One of the things you hear about in the x-border payments space is the need to improve the speed, transparency, and cost of these transactions, which on the consumer side (P2P remittance, and C2B) has actually gotten better due to some of the customer experience work done by fintechs. Most of the x-border transaction volume and value, however, is on the B2B side of things, and a huge challenge faced by banks and other service providers in this space are regulatory hurdles around AML.
In this release found at AITHORITY, we see the collaboration between a couple of fintechs to make that challenge easier to handle. ONEPIP, a Hong Kong-based fintech that specializes in comprehensive solutions for money transfer, currency exchange and FX rate services, is adopting a solution from Napier, a 2015 UK-based regtech startup that develops an intelligent compliance platform for AML and trade compliance.
‘RegTech company, Napier, provider of advanced anti-financial crime compliance solutions, has announced that cross-border payment specialist ONEPIP will be using its technology as part of ONEPIP’s upgraded anti-money laundering (AML) controls….Napier’s AI-led Transaction Monitoring, Client Activity Review and Risk-Based Scorecard Review will give ONEPIP a systematic, intelligent review of all its transactions and customer profile data to help identify suspicious activity quickly and easily, creating a robust compliance solution.’
So while we cover the challenges in x-border experiences, with >80% of transaction value in B2B uses, and AML/CTF one of the great regulatory hurdles, Those with interest in the space should be aware of the developments in compliance tech.
Dagian Cheong, Head of Risk Management, said “With over 25,000 transactions worth over USD4.5bn in value since 2016, licensed operations in Hong Kong and Singapore, and planned expansion in the region, automated transaction monitoring has become imperative for the management of the risks in our business….“As one of the fastest-growing FinTechs in the region, ONEPIP is on a continual quest to collaborate with best-in-class technology innovators, to integrate with our proprietary FX management platform, to meet the exacting standards of all our stakeholders, which include regulators and partner banks. We are particularly grateful to the Monetary Authority of Singapore for awarding us with the Digital Acceleration Grant which helped fund this project.”…..Robin Lee, Head of APAC at Napier, said: “Financial services organizations continue to face mounting pressures to ensure that their regulatory compliance measures are constantly up to date and robust enough to identify any potential criminal activity, or face huge fines. With Napier’s advanced and intelligent technology, this can move from being a mandatory duty to a competitive edge. ONEPIP’s new solution enhances its regulatory compliance regime to further strengthen its position as the trusted cross-border payment specialist in the region and beyond.”
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group
