UK-based regtech Napier AI has announced its collaboration with Romania-based neobank Salt Bank , becoming the latter’s Anti-Money Laundering (AML) platform. As part of their partnership, Napier AI was selected to become Salt Bank’s AML platform, with the company providing its Transaction Screening product in a cloud environment to the neobank.

Through this, Salt Bank is set to be able to manage transactions in a simplified manner, as the solution delivers a user-friendly interface with customisable workflows, deployment in the cloud, a sandbox environment for screening configurations, and dashboards with no-code rule building and AI insights for efficient decision-making. At the beginning of April 2024, Salt Bank expanded on the Romanian market in a bid to accelerate the digitalisation of Banca Transilvania Group’s suite of services. The introduction of Salt Bank in the region was set to provide the first Romanian neobank into the market, while also offering customers additional benefits and features. Both Salt Bank and Banca Transilvania intended to prioritise the acceleration of digitalisation of the local financial landscape and to offer customers an improved, secure, and efficient banking experience. Before launching in Romania, Salt Bank announced its collaboration with Starling Bank to utilise its Engine platform for developing digital banking solutions in the region.

The neobank intended to use the Engine platform to improve banking in Romania by offering an enhanced and secure digital user experience to clients who prefer mobile banking. What are the partnership’s capabilities and objectives? By joining forces with Napier AI, Salt Bank solidifies its commitment to providing improved tools within the current AML landscape, which is currently shifting due to changes in regulation, evolving ML/TF and fraud risks, and growing customer demand for simplified online experiences. The partnership with the AML reghtech is set to support Salt Bank in addressing consumer preferences for faster, more convenient methods to bank and strengthen its AML framework. Furthermore, representatives from Salt Bank underlined that the decision to choose the Napier AI platform was based on its ability to provide enhanced technology, allowing it to solidify its financial crime controls.

In addition, the current move is part of the neobank’s development strategy to improve the overall Romanian banking sector. According to Napier AI’s officials, the company’s Transaction Screening solution intends to help Salt Bank in enhancing banking in Romania, whilst also delivering increased compliance. Currently, Napier AI provides AML and financial crime compliance software to financial institutions, payment firms, and buy-side companies.

The regtech designs technological solutions that focus on minimising financial crime, with its services being leveraged by more than 150 institutions globally. .