Brand New Day (BND) a Netherlands-based neobank that operates in the field of savings and investment. It helps open savings or investment account for its users to build a buffer for later. These services help users with tax benefits (for annuity payment or a supplementary pension) and without tax benefits (for normal savings and investments purposes). BND has selected Sentinels an AML and transaction monitoring platform, to enhance its anti-money laundering (AML) capabilities.
Sentinels supports financial institutions and manages compliance to help them deliver highly scalable services. It offers AML services powered by machine learning that helps customers fight financial crimes with efficiency.
Joost van Houten, CEO, Sentinels, stated, “Neobanks like Brand New Day are committed to disrupting conventional wisdom to create stronger services, making them an increasingly popular choice for end-users. However, this disruption comes with intense regulatory scrutiny, particularly for those operating using their own banking licenses. We’re thrilled to be working with Brand New Day, easing its regulatory burden through our own disruptive approach to compliance and ensuring that both the neobank and its customers are better protected from AML issues.”
A neobank is a type of digital bank that has no branches. Instead of being physically present at a particular location, a neobank operates entirely online. Neobanks can also be said fintech firms that offer digital and mobile-first financial solutions such as payments and money transfers, money lending, and more. These banks don’t have a bank license of their own but count on bank partners to provide bank licensed services.
Contrary to regular neobanks, BND got its banking license in 2017 and serves over 200,000 customers. The rapid growth of Sentinels was one of the primary reasons for this collaboration as a RegTech solution.
Gerjan de Lange, CIO, Brand New Day, included, “We’re excited to be working with Sentinels, benefitting from its industry-leading position and commitment to providing workable and futureproofed compliance solutions that are tailored to our core business goals and processes. We look forward to growing together, safe in the knowledge that our regulatory needs are being met, that false positives will not increase exponentially as we scale, and that our operational costs are kept low while our internal compliance standards are high.”