Comply Advantage supporting Raisin Bank with KYC solution

UK-based anti-money laundering technology company Comply Advantage has announced supporting Germany-based Raisin Bank‘s Banking-as-a-Service (BaaS) solutions with a KYC offer.

Raisin Bank is a deposit marketplace which protects deposits up to amounts of EUR 100,000 per customer and bank. Users can register once, transfer their funds to their Raisin Account, and then open and manage their term deposits with partner banks through an Online Banking System. The newly added Comply Advantage KYC solution can be used for customer monitoring and transaction verification in order to combat money laundering.

Comply Advantage can be connected to the components of the cloud-native core banking system of Raisin Bank. It can therefore be further developed and scaled independently. Comply Advantage will connect the integration via an API and its system will decide, based on various setting and adjustment options, whether suspicious payments need to be stopped or just checked more strictly.