Youcal and Slimmer AI’s Sentinels Launch Partnership to Enhance Transaction Monitoring With AI-Powered Technology
Youcal partners with Sentinels to improve compliance workflows, detect more cases, and decrease time spending on investigating suspicious transactions.
Amsterdam/Groningen, 29 October 2020 - Youcal and Slimmer AI announce their partnership to arm Youcal’s innovative payment platform with Applied AI. Sentinels' transaction monitoring solution will empower Youcal's team with self-learning detection software that is able to spot suspicious behavior earlier and more accurately. This results in improved compliance workflow, more cases detected and decreased time spent on investigation.
Youcal founder, Petter Sehlin, has assembled a strong team of industry experts and engineers with a shared vision to deliver cutting-edge payment solutions and business logic services. To remain relevant in the competitive payments market, it's essential to not only be highly skilled in the areas you “build yourself”, but to carefully consider and partner with the most innovative technology providers available when you decide to “buy”. That's why Youcal was looking for a frontrunner in transaction monitoring software to support their compliance processes. Sentinels is one of few providers on the market whose core technology is based on Applied AI.
“We’ve made incredible progress on our payment platform. We have flattened the road-bumps and removed the pitfalls where consumers got stuck, or conversion failed. Our clients report more sales, quicker settlements, and far less churn. These advancements were made possible through significant technology investments. We are now ready to push this technology and data-driven approach even further. I strongly believe ethical, and explainable Applied AI is the key to unlock new possibilities for our teams and clients." - Petter Sehlin.
Youcal’s innovative Platform as a Service (PaaS) serves over 3k merchants, ten marketplaces and is growing its client's base at a fast pace. With a diverse client portfolio and rich transaction data, there is a strong basis to apply AI. Youcal’s goal for transaction monitoring is twofold. First, to understand their clients better, to identify risk and opportunities to add more value to their services. Second, to trigger far less false-positives and significantly decrease the investigation time, making the risk team more efficient and scalable for the next growth phase. Sentinels’ detection engine fed with rich transaction and client data becomes an extremely sophisticated tool to detect anomalies. The efficiency gain is delivered through a flexible, no-code, business rule editor delivered in an intuitive workflow and case management interface.
“Traditional transaction monitoring results in teams spending >90% of their time on non-useful alerts, while the true understanding of risks remains limited. Under pressure of increasing regulation and scrutiny, more business rules are added, but this only adds oil to the fire. Whilst in today’s fast changing environment it is more important than ever to get ahead of the problem – and AI gives you that opportunity.” - Joost van Houten, Managing Director of Sentinels.
Founded in 2017, Youcal is an innovative Nordic fintech company and an Authorized Payments Institution under the supervision of the Swedish Financial Supervisory Authority. The team behind Youcal has built, deployed and hosted hundreds of enterprise class booking systems for market leading banks, insurance companies, retail chains, communes and marketplaces.
About Slimmer AI
Slimmer AI develops AI software products that support industries, solve real-world challenges and takes professionals into the future. This includes Sentinels - the innovative financial risk and compliance transaction monitoring AI technology, Science - the custom AI solutions for scientific information dissemination, and Slimmer Labs - the venture studio. For more information go to: https://slimmer.ai
Sentinels is Slimmer AI’s modular product suite dedicated to the financial industry. With a team of more than 30 in-house AI software developers, Sentinel’s pragmaticAI solutions have a proven track record in improving compliance outcomes by incorporating a 360-degree approach to tackle transaction monitoring challenges. Its secure cloud-based environment ensures a high level of customer trust and meets constantly changing regulatory requirements. For more information go to: https://www.sentinels.ai