In the ever-evolving landscape of financial services, staying ahead of the curve in the battle against financial crime is paramount. For Pesawise, a fintech company licensed and regulated by the Central Bank of Kenya, the pursuit of excellence in this realm led them to a groundbreaking partnership with Flagright.
What sets this collaboration apart is the deployment of Flagright's innovative AI narrative co-pilot feature. This powerful tool harnesses the capabilities of artificial intelligence to craft contextually relevant and comprehensive case closure narratives, significantly enhancing the efficiency and effectiveness of their anti-money laundering (AML) efforts. Here is what Jamal Khan, CEO and co-founder of Pesawise has to say about his experience with Flagright.
A little more about Pesawise
Pesawise was founded with a clear vision: to empower businesses with cutting-edge financial tools and solutions. Their commitment to excellence is underpinned by their status as a regulated and licensed Payment Service Provider, endorsed by the Central Bank of Kenya. This distinction underscores their dedication to adhering to industry standards and regulatory compliance, instilling trust among their clients.
Pesawise offers a comprehensive suite of payment solutions designed to meet the diverse needs of businesses. These solutions encompass:
- Card acceptance: Enabling seamless card payments.
- B2B transactions: Streamlining business-to-business payments.
- Bank and mobile transfers: Facilitating secure digital transactions.
Pesawise operates in a highly regulated environment, with stringent requirements set by the Central Bank of Kenya. They faced several challenges in managing and documenting suspicious transactions and cases efficiently:
- Manual case documentation - Pesawise's team spent significant time manually writing case closure narratives, which was both time-consuming and prone to human error.
- Inconsistent narratives - The manual approach often led to inconsistencies in the case closure narratives, making it challenging for regulators and auditors to understand the context and actions taken.
- Resource intensiveness - The resource-intensive nature of manual documentation hindered Pesawise's ability to focus on core business operations.
"As a leading and rapidly expanding financial institution, Pesawise understands the significance of cutting-edge technology, particularly in critical domains like AML. Our choice to explore Flagright's 'AI Narrative Co-Pilot' was motivated not only by its impressive technology but also by the exceptional customer support we encountered.
Flagright's support team demonstrated a profound grasp of our concerns and needs, promptly addressing our queries and ensuring complete clarity on how 'AI Narrative Co-Pilot' could elevate our AML operations."
CEO and co-founder