Currencycloud in partnership with compliance innovation company Lucinity


Lucy Ingham
Lucy Ingham
Head of Content
Lucy is Head of Content at FXC Intelligence, overseeing all content and taking deep dives into the trends and data driving changes in payments. Before joining FXC Intelligence, Lucy worked as a… Read more
  • Currencycloud, a business-to-business (B2B) international money transfer provider, has struck up a new deal with compliance innovation company Lucinity to use ‘actor intelligence’ for risk analysis.
  • The move comes after Currencycloud was purchased by Visa in a deal worth around £700m.
  • “Lucinity will help us on our journey towards basing intelligence on customer behaviors. Understanding how they are using our platform – and perhaps more importantly – why they behave in the way they do,” said a Currencycloud spokesperson.

Currencycloud, a leading provider of B2B international money transfers, has confirmed that it has signed a deal with a compliance innovation firm.

The company agreed the deal with Lucinity, which uses ‘actor intelligence’ to gain an understanding of risk.

Lucinity’s risk scoring is designed to help Currencycloud combat financial crime.

It does this by allowing a close and simpler analysis of customer risk profiles.

Lucinity describes itself as a “Human AI” provider that uses both artificial and human intelligence.

In a statement, Lucinity’s founder and chief executive officer Gudmundur Kristjansson said that he thought that the two companies would work well together.

Kristjansson said that he was “convinced that the intersection between man and machine is the most exciting field in compliance today”.

He went on to say that the new offering would result in strong efficiency and productivity gains when it comes to compliance.

“Translating complex intelligence into information that is valuable and useable will bring immense productivity gains to various compliance fields, and that is where we excel,” he said.

Tanya Ziv, Currencycloud’s chief compliance officer, said that the work done by Lucinity so far would help to give the firm’s compliance a boost.

She added that it would allow customer behaviour to be placed at the heart of what organisations do and would help them to learn about their customers.

“Lucinity has built a brilliant solution that will support us as leaders in compliance. The compliance world has moved on from thinking customer intelligence is the initial information gathered from a customer,” she said.

“Lucinity will help us on our journey towards basing intelligence on customer behaviors. Understanding how they are using our platform – and perhaps more importantly – why they behave in the way they do.”

The latest pairing comes after Currencycloud was snapped up during a £700m purchasing deal by global financial services organisation Visa.

The purchase came after the two firms experienced a long period of working harmoniously together and was designed to help give global money movement a boost.

Currencycloud is known for its use of application programming interfaces (APIs), which are used to give financial services providers the chance to exchange currency.

To get more details on what the different parts of the online money transfer sector can do, head over to our reviews pages.

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