Amberoon Lucre AML: Now At Home On IBM Cloud for Financial Services

IBM has long been seen as a national treasure and iconic global brand, and with good reason. In an industry that regularly chews up and spits out startups and long-lasting players alike, this storied corporation is now 111 years old. It’s changed its name and some other things along the way, but through it all, the company has played a key role in every technology-driven trend—encompassing hardware, software and services—throughout the world. It has done that in part by partnering with thousands of other technology providers to ensure that it brings the best combination of services to its global audience.

And as of now, that includes Amberoon.

In fact, Amberoon Lucre AML is the first  Anti-Money Laundering (AML) SaaS partner available on IBM Cloud for Financial Services. This is a very big deal, and we’re honored to be available on this platform.

IBM Cloud for Financial Services is designed to help reduce risk throughout the supply chain by addressing regulatory compliance and security requirements for financial institutions. At the heart of IBM Cloud for Financial Services is the IBM Cloud Framework for Financial Services, which provides common operational criteria and streamlined compliance controls specifically for the financial services industry.

Supported by a growing ecosystem of technology partners and fintech innovators, the industry-specific platform is designed to accelerate financial institutions' digital transformations while placing trust and security at the forefront. ISVs and SaaS providers that demonstrate compliance with the Framework will be eligible to deliver offerings through IBM Cloud for Financial Services.

IBM Cloud for Financial Services aims to meet the demands of the industry with an environment that enables financial institutions to confidently host mission-critical applications in the cloud, as well as securely transact with technology partners. With built-in controls, the platform helps financial institutions meet stringent security and compliance regulations, while accelerating innovation.

Amberoon Lucre AML fits into that arrangement perfectly: It’s a modernized AML offering that leverages advances in artificial intelligence, data engineering and security to make complex AML processes insightful, efficient and cost-effective, all without requiring costly replacements to legacy technologies. Lucre uses Agile Compliance to closely align with a bank’s mandate of safety and soundness, exactly the capabilities smaller banks and credit unions need in this heavily regulated arena.

From a broader perspective, Amberoon Lucre AML represents the ideal offering for a market where institutions strapped for resources must serve two stakeholders with divergent priorities: regulators who want effective governance, and shareholders seeking a larger ROI.

You’ll find more details here, but just for a taste, the functions in Lucre include digital ID proofing, monitoring of high-risk accounts, and alert management. These and other capabilities significantly reduce false positives, slash operating costs by up to 50%, ease behavioral KYC, identify emerging risks, and accelerate Ultimate Business Owner (UBO) tracking. This level of innovation is sorely needed when many current technologies are still designed to comply with the Patriot Act of 2001, rather than Anti-Money Laundering Act (AMLA) of 2020. This mandate specially calls for building on advances in data engineering, visual analytics and AI.

Also, unlike most comparable offerings, Amberoon Lucre AML has ‘wraparound’ capabilities that enable it to work with legacy solutions in mid-contract. Ultimately, it allows governance and process to drive the technology; smaller banks know very well that it’s almost always the other way around.

But you don’t have to take our word for it. In order to engage with financial institutions via IBM Cloud for Financial Services, ISV and SaaS providers must comply with the Framework’s comprehensive set of policies and controls. This is to help financial services institutions meet their regulatory compliance and risk management obligations. It aims to reduce the complexity of managing third-party workloads, helping financial institutions to demonstrate regulatory compliance faster and more efficiently.

IBM takes its responsibilities seriously, as it should. In keeping with the high standards of the platform, Amberoon Lucre underwent due diligence to ensure that it meets the rigorous controls to deliver the results promised. Today, Amberoon Lucre is fully integrated with IBM Cloud for Financial Services.

On an even more positive note, Lucre is not the only connection between the Amberoon and IBM. Amberoon Statum KPI—which helps small banks directly measure and manage their performance against peer institutions by using a no-code SaaS model—is currently available on IBM Cloud Catalog.

Our core mission at Amberoon is to deliver solutions that bring modern technologies to institutions that represent the last mile of the banking system, yet are often neglected by big technology companies. Having Amberoon Lucre AML available on IBM Cloud for Financial Services—in fact, to be the first partner of its kind on this ground-breaking platform—vastly extends our reach into this vital market. We’re honored by this placement, and we pledge to continue innovating.