Payment Rails Partners With ComplyAdvantage For AI-Driven AML Screening

Posted by Payment Rails on Nov 29, 2017 10:43:47 AM

Payment Rails, the API-first payouts platform for businesses that enables companies to send fast and low-cost payouts to on-demand workers, suppliers, and employees globally, today announced a partnership with AI-driven RegTech, ComplyAdvantage. The partnership will allow Payment Rails to facilitate real-time Anti-Money Laundering (AML) and Counter-Terror Finance (CTF) compliance checks to ensure faster payments for their global client base. This follows the news last month that ex-President of PayPal, Scott Thompson, joined the Canadian FinTech as investor and board advisor.

Payment Rails 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. By offering the very best in modern API technology, the two firms can deliver a superior, seamless onboarding and payment experience for customers, while minimizing risk and helping prevent financial crime. ComplyAdvantage’s flexible, powerful API allows for the manual back-end compliance checks to be fully automated while meeting all global AML and CTF regulations. This means no matter the currency, payment method or market, funds can be cleared in seconds and Payment Rails customers can get back to business.

ComplyAdvantage CEO, Charles Delingpole said: “We’re thrilled to be working with Payment Rails, who share our innovation ethos and recognize the potential of next generation technology and APIs to improve the everyday life for their customers. Operating in a multi-jurisdictional environment can raise complex regulatory challenges for FinTechs who are scaling rapidly. We look forward to helping protect their next generation payments infrastructure and global banking network from financial crime as they grow.”

Payment Rails CEO, Tim Nixon 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-breed, AI-driven compliance screening through Payment Rails’ global payments platform."

 

Tags: Compliance