PPRO Clamps Down on Financial Crime Risks, Partnering with and Investing in AI-Driven Transaction Monitoring Startup Sentinels
PPRO, a leading local payments infrastructure provider invests in Sentinels Intelligent Transaction Monitoring Platform to clamp down financial crime.
London/Amsterdam, 22 September 2021 - PPRO, the leading local payments infrastructure provider, has today announced a strategic partnership and minority investment in Sentinels, Europe’s leading transaction monitoring startup based out of the Netherlands. The partnership will enhance anti-money laundering (AML) controls for PPRO and its customers by enabling an even faster response time to suspicious transactions.
Using AI and machine learning, Sentinels helps fast growing fintechs, payment service providers, remittance companies, and (challenger) banks manage risk and fulfil their compliance obligations. The Sentinels platform monitors transactions, builds rich behavioural profiles, detects a wide range of suspicious activity, and automatically generates recommended next steps – saving time and effort for compliance teams.
As digital transactions have skyrocketed over the past years, and further accelerated since the pandemic began, fintechs and other financial institutions need to increasingly focus on cracking down on money laundering and other illegal activity attempts on their platforms. A recent article in the Economist speaks of the challenges of doing this in a scalable way and calls the resulting reports to the regulator an epidemic of Suspicious Activity Reports.
The partnership enhances PPRO’s anti-money laundering (AML) controls, enabling their team to react even faster to suspicious transactions and protect the customers they serve from financial crime risks. The full Sentinels platform will also be offered as a value-added service to PPRO’s customers: leading global payment service providers, banks, and enterprises with payment platforms.
Simon Black, CEO of PPRO, said: “the Sentinels’ platform and machine learning- generated insights will give our risk and compliance teams a streamlined workflow. Being able to detect money laundering and other financial crime risks in real time is incredibly valuable to our customers. That’s why we’re delighted to invest in and begin building a strategic relationship with Sentinels, who have proven to be an innovative firm with an extremely powerful product.”
Joost van Houten, Founder and CEO of Sentinels, commented: “Never has there been a more critical time for businesses to bolster their transaction monitoring systems. We predict an increased demand for AI-driven risk management services as digital payments rapidly increase and regulators intensify their focus on preventing financial crime. We are excited to have PPRO’s support and enormously proud to be a valuable part of their unique local payment's ecosystem – helping businesses quickly and safely increase their global footprint. Unique to our partnership with PPRO is that Sentinels will be able to monitor for suspicious activity across PPRO’s customers, enabling cross-institutional monitoring which is the next exciting frontier in compliance.”
PPRO is a fintech company that globalises payment platforms for businesses, allowing them to offer more choice at the checkout and boost cross-border sales.
Payment service providers, enterprises, and banks that run on PPRO’s infrastructure are able to launch payment methods faster, optimise checkout conversions, and reduce the complexities of managing multiple fund flows.
Citi, PayPal, and Stripe are just some of the names that depend on PPRO to expand their platforms beyond borders. In 2020 alone, the company processed €8.84 billion for its partners. And with a growing global team of over 400 people, it’s no wonder why they’re considered the go-to local payments experts.
PPRO is regulated in the UK by the FCA and in Luxembourg by the CSSF. For more information, please visit www.ppro.com.
Sentinels is an intelligent transaction monitoring solution dedicated to data-driven compliance for the financial industry.
With a strong core engineering team having over a decade of experience developing innovative products, Sentinels’ pragmatic-AI approach has a proven track record in improving compliance outcomes. Its secure cloud-based offering ensures a high level of customer trust and meets dynamic regulatory requirements.
Sentinels has a growing team of 50+ top talents, working to serve companies such as Mollie, Online Payment Platform, Terrapay, and many other fast growing fintechs.
For more information visit: www.sentinels.ai
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