Hawk AI, Germany’s software provider of Transaction Monitoring for banking institutions, payment companies and Fintech firms, reveals that it has teamed up with Moss, a Berlin-headquartered expense and financial platform for comprehensive management of card payments, worker expenses, and invoices.
Through the partnership, Hawk AI’s software will be used to monitor or keep track of payments handled by Moss, in order to identify transactions linked to fraudulent activities and/or financial crime. For ensuring overall process efficiency, Hawk AI also aims to minimize the total number of false positives and alerts, thus helping to significantly reduce the investigation costs and workload for Moss.
Customized to the requirements of a fast-growing company, Hawk AI’s modular software and APIs have been designed to enabled seamless integration into client systems. Through its user-friendly interface and easy-to-follow rule sets, the service is instantly operational.
Wolfgang Berner, Co-founder and CPO at Hawk AI, stated:
“We’re thrilled to count Moss among our valued customers. Managing AML risk in relation to business payments requires close collaboration to implement, operate and maintain the highest standards in monitoring transactions. We look forward to working with Moss to ensure their payment operations and reputation are protected at all times.”
Stephan Haslebacher, Co-founder at Moss, remarked:
“Hawk AI’s system has been instrumental in supporting the AML compliance side of our business. The business customers we serve expect the highest level of Compliance. Hawk AI allows us to be the trusted partner we need to be.”
As mentioned in a release, Hawk AI develops and operates a Cloud-powered software solution for the automated detection of “suspected cases” of financial crime. With Hawk AI, financial institutions can “make their transaction surveillance more efficient and ensure regulatory compliance.”
Hawk AI’s software “uses a combination of traditional rules and artificial intelligence to detect suspicious behavior in real-time and presents such alerts to Financial Crime specialists for investigation.”
The solution “drastically reduces false alarm rates, e.g., compared to legacy AML/CFT solutions.”
Hawk AI was founded in Munich in 2018 by Fintech veterans Tobias Schweiger and Wolfgang Berner and works closely with financial institutions and partners including North American Bancard, Ratepay and Modularbank.
In June of this year, Hawk AI finalized a Series A round of $10M from BlackFin Capital Partners and Picus Capital.