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Amsterdam’s transaction monitoring startup Sentinels partners with Sweden’s Ping Payments: Here’s why

Ping Payments, a Swedish payments services provider, announced that it has chosen Sentinels, an Amsterdam-based AI-powered transaction monitoring platform, to streamline its anti-money laundering (AML) controls. 

Ping Payments (formerly Youcal) had struck an early-stage partnership with Sentinels in October, 2020, when the Dutch company was incubating as part of Slimmer AI. 

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In January, Ping Payments released an updated version of its payment platform, providing greater efficiency and easily customisable payment, invoice and account settlement services for merchant and marketplace customers.

The Dutch company’s AI-driven solution tests new monitoring rules in a no-code sandbox and then deploys those tested and calibrated new rules in real-time.

It also compiles all customer information into one simple profile that can be accessed immediately with minimal training required. 

Ping Payments: What you need to know

Founded in 2017, Ping Payments is the Nordics’ premier payments services provider for modern e-commerce, with a particular focus on marketplaces and platforms. 

It is a fully PSD2 licensed payment institution under the supervision of the Swedish Financial Supervisory Authority (FI) and is regulated to provide its services in the EU/EEA. 

“With compliance across new territories and verticals a requisite, combined with the reality that we had grown beyond our in-house monitoring solutions, the decision to choose Sentinels was easy to make,” says Petter Sehlin, CEO of Ping Payments. 

“Sentinels’ machine learning approach to monitoring transactions allows us to scale our business without being held back by inefficiencies,” he adds.

Sentinels: What you need to know

Founded in 2019 by Joost van Houten, Sentinels is a spin-off of Slimmer AI, a Groningen-based B2B AI venture studio.

Using AI and machine learning, Sentinels helps 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.

The company serves a range of clients, including Mollie, Terrapay, Online Payment Platform, Ginger Payments, and ManoBank.

Joost van Houten, CEO of Sentinels, says, “The financial services space has become increasingly challenging in recent years, making transaction monitoring far more complicated. The operational efficiency demanded in online marketplaces is vital to Ping Payments’ business. Sentinels are delighted to support such a crucial requirement and to ensure the company’s ongoing compliance with AML regulations. Ping Payments is also our first Nordic partner, representing another proud milestone for Sentinels.”

A few days back, Sentinels partnered with Spanish neobank Rebellion Pay to enhance and streamline its anti-money laundering (AML) compliance monitoring and risk profiling functions.

In 2022, Sentinels partnered with London’s B4B Payments, a company that specialises in smart corporate payments and card solutions for businesses, and California-based YouWorld, a fintech solution that enables native payment and currency via gift cards.

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