Amsterdam-based Sentinels, an AI-powered transaction monitoring startup, announced today that it has partnered with California-based YouWorld, a fintech solution that enables native payment and currency via gift cards.
YouWorld – Connect to shoppers via mobile wallets
Founded in 2016 by Xiuxiu Zhao and Yuanbo Wang, YouWorld aims to provide a cross-border digital banking experience at users’ fingertips. It allows individuals from developing countries to shop easily in card-linked countries (US, Canada, and European Countries) by simply using their existing wallet loaded with local currency (Alipay, WechatPay, etc).
The solution doesn’t require any merchants to upgrade their payment system nor change their payment flow. Its technology allows easy implementation of Chinese mobile payments, requires no workflow changes for retailers, and ensures zero fraud.
YouWorld claims to help brands reach high value customers and guarantee store visits that generate $3M+ monthly sales.
Why the partnership?
The partnership will help Sentinels to develop its anti-money laundering (AML) and transaction monitoring platform. And YouWorld will be able to remain compliant more efficiently as their high volume of transactions keeps growing.
Speaking on the development, Bo Wang, CEO of YouWorld, says, “We’ve been looking for an AML and transaction monitoring partner that would not only understand our compliance obligations but most importantly our business needs. Sentinels has both the right expertise and in-house technology that will help YouWorld support its next growth stage.”
As YouWorld adds new payment functionalities, the company is being met with increased AML compliance obligations. Using the Sentinels platform, YouWorld will be able to combine information from different data silos and make faster and better-informed decisions about suspicious transactions.
“We are very excited to support YouWorld in their rapid growth stage by providing the ability to fight financial crime on a large scale. We look forward to the partnership as we start serving our first customer for the Asia-Pacific region,” adds Joost van Houten, CEO at Sentinels.
A data-driven transaction monitoring platform
Founded in 2019 by Joost van Houten, Sentinels spun off from Slimmer AI, a Groningen-based B2B AI venture studio. Using AI and machine learning, Sentinels helps fast-growing fintechs, payment service providers, remittance companies, and (challenger) banks manage risk and fulfil their compliance obligations.
The platform monitors transactions, builds rich behavioural profiles, detects a wide range of suspicious activity, and automatically generates recommended next steps – saving time and effort for compliance teams.
Joost van Houten says, “Never has there been a more critical time for businesses to bolster their transaction monitoring systems. We predict an increased demand for AI-driven risk management services as digital payments rapidly increase and regulators intensify their focus on preventing financial crime.”
Sentinels is ISO 27001 certified and was designed and developed to meet the strictest regulatory requirements in Europe. The company serves a range of clients including Mollie, Terrapay, Online Payment Platform, Ginger Payments, and ManoBank among its roster of clients.
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