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Why NextGen AML Technology is the Future: Overcoming the Failures of Legacy Systems
Banks continue to rely on outdated anti-money laundering (AML) systems, opting to layer new technology rather than fully replacing them. This approach, once seen as safer, now poses inefficiencies and compliance risks. Legacy systems struggle to adapt to evolving regulations and often duplicate functionalities, increasing costs. They also lack integrated testing environments, delaying compliance. NextGen AML platforms, like those from Napier AI, offer rapid implementation, cloud efficiency, and built-in testing capabilities, making them more suitable for modern compliance needs. A complete replacement of legacy systems is necessary to achieve the adaptability and risk reduction required in today’s financial landscape.
Duetti Secures $200M in Funding to Revolutionize Royalty and Publishing Deals for Independent Music Creators
Duetti, a prominent music FinTech platform, has raised $200 million in debt funding to enhance financial services for independent music creators. This funding includes a $150 million credit facility led by Truist Securities and a $50 million side facility from Viola Credit. Duetti aims to expand its offerings, particularly in royalty and publishing deals, allowing artists to access upfront capital and flexible cash deals. The platform also provides comprehensive marketing support, including playlisting and fan engagement campaigns. CEO Lior Tibon highlighted Duetti’s commitment to supporting independent artists, who can now benefit from innovative financial solutions and marketing strategies.
Clutch Raises $65M Series B Funding to Transform Credit Union Technology
Clutch, a leader in omnichannel digital banking software for credit unions, has raised $65 million in a Series B funding round led by Alkeon Capital Management, with contributions from Andreessen Horowitz, TruStage Ventures, and Peterson Partners. Founded in 2020 by MIT and Stanford alumni, Clutch aims to transform credit unions into competitive financial service providers. The funding will enhance AI integration, expand their platform, and improve efficiency in existing systems. With over 135 credit unions served, including major players by membership, Clutch is well-positioned to support innovation in the face of rising competition from tech giants.
PayPoint Teams Up with Uber and Deliveroo to Revolutionize Digital Voucher Services
PayPoint, a UK payment and commerce specialist, has partnered with Uber and Deliveroo to enhance its digital voucher service for retail partners, addressing the rising consumer demand for such solutions. In 2024, 93% of PayPoint retailers processed digital voucher transactions, underscoring their market significance. The collaboration allows customers to purchase digital vouchers for Uber and Deliveroo at various PayPoint locations, ranging from £15 to £150. Benefits include increased spontaneous purchases, customer attraction, and secure transactions for retailers. PayPoint aims to strengthen community ties and boost foot traffic, enhancing both customer engagement and retail offerings.
Socure Unveils Game-Changing Manipulation Risk Score to Combat First-Party Fraud
Socure has launched the Identity Manipulation Risk Score to combat the rise of first-party fraud, which cost businesses over $100 million last year. This innovative tool is part of Socure’s Sigma First-Party Fraud solution, utilizing advanced AI for real-time risk monitoring and adaptive machine learning to enhance fraud detection across various sectors, including financial institutions and online merchants. The solution leverages data from a cross-industry consortium to improve accuracy and reduce false positives. Experts emphasize the urgent need for such innovations, as traditional fraud models struggle to address the complexities of first-party fraud.