industry technology leaders combine to eradicate FinCrimes

SEATTLE, Oct. 6, 2022 —Velocity FinCrime Solutions Suite, solutions platform company serving financial institutions, has entered into a strategic partnership with Nominodata, which provides software and comprehensive data services that support the AML, money-laundering, HIDTA HIFCA, and financial industries dealing in fraud, human trafficking detection, and compliance. Combined with the Velocity FinCrime Solutions Suite AI and machine learning driven Velocity FinCrime Solutions Suite platform, this partnership brings together two influential service providers with the common goal of leveraging their combined expertise for delivering best-in-class innovations and productivity-boosting solutions to better eradicate financial crime.

“Identifying businesses and individuals who commit financial crimes requires a continually evolving solution suite and current, high-quality data,” said Richard Paxton, Chief Executive Officer of The Velocity FinCrime Solutions Suite. “Our Velocity FinCrime Solution Suite paired together with Nominodata’s comprehensive, global database not only enhances our solution, but propels us ahead of the competition, and more importantly, gives us a significant advantage in our fight against financial crimes.”

According to a report conducted by Lexis Nexis in 2021 that studied the costs of financial crimes compliance found that the total projected cost of financial crime compliance in the U.S. and Canada for 2021 was $49.9 billion (USD), a 19 percent increase from 2020, and a 58 percent increase from 2019. The report’s summary states that the “digital transformation is a game changer for financial crime compliance operations. It requires a more sophisticated, multi- layered solution approach to mitigating risk and ensuring compliance.”

“This is an exciting partnership for Nominodata, our unique datasets when combined with the Velocity platform creates a leading-edge solution. Our partnership offers a unique value proposition allowing our customers to do more with less cost overhead. This integration demonstrates that our nimble approach and low cost data services really are a game changer for technology companies like Velocity FinCrime Solutions Suite” said Al Macdonald Founder/CEO of Nominodata.

About Nominodata
NominoData is a solutions company formed to help clients with worldwide identity, compliance, and risk management issues associated with modern day commerce. Our team leverages their expertise into innovative and productivity-boosting solutions that revolutionize their field. NominoData supplies both plug-n-play and integrated software solutions supporting the AML, money-laundering, HIDTA HIFCA, and financial industries dealing in fraud, human trafficking detection, and compliance.