In today's world, financial institutions, including fintech and neobank companies face numerous challenges in complying with anti-money laundering (AML) regulations and preventing fraudulent activity. This highlights the need for more effective and efficient solutions to combat financial crimes.
As a company that specializes in providing cutting-edge AML compliance and fraud prevention solutions, Flagright's API-driven platform enables companies to quickly and easily integrate their AML and fraud prevention processes into their existing tech stack, reducing the time and resources required to maintain compliance and prevent fraudulent activity.
To learn more about how Flagright has helped one of its customers, we sat down with Kęstutis Dalinkevičius, the engineering team lead at kevin., alongside Madhu Nadig, the co-founder and CTO of Flagright.
"As the engineering team lead at kevin., my role is to oversee the technical development of our products and ensure that our team is operating efficiently and effectively. Day-to-day, I work closely with our developers to identify and address any technical challenges that arise, while also collaborating with other teams across the company to ensure that we're all aligned on our goals and priorities," said Kęstutis. Kęstutis went on to explain how integrating Flagright's AML compliance and fraud prevention solutions into kevin.'s existing tech stack was a relatively straightforward process. "Integrating Flagright's solutions into our tech stack was a relatively straightforward process. We found Flagright’s intuitive entity-oriented API to be consistent and scalable. We could easily map out our internal entities into Flagright’s flexible and extensive schema. "
"AML compliance and fraud prevention are critical for financial institutions, not only to meet regulatory requirements, but also to protect their customers and their business," said Madhu. "However, traditional solutions for AML and fraud prevention are often expensive, time-consuming, and require significant technical resources. This is where Flagright comes in – our API-driven platform simplifies the process of AML compliance and fraud prevention, enabling companies to quickly and easily integrate our solution into their existing tech stack." In terms of integration time, Madhu noted that Flagright's API is designed to be easily integrated into existing tech stacks, with minimal technical resources required. "Our API is built to be intuitive and scalable, and we provide comprehensive documentation and technical support to ensure a seamless integration process. Our goal is to make AML compliance and fraud prevention as easy and efficient as possible for our customers."
The integration process was completed in just five days, much faster than expected. "Flagright’s documentation proved to be sufficient for us to plan the integration and the technical support from Flagright was super responsive and fast - any questions we had were resolved very quickly" said Kęstutis.
To highlight Kęstutis's comment, and further illustrate the efficiency of Flagright's integration process, Madhu shared that Flagright's benchmark integration time is typically around 5-7 days, depending on the complexity of the customer's existing tech stack. "Our API is designed to be flexible and adaptable to a wide range of use cases and tech stacks, and our technical team is always available to provide guidance and support as needed." Madhu also emphasized the importance of ongoing technical support and expertise for AML compliance and fraud prevention. "Regulations and financial crimes are constantly evolving, and companies need to stay ahead of these changes to effectively mitigate risk. That's why we provide ongoing technical guidance and expertise to our customers, ensuring that they are always up-to-date on the latest trends and best practices for AML compliance and fraud prevention."
In terms of impact, both Kęstutis and Madhu note that Flagright has helped kevin. improve their compliance processes and reduce their exposure to fraud, in addition to a 50% reduction in false positives, as well as significant improvements in their overall risk management capabilities.
“Additionally, Flagright's API-driven platform is not only easy to integrate but also highly reliable " said Kęstutis. Madhu also buttressed this shortly, “At Flagright, we take reliability very seriously and strive to provide our customers with a seamless experience. The platform is designed to handle large volumes of data with high throughput and low latency, ensuring that AML and fraud prevention processes are executed quickly and accurately”. "We haven't faced any issues with integration so far, and the technical support from Flagright has been super responsive and fast - any questions we had were resolved very quickly”, added Kęstutis.
In conclusion, integrating Flagright's AML compliance and fraud prevention solutions has been a game-changer for kevin., streamlining their compliance processes and improving their risk management and security posture. The seamless integration and unparalleled support from Flagright have unequivocally made them the top choice for any fintech or neobank seeking cutting-edge solutions in this space.