Modularbank has partnered with German software company HAWK:AI to add anti-money laundering (AML) capabilities to its core banking suite.

As agreed, HAWK:AI’s AML software will be added as an out-of-the-box integration to Modularbank banking platform.

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The Modularbank’s cloud-agnostic core banking platform enables financial institutions to integrate modular core banking technology into their existing infrastructure.

The integration enables variety of operations and streamlines the launch of tailored financial products.

The addition of HAWK:AI’s solution will allow real-time transaction monitoring and sanction screening and help in detecting suspicious activities.

HAWK:AI co-founder and CEO Tobias Schweiger said: “By utilising HAWK:AI’s software, Modularbank’s customers can improve their detection capabilities and reduce False Positives, based on a combination of traditional rules and Machine Learning.

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“This results in a reduction of manual workload and delivers significant cost savings, in addition to achieving better detection rates.

“We believe that an integrated approach spanning core banking and AML/CFT systems reduces risk, both from a technology and compliance standpoint.”

Modularbank co-founder and CEO Vilve Vene said: “This partnership represents a significant step for us in expanding our ecosystem and being able to provide our customers with a complete banking suite.

“Financial crime compliance can be a major burden for our clients, both monetarily and time-wise, which is why we have sought out the very best in AI-driven AML solutions to address these concerns.”