Payment Rails partners with RegTech company ComplyAdvantage

RegTech 100 company ComplyAdvantage has partnered with Payment Rails, an API-first payouts platform, to strength compliance for faster payments.

The company said the partnership will allow it to facilitate real-time Anti-Money Laundering (AML) and Counter-Terror Finance (CTF) compliance checks to ensure faster payments for their global client base.

It will use ComplyAdvantage’s AI-driven, proprietary AML database to screen merchants as well as transactions for financial crime risk, to ensure the highest standards of compliance are met.

Together the two firms claim they will be able to ‘deliver a superior, seamless onboarding and payment experience for customers, while minimizing risk and helping prevent financial crime’. Manual back-end compliance checks will be able to be fully automated while meeting all global AML and CTF regulations, meaning that no matter the currency, payment method or market, funds can be cleared in seconds.

Payment Rails enables businesses to send payments to any individual or company in over 220 countries, in any currency and to any payment method. Its infrastructure leverages Blockchain and Ripple to optimise treasury and liquidity management, and utilizes AI and machine learning to optimize payment routing.

Tim Nixon, CEO of Payment Rails, said: “We’re excited to be working with ComplyAdvantage for our AML screening to help protect our company and our clients from financial crime and bad actors. ComplyAdvantage fits perfectly with our philosophy of partnering with like-minded innovative tech companies focused on delivering real-time API-first services. With this partnership, our current and future clients can now benefit from ComplyAdvantage’s best-of-bread, AI-driven compliance screening through Payment Rails’ global payments platform.”

Founded in 2014, ComplyAdvantage uses artificial intelligence, machine learning and big data analytics combined with a tailored risk-based approach to help firms not only to manage their compliance and risk obligations but to prevent the occurrence of financial crime.

ComplyAdvantage was recently hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.

Earlier this month, two other RegTech 100 companies were involved in acquisitions. Skyhigh Networks, a provider of cloud security and enablement, was recently purchased by cybersecurity giant McAfee. While Qumram was snapped up by Dynatrace, a provider of digital performance management software.

The full RegTech report can be viewed here: http://regtech100.com/

Copyright © 2017 FinTech Global

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