B4B Payments, a FinTech firm, has been welcomed as the newest customer of RegTech firm Flagright.
B4B is a multi-award-winning, global financial services technology company, and offers a sophisticated transaction payments platform and APIs targeting emerging payments and financial services.
The company’s offerings encompass embedded finances, payment accounts & FX, rapid payouts, both physical and virtual card issuing, and BIN sponsorship. With over 19 years of expertise in the payments sector, B4B Payments operates under regulation by the Financial Conduct Authority (FCA) in the UK and the Bank of Lithuania in Europe, boasting a Mastercard Principal Membership.
Flagright, on the other hand, is an AI-native AML compliance and risk management platform designed to equip financial institutions with advanced tools to combat financial crime risks. Their no-code platform utilizes LLMs and cutting-edge algorithms to deliver real-time transaction monitoring, case management, risk scoring, and AML screening. This technology is crafted to significantly reduce false positives and speed up alert investigation processes, ensuring compliance with the evolving regulatory landscape.
The partnership between B4B Payments and Flagright is driven by a shared commitment to bolster global AML and fraud defense mechanisms. By incorporating Flagright’s AI-native compliance platform, B4B Payments aims to enhance the security and efficiency of its payment solutions, providing a safer transaction environment for its clients.
B4B Payments brings to the table its vast experience and robust technology in the global payments arena, while Flagright offers innovative compliance solutions that streamline financial crime management. This synergy is expected to lead to the development of secure, frictionless payment experiences that not only meet but exceed current security and compliance standards.
Flagright’s integration process is notably swift, with an average period of just two weeks to implement, making it an attractive proposition for fast-paced financial service providers like B4B Payments looking to quickly enhance their operational security and compliance.
During the announcement, B4B Payments CEO Tom Jennings commented, “At B4B Payments, our commitment is to deliver seamless and secure payment experiences whilst maintaining a safe and secure environment for all our customers. By integrating Flagright’s AI-native compliance platform, we have enhanced our fraud detection and anti-money laundering (AML) monitoring capabilities. This allows us to proactively identify and mitigate risks, ensuring a safe and secure environment for our customers and upholding the highest standards of compliance.”
Echoing this sentiment, Flagright Co-founder and CEO Baran Ozkan said, “We’re thrilled to welcome B4B Payments to the Flagright family. Their focus on providing innovative, global prepaid card solutions aligns perfectly with our mission to simplify and enhance financial crime compliance. Together, we’re poised to deliver secure, frictionless payment experiences that protect businesses and their customers around the world.”
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