Update September 29, 2020: Jumio Acquires Beam Solutions’ AML Platform to Deliver the First End-to-End Identity Verification and Compliance Solution
Beam Solutions announced today that it has partnered with LendingClub, America’s largest credit online marketplace connecting borrowers and investors, to provide LendingClub with its new anti-money laundering compliance platform.
“LendingClub is dedicated to ensuring the appropriate use of its platform and the prevention of financial crimes,” said Beam CEO Ben Duranske. “They wanted a solution that would keep them ahead of the curve while remaining low-maintenance and highly secure. Beam was the ideal choice to help them streamline case investigation, reduce false positives, and maximize efficiency.”
He went on to praise LendingClub’s leadership for their forward-thinking approach. “They understand that AML compliance and sanctions screening are critical for protecting their customers as well as their reputation, and that you have to constantly evolve to succeed. By selecting Beam, they are demonstrating their commitment to utilize new technology to mitigate emerging risks. We are excited to be working with such a visionary company.”
About Beam Solutions
Beam Solutions provides the leading cloud-based compliance platform for businesses who need to comply with anti-money laundering (AML) regulations. Beam’s highly secure, accurate, and easy-to-use solutions help organizations safeguard the financial system against criminal activity and protect themselves from reputational risk.
Beam’s platform was designed by compliance industry veterans to address transaction monitoring, Know Your Customer (KYC), sanctions screening, suspicious activity reporting (SAR), and more. The advanced detection engine uses machine learning and enriched data sources to dramatically reduce false positives while catching more harmful activity, and the intuitive case manager provides powerful insights and automated reporting. The result is greatly increased effectiveness and efficiency of compliance teams at financial institutions, fintechs, and marketplaces.
SOURCE Beam Solutions