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Novo Selects ComplyAdvantage For Award-Winning Transaction Monitoring Solution
The RegTech’s Comprehensive Transaction Risk Management Solution Is Purpose-Built To Keep Pace With The Banking Innovator’s Rapid Growth
New York, NY February 10, 2022 — ComplyAdvantage, a global data technology company transforming financial crime detection, today announced that Novo, an award-winning digital banking platform for small businesses sponsored by Middlesex Federal Savings, F.A., has selected the company’s award-winning Transaction Monitoring solution. ComplyAdvantage’s transaction monitoring solution enables high growth fintechs to gain a holistic view of customer behaviour and make more informed, faster decisions, at scale.
Winner of The Banker’s 2021 Innovation in Digital Banking Awards, Novo continues to receive accolades as a platform built for today’s small business owners. Since launching its flagship service, small business owners have been opening business checking accounts in minutes, securely and easily with no minimum balance requirements. The Novo team is powered by some of the brightest minds from tech to financial services working toward one goal: changing the way businesses bank — everywhere.
“At Novo, we wanted a best-in-class solution for establishing a standalone BSA/AML transaction monitoring program,” said Anthony Jerkovic, head of data & risk at Novo. “We selected ComplyAdvantage because they provide an innovative, API-driven solution with competitive economics.”
ComplyAdvantage’s hyperscale technology helps to detect suspicious behaviour and uncover hidden risks throughout the customer lifecycle, helping Fintechs like Novo maintain the highest level of compliance oversight and integrity.
“Novo is a great example of a category disruptor recognizing that risk management requires a data-driven solution that was designed for today’s hypergrowth financial services,” said Charlie Delingpole, founder and CEO ComplyAdvantage. “Now, Novo can scale with our real-time, high quality transaction monitoring allowing their analysts to onboard faster and with the greatest of integrity. Tyler Mcintyre is a fantastic entrepreneur and person and it’s a pleasure to partner with the amazing team at Novo. Under Tyler’s great leadership Novo is headed for exceptional success. ”
Already the preferred choice of some of the world’s largest banks, enterprises, and high-growth fintechs, ComplyAdvantage helps regulated organisations manage their risk obligations and prevent financial crime.
ComplyAdvantage is the financial industry’s leading source of AI-driven financial crime risk data and detection technology. ComplyAdvantage’s mission is to neutralize the risk of money laundering, terrorist financing, corruption, and other financial crime. More than 500 enterprises in 75 countries rely on ComplyAdvantage to understand the risk of who they’re doing business with through the world’s only global, real-time database of people and companies. The company actively identifies tens of thousands of risk events from millions of structured and unstructured data points every single day.
ComplyAdvantage has four global hubs located in New York, London, Singapore and Cluj-Napoca and is backed by Goldman Sachs, Ontario Teachers’, Index Ventures and Balderton Capital. Learn more at complyadvantage.com.
Novo Platform, Inc. (“Novo”) is the powerfully simple banking platform for small businesses. To learn more, visit www.novo.com.
Novo is a fintech and not a bank. Novo acts as a service provider to Middlesex Federal Savings, F.A., and the deposit and banking products obtained through the Novo platform are provided by Middlesex Federal Savings, F.A.; Member FDIC.