In our Ones to Watch section, we highlight some of the top up and coming businesses in Ireland. This week we feature Corribpoint.
What is it?
Akula is a cloud-based anti money laundering transaction monitoring and management platform designed to help financial institutions comply with EU AML legislation.
Currently, all financial institutions have to meet the same legal obligations in relation to anti-money laundering (AML) and countering of terrorist financing, regardless of their size. Smaller financial institutions rely on largely manually processes to identify and manage suspicious financial transactions.
However, with increasing transaction volumes and complexity these manual monitoring processes are placing a real strain on organisation resources and are no longer fit for purpose. As a result smaller financial organisations are exposed to potential prosecution and fines from the regulator.
The Akula platform automates AML transaction monitoring and management quickly and at a fraction of the cost of the manual processes.
Who’s behind it?
Corribpoint was co-founded by Caitriona McGuckian CEO and John Rushe CTO in 2016. Both John and Caitriona have backgrounds in designing and delivering enterprise software solutions into financial services.
They have partnered with a team of Galway based Risk and Compliance specialists to build their AML platform.
How is it funded?
Corribpoint receive pre-seed funding from Enterprise Ireland and NDRC, but it is now largely funded through the organic sale of the Akula platform into the credit union market in Ireland.
The company’s has developed an interface with Progress systems who provide 70% of the Irish credit unions with core banking software.
Since its launch in June, demand for the Akula platform among credit unions is very strong.
Now that Akula has proved itself in the marketplace, Corribpoint is now setting its sights on other sectors within financial services.
Any regulated financial organisation that processes financial transactions is a potential customer for the Akula AML platform.