Reykjavik, Iceland -- (SBWIRE) -- 11/15/2022 -- The global payments ecosystem is thriving, despite the challenges of recent years. Last year payment industry revenues grew by 11%, reaching a new high of $2.1 trillion globally. The sector is expected to top $3 trillion by 2026 and growth is strong all over the world, from Europe to the Middle East, Africa and North America. This is being driven largely by fee-based income, which is increasing at a faster rate than net interest income and now makes up more than half of the total revenue figures. FinTechs and startups have had a big role to play in helping to evolve the global payments ecosystem in recent years, creating opportunities for new ways of thinking - such as commerce facilitation, which goes beyond the checkout to enhance the entire commerce journey.
ESG concerns are going to be at the core of strategies for all those who make up the global payments ecosystem in the coming years. Obligations to contribute to the stability, security and resilience of economic systems are grounded in companies fulfilling a gatekeeper role when it comes to financial crime. KYC and anti-money laundering remain vital for ensuring the safety and growth of the global payments ecosystem - and there are clear opportunities for the use of Anti Money Laundering Software to support that goal. As a result, the next few years are likely to see a significant increase in investment and operational changes that are designed to ensure that money laundering, fraud and other unauthorized access to payment systems is limited. Anti-Money Laundering Software is going to be a key part of that.
Lucinity Anti Money Laundering Software is designed to help support the growth of the global payments ecosystem as it expands in the coming years - and protect the interests of the organizations within it. AML can be a complex area and, given the constantly evolving nature of technology, it can feel like a challenge for any enterprise to keep up. The approach that Lucinity has taken is to make its Anti-Money Laundering Software very simple to use so that it creates a genuine opportunity for any company to change its outcomes where exposure to financial crime is concerned. The Anti-Money Laundering Software works so well because it is based on augmented intelligence, combining the best of human and artificial intelligence attributes, and designed to help boost productivity too.
Anti-Money Laundering Software, like Lucinity, is going to be a vital tool for growing enterprises in the coming years as the gatekeeper function becomes even more crucial. Ensuring the growth of the global payments ecosystem requires robust protection, including transaction monitoring and in-depth customer view. This is something that Lucinity has worked to achieve with software that is simple but has all the key elements. The business was first established in 2018 and today is part of a global network that includes offices in London, New York, Brussels and Reykjavik. A mission to Make Money Good sees Lucinity continue to thrive.
About Lucinity
Lucinity is an anti-money laundering (AML) software developer on a mission to Make Money Good. Lucinity aims to solve productivity and efficiency issues for financial institutions through the company's 'Human AI' approach, a toolset that combines next-generation AI with human insights and expertise.
By leveraging AI, the AML software learns from every interaction and continues to improve indefinitely, providing fewer false positives and saving time. This is on top of its best-in-class interface and visualizations that put users first. Professionals can experience Lucinity's AML compliance solution, including transaction monitoring, through a free demo environment available on https://www.lucinity.com/signup.
Lucinity operates globally, with headquarters in Reykjavík, and serves customers ranging from Tier-1 banks to FinTechs.
Company Quote
Founder and CEO, Guðmundur Kristjánsson, comments, "Lucinity's unique experience in banking, compliance, regulation, and data science has helped us develop a new approach to tackling money laundering—harnessing the best of human intelligence and augmenting it with advanced AI.
Our simple-to-use systems work with analysts, not against them, complementing their skills and making them superheroes so they can take on financial crime, saving institutions time and money in the process.
We believe that by transforming AML, we can have a tremendous positive impact on society. Money laundering is a crime that fuels crime. That is why we set out on the mission of Making Money Good."
To find out more information about Anti Money Laundering Software visit https://www.lucinity.com
Lucinity are regular attendees at Anti-Money Laundering and Fin Tech Conventions around the world. To find out about upcoming Lucinity events visit https://www.lucinity.com/events
For any media enquiries please contact Gary Elliott at Iconic Digital – 020 7100 0726.
For all other enquiries please contact Lucinity at https://www.lucinity.com/contact
For more information about Lucinity services, please go to https://www.lucinity.com.
- Lucinity is an AML software company, founded in 2018, with offices in Reykjavík, New York, London and Brussels. Using advanced AI systems, we help banks discover money laundering and really know their customers, more efficiently – to stop the funding of serious crime across the world.