Nvayo, an electronic money issuer (EMI) serving ultra-high-net-worth and underserved clients, has chosen to use PassFort’s KYC solution for customer onboarding.
According to PassFort, its solutions will enable Nvayo and its affiliates in the PMA Media Group to comply with complex international regulations while creating seamless onboarding experiences across global operations to serve customers globally.
As clients can open multi-currency accounts, access prepaid cards complete transactions through the portal, the management of its KYC and anti-money laundering procedures are crucial.
PassFort said that tailored onboarding workflows will be orchestrated by PassFort to put Nvayo’s and its affiliates customers at the heart of due diligence processes.
Nvayo mentioned that PassFort was chosen for its ability to help it meet its complex compliance requirements and support its goal of creating customer-centric experiences that are tailored to meet individual needs as well as AML regulations across different jurisdictions.
PassFort head Donald Gillies said, “The PMA Media Group, which includes Nvayo Limited and CoinX Inc, has several regulated businesses across the world, which creates complexities when it comes to AML compliance. Furthermore, with such a unique client base, predominantly in the US and the UK, covering multiple jurisdictions, PassFort can offer a flexible, automated approach to the company’s specific AML needs, which solves these complexities while delivering the kinds of onboarding experiences its customers expect.”
Nvayo global chief compliance and risk officer and MLRO Willem Wellinghoff added, “We want to ensure our customers can engage with our products quickly, but at the same time we need to manage and assess risk. As we scale and grow our business, the PassFort solution will help us deliver seamless onboarding for customers, with the right amount of friction to prevent bad actors from gaining access to our services.
“It’s vital our customers have confidence that we’re the right partner for managing their wealth and lifestyle services securely. Our technical team needs to focus on innovating our financial and lifestyle products for customers, not on developing compliance solutions.”
Copyright © 2018 RegTech Analyst