Napier – Planet Compliance RegTech Interview (2021)

Let’s start with a brief introduction, what can you tell us about Napier and your RegTech offering?  

Napier is a fast-growing RegTech company that provides next-generation anti-financial crime compliance solutions to financial organisations around the globe.

Our Intelligent Compliance Platform (ICP) is transforming compliance from legal obligation to competitive edge. All our products are built on our third-generation compliance platform which can be delivered via public cloud, private cloud or on premise.  

Our AI enhanced tools dramatically reduce both false positives and false negatives and empower compliance teams to make validated decisions with unprecedented speed and accuracy.

We build cutting-edge compliance technology to help companies in any sector comply with money laundering regulations, detect suspicious transactions, screen potential customer & business partners and help analysts predict customer behaviour. 

What are some of the biggest challenges your solutions you solve for your clients?

We help our clients cut the number of hours spent managing alerts and aggregating data. False positives are a huge problem in anti-money laundering compliance creating huge swathes of unnecessary data for compliance teams to trawl through.  Our systems help reduce volumes of false positives by up to 90%. Our technology helps analysts collate the data and intelligence they need into a single dashboard to help them review and submit case reports faster.

We like to think we’re helping compliance officers sleep a little easier at night too, knowing that our technology can increase the effectiveness at spotting suspicious behaviours. False negatives are also a big risk to financial institutions, potentially exposing them to regulatory risk and reputational damage. Again our platform can greatly reduce these and the related risk.

Could you give us a use case of why a client came to you and how they are using your solution to solve their particular challenge? 

Napier was approached by a global Tier 1 bank following pressures from the regulator to upgrade its customer activity review process. Specifically, the regulator required proof that our client was reviewing customer behaviour outside of transactions to ensure behaviour was in line with that indicated in the KYC/onboarding process.

The challenge for our client was combining transaction and KYC data into a single view in order to perform ongoing customer reviews. Any previous efforts

to combine and compare the two data sets had been a separate analysis performed manually.

We were selected because our highly scalable solution can be easily and rapidly bolted on by API to any existing transaction monitoring software and KYC/onboarding system. It incorporates all the benefits of our next generation artificial intelligence (AI) technology, without the need for a complete overhaul of current systems.

The solution:

We implemented Napier’s Client Activity Review. This is highly scalable AI-driven solution that efficiently combines data from multiple sources including transactions and customer profile data from the bank’s KYC system. The data flows into a single easy-to-use platform to enable ongoing reviews of customers and their accounts against expected behaviour. Client Activity Review reduces the time it takes for our client to review its customers by up to 65%.

The outcome
In less than a year we delivered an AI-enhanced solution that transforms how our client understands and monitors customer activity. CAR uses trigger-based alert system. This means that activity or transactions that fall outside of a customer’s expected behaviour are now automatically highlighted using a comprehensive, customisable suite of easy-to-read analytics and graphics representing the customer’s behaviour. As a result, periodic reviews of clients behaviours are replaced with trigger-based, ongoing reviews.

AI-driven insights provide our client with superior intelligence in clear English without adding complexity for analysts or interpretation by Data Scientists.

The benefits

Client Activity Review provides an integrated capability to deep dive into the data behind suspicious activity. Users can click-through graphics to review suspicious alerts and transactions.

Business efficiencies are improved with Intelligent workflow making assigning tasks and monitoring progress easy. And the high scalability of the tech allows our client’s monthly customer review target to start low and increase to hundreds of thousands.

How would you describe the differences between your offering from others in your RegTech category?

We are fully focused on AML solutions. One of the key differentiators is our fully integrated sandbox that allows compliance officers to build and test rules without needing any coding experience.

Our Client Activity Review, described above, is also a differentiator. Currently we see it as the missing link between KYC and AML, and it is the vehicle which efficiently brings together transaction data and customer profile data from KYC onboarding systems into a single easy-to-use platform to measure risk and detect suspicious financial behaviour.

What advice would you give to decision makers when choosing a RegTech solution such as the ones your offer?

Take your time to fully understand what you need from a solution, not just today but what you’ll likely need in 1-3-5 years’ time. Spend real time with the solution ensuring it is fit for purpose and do make sure that you engage the end users in your organisation in the selection process, so that they are bought in and excited by the benefits it’s going to have for them on a day-to-day basis.

Due to the global pandemic a lot has changed in the world in the last year. How has your company changed in the in the last 12 months?

We’ve grown rapidly, opening offices in USA, Malaysia, Taiwan and Dubai and have adapted to remote working well, whilst growing our global teams by over 50%!

Can you tell us about some of your most recent achievements or milestones you’ve reached?

We won the award for Best AML/CFT Compliance Solution by RegulationAsia, as well as signed many more clients globally including ClearBank and Australia post.

What is drives you as company & what is Napier long term vision?

Our long-term vision is to become the best-in-class tech vendor across all regulator entities. The shocking statistic that only 1% of criminal proceeds are recovered is what drives us to continually innovate and improve our product. If we can help organisations, regulators and enforcement agencies in any way to move that figure up then surely that is going to be a significant improvement on where the industry at large is going wrong.

What are some of the important developments you are seeing in the RegTech industry?

The evolution of AI in RegTech is an essential development that will surely prove to be key in identifying suspicious activity. As criminals develop their technology to launder illicit gains, the industry needs to keep up using similarly advanced methods.

What’s next for Napier?

There’s much in the pipeline to consolidate our position as a leading end-to-end innovative RegTech solution. Napier is sowing the future now. Our clients will reap the rewards for years to come.

What’s the best way for potential clients or investors to get in touch with you?

If anyone would like to speak to one of our experts, or request a demo of our Intelligent Compliance Platform, please visit us on www.napier.ai

Planet Compliance

Planet Compliance is a marketplace where institutions and corporates can discover RegTech and LegalTech solutions. Planet Compliance also operates a content platform that provides information and insights on technology, regulation, compliance, finance and innovation.
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