New Product Suite Reimagines How Compliance Work Can Get Done, Allows for Better Informed, More Strategic Decisions
Hummingbird RegTech, a compliance CRM platform, today announced the launch of the Investigation Canvas for compliance professionals. The launch of the Investigation Canvas follows a recent $30 million Series B raise, and partnership with Chainalysis. The Investigation Canvas, a year in the making, is an entirely redesigned workspace that solves observed issues compliance teams face, including the need for greater collaboration between teams. It improves the utility of data presented, and presents a more natural and seamless way of ingesting and parsing complex financial crime investigations.
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“My staff of BSA experts keeps track of a fluctuating amount of flagged transactions per month, about 3,000 to 4,000, on everything from ACH and loan payments to debit and credit card transactions”
Companies will now have the ability to bring in multiple external data sources to give users a more holistic picture of crime and fraud. These external data sources can range from public and criminal records to datasets and dark web research. The product refresh will empower analysts and investigators to make informed, strategic decisions about the best approach for each case.
“The Investigation Canvas and brand relaunch is the culmination of years of learnings,” said Joe Robinson, CEO of Hummingbird. “Through our discussions, we realized the need for a massive reduction in the amount of paperwork and the processes required to get to complex cybercrime cases. Understanding this pain point, the team began to explore how to drive greater efficiency in reporting, and how to fill the holes in the marketplace that could begin to be plugged through easily digestible, robust, and collaborative data. Working closely with expert investigators we were able to design curated tools to stimulate an investigative mindset. We believe the Investigation Canvas will usher us into the next era of the financial industry rooted in innovation. ”
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Since Hummingbird’s initial launch in 2017, the world of finance has become infinitely more complex, and there is a renewed focus on how money moves – and what money means. After working with major startups and public companies such as Brex, Stripe, and Etsy, Hummingbird has learned a substantial amount about what companies are looking for in case management and SAR reporting. The investigation platform is the culmination of this journey, marking a new way to investigate financial crime – one that recognizes the need for richer context and increased collaboration.
“My staff of BSA experts keeps track of a fluctuating amount of flagged transactions per month, about 3,000 to 4,000, on everything from ACH and loan payments to debit and credit card transactions,” said Andrew Stines, chief risk officer of Coastal Financial. “I’m the one who really owns the risk, and Hummingbird is more forward-thinking and more in tune with digital and fintech services than traditional players in the space.”