Sentinels, a Fenergo company and Europe’s leading intelligent transaction monitoring platform, has been appointed by payments fintech kevin. To ensure compliance with transaction monitoring. The relationship refers to Kevin. This allows us to detect suspicious transactions in real time while complying with local anti-money laundering regulations.
kevin.’s account-to-account (A2A) payment infrastructure solution, enabled by open banking, allows merchants to receive payments from more than 350 million people with bank accounts within 27 European countries. Currently, over 6000 merchants use kevin.’s payment infrastructure. Its purpose is to increase security and convenience for consumers and merchants, as well as speed up settlement, reduce transaction fees, and increase conversion while bypassing card schemes.
Kevin is required to comply with European AML compliance and prevent fraud using its services. Must maintain strong customer due diligence, transaction monitory, and client risk profiling processes. These measures ensure that the company is able to identify and deny illegal transactions.
Sentinels equips kevin.’s AML officers with a modern tool that enables it to meet its regulatory needs and improve transaction monitoring. Rich client data insights, such as those derived from Know Your Customer (KYC), and transaction data are a great help to kevin. With a better understanding of its customers, it can detect suspicious transactions more quickly, frequently, and accurately.
Joost van Houten, CEO of Sentinels, commented: “It’s a privilege to have another open banking-powered fintech adopt our transaction monitoring solution. We’re committed to helping kevin. continue its commendable ascent unimpeded by the threat of fraud and money laundering, with increased operational efficiency, and in line with Europe’s compliance requirements. It’s a vital role in kevin.’s journey that we’re thrilled to have been chosen to play.”
Mindaugas Gaulia is Head of Compliance at Kevin.: “Following a quick onboarding process, we’ve reaped the benefits of the flexible Sentinels platform. The rules-based alerts can be customized, and the workflow can be configured to fit our business and the jurisdictions that we serve. This reduces the time and effort required for investigations. kevin. has huge growth ambitions for our bank coverage and A2A payments products, and we see Sentinels as our future one-stop-shop compliance partner.”
kevin. has witnessed a high demand for its services since launching in 2018 and with Sentinels’ support, the company plans to further ride and drive this wave to allow more consumers across the globe to make purchases direct from their bank accounts, cutting out the high costs from the card schemes.