Flagright has partnered with UK-based payment institution Sciopay to optimise the latter’s security measures for cross-border payments and foreign exchange management. Following this announcement, Flagright is set to provide Sciopay with its AI-powered AML compliance services in order to improve its overall suite of cross-border payments, as well as its foreign exchange management tools.

Sciopay represents a payment institution that provides a reliable infrastructure for entities that aim to optimise their international payment solutions. Throughout this partnership, Sciopay aims to further develop its commitment to deliver secure and efficient tools, while also meeting the needs, preferences, and demands of its users and clients. In addition, Flagright’s flexible, no-code platform is set to enable Sciopay to integrate comprehensive and safe anti-money laundering (AML) compliance measures, which aim to ensure secure transactions and the overall prevention and elimination of financial crime.

Both companies will focus on the process of developing a more efficient and secure financial ecosystem. Flagright’s recent strategy of developments Global artificial intelligence (AI)-powered AML compliance services company, Flagright is focused on providing financial institutions and banks with the needed tools to combat financial crimes, as well as to ensure secure payments and transactions. The unified API was developed in order to simplify regulatory compliance by providing multiple features and benefits, such as real-time transaction monitoring, sanctions screening, customer risk assessment, as well as case management through a user-friendly interface.

Flagright had a couple of partnerships and product launches in the last couple of months, covering several different geographic areas around the world. In March 2023, Flagright announced its partnership with Lithuania-based company kevin. in order to enable businesses and clients to accept payments directly from banks and financial institutions.

kevin. was set to be allowed to develop an AML program and have it up and operating in three days by leveraging Flagroght’s technologies and products. The firm also claimed that it was set to expand the program with less engineering work, at a lower cost than switching suppliers.

KYC/KYB represented a critical component in the process of preventing fraudulent actors and guaranteeing regulatory compliance. The collaboration of Flagright with AiPrise was expected to allow the company to deliver products directly to users via a single, standardised API, as well as to optimise the manner in which they centralised their fraud and compliance operations on Flagright’s Console back-office portal. This took place alongside transaction monitoring, sanctions screening capabilities, as well as blockchain analytics.

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