Ping Payments has chosen Sentinels, an intelligent transaction monitoring and client risk management platform, to reinforce its anti-money laundering (AML) controls.
Complex payment environments such as online marketplaces are prime real estate for criminals attempting to move illicit money through global financial systems. Sentinels’ transaction monitoring solutions are purpose-designed to detect and eliminate these fraudulent transactions at speed.
Following strong customer reception, and in anticipation of further Nordic expansion, rapid growth fintech Ping Payments had released an updated version of its payment platform in January, providing greater efficiency and easily customizable payment, invoice, and account settlement services for merchant and marketplace customers.
“With compliance across new territories and verticals a requisite, combined with the reality that we had grown beyond our in-house monitoring solutions, the decision to choose Sentinels was easy to make,” said Petter Sehlin, CEO of Ping Payments. “Sentinels’ machine learning approach to monitoring transactions allows us to scale our business without being held back by inefficiencies.”
Sentinels’ AI-driven solution tests new monitoring rules in a no-code sandbox and then deploys those tested and calibrated new rules in real-time. It also compiles all customer information into one simple profile that can be accessed immediately with minimal training required, while offering transaction monitoring at scale.
Joost van Houten, CEO of Sentinels, commented, “The financial services space has become increasingly challenging in recent years, making transaction monitoring far more complicated. The operational efficiency demanded in online marketplaces is vital to Ping Payments’ business. Sentinels is delighted to support such a crucial requirement, and to ensure the company’s ongoing compliance with AML regulation. Ping Payments is also our first Nordic partner, representing another proud milestone for Sentinels.”
Ping Payments, formerly branded Youcal, struck an early-stage partnership with Sentinels in October 2020, when Sentinels was incubating as part of Slimmer AI. Now that Sentinels is operating independently and Youcal has completed its transformation into Ping Payments, Sentinels has onboarded Ping Payments as a fully-fledged customer, enabling both parties to reap the full benefit of their partnership.