Automated KYC for Payment Service Providers
As with most regulated industries, payment service providers have their own specific challenges with supply chain and vendor due diligence, adverse media screening as well as customer onboarding and monitoring. Isolating the relevant data for complex entities is a common pain point for compliance teams at payment companies who need to become more efficient with their time.
Arachnys understand some of the challenges payment service providers face and can offer them cloud-based solutions that align with their risk policy, provide adverse media screening and due diligence tools, automate manual processes and reduce duplicative and manual work across their global compliance teams.
Backed by unparalleled global data sources, we provide the tools to help you automate and accelerate manual effort in supply chain due diligence, customer and vendor onboarding, monitor adverse media and mitigate reputational risk.
Industry Problems
European Payment Service Providers need to adhere to both the EU’s Payment Service Directive (PSD2) and elements of the Fifth Money Laundering Directive (5AMLD).
Payment providers need to be able to rapidly do enhanced due diligence on third parties in any country and language, share their research internally and provide an audit trail.
Recent scandals in the payments industry mean providers need real-time adverse media monitoring capabilities to across the world to mitigate reputational damage.
Arachnys Solutions
Automated AML & Investigations
Automated KYC & Onboarding
Automated Enhanced Due Diligence
We channel data into your ecosystem
We act as a single lens, accessing and enriching the best KYC & AML data from global sources, which connects your compliance ecosystem to the data you need to make more confident compliance decisions.
Benefits
Features
The due diligence challenge for the payments industry
With the payments industry betting big on modernisation, cloud computing, mergers and acquisitions and collaboration with other industry players, there also comes a need to play it safe by conducting due diligence whenever they bring onboard new business customers to combat payments fraud and to enforce anti-money laundering.
Q&A with Gregory Dellas, Chief Compliance & Innovation Officer at ECOMMBX
In our continuing series of the FinCrime Files, we caught up with Gregory Dellas, Chief Compliance & Innovation Officer at ECOMMBX, a digital banking, electronic money and payments provider, on his top challenges in fighting financial crime and how technology can help.
