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REYKJAVIK, Iceland, Feb. 20, 2023 /PRNewswire/ -- indó, Iceland's first mobile advanced neobank, has selected Lucinity as its AML compliance software, including its Transaction Monitoring and Case Manager solutions.
Founded in 2018, indó is the first neobank to operate in Iceland. It was created to restore faith in the banking system by being open with customers about how their money is used. The company received its Icelandic banking license in February 2022, the first new license issued in over 30 years, with the aim of capitalizing on the country's highly digitized banking market, where 95% of the population uses an electronic ID, banking applications or digital currencies. It aims to emulate the success and significant international growth of the new generation investment banks in the UK and the Nordic countries.
The announcement comes during a busy period of expansion in Iceland for Lucinity, already serving more than a quarter of the Icelandic market after Arion Bank selected Lucinity to provide its AML solutions in November.
Lucinity's AML platform leverages artificial intelligence (AI) to augment the human experience, enabling compliance teams to make smarter decisions faster and enjoy streamlined AML processes. Lucinity's approach to creating augmented intelligence, combining the best of technology and human insights, has helped several banks and FinTechs increase their compliance productivity by more than 50%.
indó will use Lucinity Transaction Monitoring to provide its compliance team with behavior-based risk detection and explainable artificial intelligence. Transaction Monitoring also enables AML teams to receive a manageable case load and a pleasant user experience. Lucinity Case Manager provides indó with contextual data visualizations, resulting in data-driven decision making and driving efficiency and productivity.
In selecting Lucinity, indó was looking for a compelling AML solution that could seamlessly integrate into their existing technology and scale with their rapidly growing customer base.
"We are a new entrant in the banking industry and we were looking for a modern solution that could support our ambition and standards," said Haukur Skúlason, CEO of indó. "Lucinity is not just a vendor, but a partner, able to adapt to our technology stack and agile way of working. Lucinity also understands our priorities, including our zero-tolerance policy on money laundering."
Guðdmundur Kristjánsson, Founder and CEO of Lucinity, said: "We are delighted to partner with indó to help them realize their mission of restoring trust and bringing back transparency in the banking sector in Iceland and beyond."
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