Berlin, Germany, 1 July 2021 - Fraugster, a German-Israeli AI company and Elucidate, a financial crime risk scoring platform, today announced their collaboration to provide customers access to global sanctions list including individuals, corporates and countries to help merchants, payment companies and partners to meet regulatory requirements and compliance measures.
Financial crime (FinCrime) not only endangers companies' balance sheets, but also their reputations and long-term profitability. The World Economic Forum reports that FinCrime is a trillion-dollar industry that takes an enormous social and economic toll on the lives it touches. Recognising that only a unified approach can address this challenge, Fraugster has teamed up with Elucidate to deliver on the promise of their recently launched open AI platform approach which bundles the best of breed within the ecosystem and allows world class technology vendors to join forces across domains.
Customers requiring access to Global sanctions lists normally need to sign up to multiple providers which is timely, costly and inefficient. A seamless integration will enable Fraugster’s customers to have access to multiple lists which will allow them to tackle fraud on a global scale.
Fraugster Co-CEO Christian Mangold states, “We are pleased to be partnering with Elucidate as several of our customers are encountering AML and organised FinCrime use cases, which can become complicated to solve if integrations are required with multiple lists. Our collaboration will provide our customers with global coverage in their fight against fraud.”
Filipe Garcia, Elucidate Co-Founder says, “We are delighted to team up with another Berlin deeptech company to address a global, and complex problem. This addition will bring our solution to Fraugster’s customers through a seamless integration and is a step in the right direction in terms of joining up services for end customers.”
Elucidate is a Berlin based Fincrime company and the only regulated, universal benchmark for the quantification and scoring of financial crime risk. They believe that bringing greater transparency to financial crime risk will bring about a paradigm shift that offers a possibility to meaningfully reduce financial crime, including money laundering, terrorism, organised crime trafficking, poaching and tax evasion. Elucidate is backed by Frontline Ventures and 11.2 Capital.
Fraugster is a Berlin based payment security company. Their purpose is to enable the world's leading merchants, global payment companies like Worldline and Ratepay to intelligently manage the impact of fraud to minimise the costs of fraud, maximise revenue and improve customer experience. Fraugster has developed one the most accurate AI fraud prevention solutions on the market and are backed by some of Europe's most reputable deeptech investors from Earlybird to Speedinvest, CommerzVentures and Munich Re Ventures.
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