Press Release

Amberoon Joins with CeleritiFinTech’s Hogan Core Banking System for Anti-Money Laundering Initiatives

Amberoon Lucre certified as Innovation Partner for market-leading integrated high-performance software suite

San Jose, CA, March 13, 2018: Amberoon Inc., which develops Systems of Insight to enhance compliance at financial services providers, today announced that it has been certified as an Innovation Partner for CeleritiFinTech’s Hogan® Core Banking System, which is used in dozens of top financial institutions worldwide. Amberoon Lucre, the Anti-Money Laundering (AML) solution set, will work with Hogan to help banks overcome one of the most critical challenges related to compliance: continuous regulatory evolution.

“CeleritiFinTech helps banks develop and execute cost-effective, low-risk strategies to modernize their business environments while retaining their investment in proven legacy systems,” said Oded Shoshany, CEO of CeleritiFinTech. “As we transform Hogan into a modern, cloud-based core banking platform leveraging open APIs to rapidly and securely expand capabilities, we are always seeking to partner with FinTech providers that can offer significant value. Amberoon Lucre is a great example of a service that is needed by banks to ensure continuous compliance.”

“This is an environment in which regulators expect banks to take a risk-based approach to anti-money-laundering, and the only way to achieve that is with purpose-built technology,” said Shirish Netke, CEO of Amberoon. “Our mission at Amberoon is to develop solutions that help banks identify trends, gain insights and uncover unknown risks in order to reduce false positives and increase effectiveness. Hogan is one of the most trusted brands in banking, and we are honored to work with this skilled team.”

Amberoon made the announcement at the 18th Annual FIBAAML Conference in Miami, FL., where Mr. Netke was a presenter at the session titled “The Value of Technology.” The session explored how FinTech, RegTech, AI and Machine Learning are needed to bring compliance risk management into the 21st century and provide more effective transaction monitoring.

Compliance has quickly risen to the top of the list of priorities for financial services providers. Estimates vary, but there’s no doubt that banks have collectively paid out billions in fines, and many now devote greater resources to processes that the legacy systems in place cannot address. SourceMedia reports that financial institutions in the U.S. alone currently spend more than $70 billion annually on compliance, and global demand is expected to reach $118 billion by 2020.

“In a tech-enabled economy, money laundering and other forms of illegal financing are more common and more sophisticated, and this puts banks under pressure to ensure strict and ongoing compliance,” said Walter J. Mix III, former commissioner of the California Department of Financial Institutions (DFI) and currently Managing Director and Fiancial Services Practice Grou Leader of The Berkeley Research Group. “Artificial intelligence and predictive analytics capabilities have a crucial role to play in managing regulatory risk. Companies like Amberoon, which are at forefront FinTech development, are best equipped to offer the systems of insight needed for a robust compliance process that helps banks avoid regulatory penalties.”

About Amberoon

Amberoon creates a risk-based approach to AML using contemporary technologies such as Artificial Intelligence, Big Data and Predictive Analytics. The solution works with a variety of legacy AML solutions to create interactive visuals for bankers as well as regulators. The primary impact of the solution is uncovering unknown risks and reducing false positives in the AML process. Visit www.Amberoon.comfor more information.

About CeleritiFinTech

CeleritiFinTech helps banks, credit unions and other financial services companies modernize their business environments while extending the useful life of (and investment in) their current platforms. The innovator behind the Hogan Banking and CAMS II platforms, CeleritiFinTech, in partnership with DXC Technology, is uniquely positioned to provide clients with cost-effective, low-risk strategies for ongoing development, including adopting cloud-based technologies and integrating innovative Fintech partners to deliver new capabilities in banking, payments and lending.

Media Contact:
Digs Majumder
digs@amberoon.com
646-896-4427

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