Loquat Chooses Acuant to Automate and Fortify Anti-Money Laundering Compliance for its Banking-as-a-Service Platform
Acuant, a GBG company and leading identity verification provider, today announced a partnership with Loquat, a Banking as a Service (BaaS) platform for credit unions and local banks. Loquat will leverage Acuant's end-to-end compliance software solutions for automated Anti-Money Laundering (AML), Know Your Customer (KYC), Know Your Business (KYB) and Transaction Monitoring.
Loquat's mobile-first platform provides acquisition and onboarding of small business owners in minutes. Small businesses are local, so Loquat went local, partnering with their banks of choice, credit unions and local banks. Solutions provide speed and efficiency to business banking services delivered through the phone, web, branches or face-to-face.
"Financial services providers are under intense pressure to digitize the paper-based processes traditionally associated with acquiring and onboarding small business customers," said Christina Luttrell, Chief Executive Officer of GBG Americas (Acuant and IDology). "At the same time, fraud is on the rise and compliance with industry regulations is critical. We're excited to team up with Loquat to help credit unions and local banks overcome these challenges and deliver digital financial services with confidence."
The partnership will alleviate the challenges credit unions and community banks face as they work to meet the growing demand for digital financial services, particularly the need to maintain compliance with industry regulations and protect against increasing amounts of fraud while also delivering a customer-friendly experience. In addition to automating compliance with anti-money laundering regulations and minimizing fraud, the powerful combination of Acuant's compliance solutions and Loquat's digital banking platform will enable credit unions and community banks to acquire and onboard customers quickly and securely.
"Acuant and Loquat share a commitment to our customers and the security of their data," said Zarina Tsomaeva, Founder and Chief Executive Officer of Loquat. "With Acuant's industry-leading identity document library and anti-money laundering capabilities in one platform, we are able to deliver superior digital banking solutions that will help small businesses grow."