Amsterdam startup for transaction monitoring Sentinels collaborates with Sweden’s Ping Payments: Here’s why
Ping paymentsa Swedish payment service provider, announced that it has chosen Sentinelsan Amsterdam-based AI-driven transaction monitoring platform, to streamline its money laundering (AML) controls.
Ping Payments (formerly Youcal) had entered into a partnership at an early stage with the Sentinels in October 2020, when the Dutch company incubated as part of Slimmer AI.
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In January, Ping Payments released an updated version of its payment platform, which provides greater efficiency and easily customizable payment, invoice and account settlement services for merchants and marketplace customers.
The Dutch company’s AI-powered solution tests new monitoring rules in a code-free sandbox and then distributes the tested and calibrated new rules in real time.
It also compiles all customer information into a simple profile that can be accessed immediately with minimal training required.
Ping payments: What you need to know
Ping Payments was founded in 2017 and is the Nordic region’s leading provider of payment services for modern e-commerce, with a special focus on marketplaces and platforms.
It is a fully PSD2-licensed payment institution under the supervision of the Swedish Financial Supervisory Authority (FI) and is regulated to provide its services within the EU / EEA.
“With compliance across new territories and verticals as a requirement, combined with the reality that we had grown beyond our internal surveillance solutions, the decision to choose Sentinels was easy to grasp,” said Petter Sehlin, CEO of Ping Payments.
“Sentinel’s machine learning method for monitoring transactions allows us to scale our business without being held back by inefficiency,” he adds.
Sentinels: What you need to know
Sentinels, founded in 2019 by Joost van Houten, is a spin-off of Slimmer AI, a Groningen-based B2B AI venture studio.
With the help of AI and machine learning, Sentinel’s fintechs, payment service providers, remittance companies and (challenging) banks help manage risks and meet their compliance commitments.
The platform monitors transactions, builds rich behavioral profiles, detects a wide range of suspicious activities and automatically generates recommended next steps – saving time and effort for compliance teams.
The company serves a number of customers, including Mollie, Terrapay, Online Payment Platform, Ginger Payments and ManoBank.
Joost van Houten, CEO of Sentinels, says: “Financial services have become increasingly challenging in recent years, making transaction monitoring much more complicated. The operational efficiency required in online marketplaces is crucial to Ping Payments’ business. Sentinels is pleased to support such a crucial requirement and to ensure the company’s continuous compliance with the AML rules. Ping Payments is also our first Nordic partner, which represents another proud milestone for Sentinels. ”
A few days ago, Sentinels partnered with Spanish neo-bank Rebellion Pay to improve and streamline its monitoring of money laundering (AML) compliance and risk profiling features.
In 2022, Sentinels partnered with London’s B4B Payments, a company that specializes in smart corporate payments and corporate card solutions, and California-based YouWorld, a fintech solution that enables domestic payment and currency via gift cards.
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