Fast Deployment of Beam's AML Compliance Solution Helps Wise Launch its Banking Platform

SAN FRANCISCO, June 10, 2020 /PRNewswire/ -- Beam Solutions announced today that Wise, a fintech that provides digital banking with integrated payments to modern small businesses, has successfully deployed Beam as its anti-money laundering compliance solution.

"We needed to satisfy the AML compliance requirements of our sponsor bank before we went live," said Wise CEO Arjun Thyagarajan. "We were impressed by Beam's experience and expertise in compliance, and their cloud-based, unified AML platform was exactly what we needed and cost less than other vendors."

"Like so many fintechs, Wise had to find an AML solution fast," said Beam CEO and co-founder Ben Duranske, who previously led payments compliance at Facebook. "Wise was able to get up and running in weeks and could launch their product without delay. We are very happy to be part of the Wise ecosystem as they transform banking for small businesses."

To learn more about how Beam solves AML challenges for fintechs, read the Wise case study.

About Beam Solutions
Beam Solutions provides the leading cloud-based anti-money laundering (AML) compliance platform. Beam's secure, rapidly deployable solutions help organizations safeguard the financial system against criminal activity and protect themselves from reputational risk. Designed by compliance industry veterans, Beam's platform includes transaction monitoring, Know Your Customer (KYC), sanctions screening, identity verification (IDV), case management, suspicious activity reporting (SAR), and more.

About Wise
Wise is a fintech providing digital banking with integrated payments to modern small businesses. The startup aims to become an indispensable small business banking and payments service. Customers can receive payments, manage their cash, and pay employees & vendors all via Wise's app. The solution includes an FDIC insured checking account and a Visa debit card, both offered through its banking services provider BBVA USA. Payments services are provided in partnership with Stripe. Wise was founded in December 2018, and in April 2020 they closed a $5.7 million seed round led by Base10 Partners.

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SOURCE Beam Solutions