWK:AI’s solution, NAB seeks to improve compliance with regulatory requirements, scheme and bank sponsor rules, and to significantly increase process efficiencies by the reduction of manual investigation workload.

Remaining vigilant to the changing demands in anti-money-laundering is paramount to NAB’s continued growth, and a key factor in their decision. To meet the complex demands of their business, NAB turned to HAWK:AI for its ability to tailor the solution to existing payment systems and data sources, as well as its capacity to rapidly deploy the solution based on its cloud-first software stack.

“We believe HAWK:AI is unique in its ability to combine the right mix of methodologies to detect suspected money-laundering,” said Jim Parkinson, Chief Experience Officer at North American Bancard. “HAWK:AI was also able to work most efficiently with our Data Science, Software and Cloud infrastructure teams, successfully delivering the project under time constraints. Their payment, compliance and cloud knowledge proved invaluable.”

“Continued growth in credit card, alternative and instant payments will drive the need for better AML processes to stay on par with changing criminal behavior,” said Wolfgang Berner, Co-Founder and CPO of HAWK:AI. “This is true for any regulated financial institution and extends into payment businesses that might not yet be regulated. We are honored to be chosen to support NAB’s growth with our real-time transaction monitoring solution.”

The partnership is also significant for HAWK:AI because it catalyzes the company’s expansion into the US market. In addition to recently setting up a US-based SaaS offering, HAWK:AI is also aggressively building out its US-based team, highlighted by the recent appointment of Managing Director Michael Doron, who will be leading the firm’s US operations.

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