SolarisBank chooses Clarus.io's transaction monitoring platform
The partnership will help SolarisBank streamline it's compliance processes
Tel Aviv, Israel: SolarisBank, the Berlin-based “banking platform” and Clarus.io , an Israeli Regtech startup that develops tools for detecting and preventing financial crime, have recently signed a partnership agreement.
The partnership will enable SolarisBank to streamline its compliance processes and thus scale its local and international activity using Clarus’s transaction monitoring platform.
“As a financial institution that aims to enable innovation in the financial services sector, we see SolarisBank as a natural partner.” Said Clarus.io CEO Nir Mandel, adding that “AML Compliance is expensive, time consuming and knowledge reliant and we aim to easy that pain for growing fintech startups and financial institutions”.
“It’s been a very collaborative and fast-paced process working with Clarus.io due to their great knowledge of compliance requirements” said Till Harnos, Head of Transactional Products solarisBank. “We received tremendous guidance in the on-boarding process to bringing the product live and are very much looking forward to future system enhancements”
Transaction Monitoring is often the overlooked element of AML Compliance. By analyzing customer information procured during the KYC process, against the customers actual activity, suspicious patterns, outliers and activity that mirrors known money laundering schemes can be identified, investigated and reported.
Recent regulations, including the 4th EU Money Laundering Directive (MLD4) have made transaction monitoring a requirement for every regulated entity.
Founded in 2016 by experts with over 50 years combined experience implementing compliance technology in top tier banks, Clarus.io aims to provide simple, innovative solutions to financial institutions of all sizes, making AML compliance a business enabler and not a business inhibitor.
solarisBank is the first banking platform with a full banking license which enables companies to offer their own financial products. Through APIs, partners gain access to solarisBank’s modular services including payments and e-money, lending, digital banking as well as services provided by integrated third party providers. Through this, solarisBank creates a highly developed technological banking ecosystem for fintechs, established digital companies, as well as banks and corporates.
The Berlin-based company was founded back in 2016 and is led by CEO Dr. Roland Folz, co-founders and board members Marko Wenthin and Andreas Bittner, as well as CFO Alexander Engel, CPO Dr. Jörg Howein and CTO Peter Grosskopf. To date, solarisBank has raised more than EUR 95 million from renowned investors, including BBVA, Visa, Lakestar, ABN AMRO’s Digital Impact Fund, Arvato Financial Solutions, SBI Group and Finleap.