Currencycloud Hires Lucinity To Fight Money Laundering

Currencycloud, which works in B2B cross-border payments, has contracted Lucinity to provide its Actor Intelligence solution as the newest compliance innovation to fight money laundering.

With Actor Intelligence, compliance professionals gain the ability to look more efficiently at customer behavior and gain the ability to understand the risks.

Constant risk scoring will make productivity better and also help fight financial crime easier.

Lucinity builds its technology around the “vision of Human AI [artificial intelligence]” which purports to use “the best from human and artificial intelligence.”

Gudmundur Kristjansson (also known as GK), the founder and CEO of Lucinity, said he was glad to work with Currencycloud and that the company was “convinced that the intersection between man and machine is the most exciting field in compliance today.”

“Translating complex intelligence into information that is valuable and useable will bring immense productivity gains to various compliance fields, and that is where we excel,” GK said.

Tanya Ziv, chief compliance officer at Currencycloud, said, “Lucinity has built a brilliant solution that will support us as leaders in compliance. The compliance world has moved on from thinking customer intelligence is the initial information gathered from a customer. Lucinity will help us on our journey towards basing intelligence on customer behaviors. Understanding how they are using our platform — and perhaps more importantly — why they behave in the way they do.”

Earlier this year, Currencycloud was bought in a £700 million deal by Visa that would help to boost money movement around the world. The deal spurred from an existing arrangement between the two companies. Colleen Ostrowski, treasurer and senior vice president at Visa, said that customers “expect transparency, speed and simplicity” when making or receiving international payments.

Read More: Visa Seals £700M Deal For Acquisition Of Currencycloud

Currencycloud uses several application programming interfaces (APIs) to assist financial service providers to offer currency exchange solutions.