TransferMate Global Payments Picks RegTech Company ComplyAdvantage

ComplyAdvantage, a London-based global data technology company transforming financial crime detection, announced yesterday that TransferMate Global Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, one of the leading global B2B-payments technology solution providers, has selected the company’s customer onboarding, transaction screening and monitoring solutions.

In the official press release, ComplyAdvantage highlighted the need for efficient AML and risk screening solutions in the growing global financial sector. ComplyAdvantage offers various services for financial Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term. According to the company, more than 800 enterprises around the world are using the services of ComplyAdvantage.

However, TransferMate has seen a surge in the overall demand for its B2B payment technology solutions in the last few months. Headquartered in Ireland, TransferMate is a subsidiary of Clune Technology Group founded by Terry Clune.

Commenting on the latest announcement, Simon McFeely, Chief Compliance Officer of TransferMate, said: “We selected ComplyAdvantage as they share the same vision as us to use ‘compliance as a competitive advantage’, and they support our mission to develop dynamic rules tuned to specific inherent vulnerability scenarios, ultimately providing better customer service while keeping the bad guys out of our global payments infrastructure. It’s great to know that we have a risk management solution designed to keep pace with our rapidly growing business demands.”

AML and Risk Detection

During the recent announcement, ComplyAdvantage mentioned that the company offers an intelligent hyper-scale approach to AML and risk detection powered by its proprietary data graph called ComplyData.

"We are excited to be partnering with TransferMate, a powerhouse in the world of B2B cross-border payments. Clearly, their team values the importance of rigorous risk management solutions which in our highly regulated environment is a strategic imperative. Now by working together, we can help reduce the risk of financial crime so that TransferMate can transact with trust and grow with confidence,” Charles Delingpole, Founder and CEO of ComplyAdvantage, said in the press release.

ComplyAdvantage is backed by Goldman Sachs Growth Equity Fund.