Tuum, the Estonian-founded next-generation core banking platform, and HAWK:AI, the German-founded money-laundering detection and investigation platform, have today announced a new partnership which sees HAWK:AI’s AML software added as an out-of-the-box integration to Tuum’s core banking suite.
Tuum’s cloud-agnostic, API-first core banking platform enables banks, financial services companies, or even businesses outside of financial services, to seamlessly integrate its modular core banking technology into their existing infrastructure. As a result, Tuum’s clients can quickly roll out innovative financial products tailored to their customers’ needs.
By adding HAWK:AI’s solution to their ecosystem, Tuum can now offer customers the benefit of real-time transaction monitoring and sanction screening, optimised using machine learning. This addresses multiple compliance and crime detection use cases. Regulated companies in the financial services sector are required to apply risk-based monitoring of customers and transactions to identify suspicious behaviour, an often expensive and time-consuming endeavour.
“By utilising HAWK:AI’s software, Tuum’s customers can improve their detection capabilities and reduce false positives, leveraging a combination of traditional rules and machine learning. This results in a reduction of manual workload and delivers significant cost savings, in addition to achieving better detection rates”, comments Tobias Schweiger, Co-founder and CEO of HAWK:AI. “We believe that an integrated approach spanning core banking and AML/CFT systems reduces risk, both from a technology and compliance standpoint.”
Tuum co-founder Vilve Vene notes: “This partnership represents a significant step for us in expanding our ecosystem and being able to provide our customers with a complete banking suite. Financial crime compliance can be a major burden for our clients, both monetarily and time-wise, which is why we have sought out the very best in AI-driven AML solutions to address these concerns.”