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Payment service providers

The balancing act for speed and compliance

Payment service providers are essential for financial systems, enabling transactions among customers, businesses, and banks. With every money transfer, there is also a potential risk of money laundering and terrorist financing. Take proactive measures to protect your payments business and build customer confidence in every transaction.

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The rise of payment complexity

Key actors in the financial system are under the spotlight for financial crime, where payment processing is a common target for illicit activities. Regulators are increasingly paying attention to the payments industry.

Payment service providers are subject to various legislations, such as PSS Payment Services Directive 2 (PSD2), Market in Crypto Assets Regulation (MiCA), and the 5th Money Laundering Directive (5MLD). The added complexity of following rules and regulations is combined with the need for security, transparency, and convenience for users in the payment process. 

This balancing act calls for a strong AML programme that uses robust and reliable technology.

How we help payment service providers

PEP and sanctions screening

Screen your customers regularly and block or report to relevant stakeholders to pinpoint suspicion or potential crime. Use up-to-date, accurate data sources, including politically exposed persons (PEP), relatives and close associates (RCA), sanctions, and UBO information.

Streamline customer due dilligence

To ensure smooth and effective KYC processes, both for new customers and for regular checks, you should establish a secure and simplified process that integrates questionnaires, approval models, and case management in one platform.

Transaction monitoring and customer behaviours

See and monitor suspicious transactions and behaviours that require your attention, both within and outside your payment transactions. Create and configure rules specific to your business to help you detect and identify suspicious activities before it's too late. 

Work smarter and more effective with your AML processes

  • Screen your customers against various watchlists such as PEP and sanctions to remain compliant

  • Automate and collect KYC information during customer onboarding and ongoing monitoring

  • Combine KYC answers with actual behaviours for up-to-date risk profiles

  • Manage customer cases and keep records in one place to avoid duplication of work

  • Work more efficiently in one integrated solution to save time and money

“The transaction volumes that run through our systems are ever-increasing. Therefore, the automation of transaction monitoring using Trapets is essential for us.”
Chief Operating Officer at Modulr
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We contact you

For a demo and more in-depth information, features and pricing about our solutions, please complete the form, and our team will contact you shortly.

Read more about our AML solutions

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    Screening

    Access reliable data sources to check your customers for sanctions, PEP/RCA lists, and UBO information. Concentrate on identifying and managing high-risk customers to prevent the harm of illegal activities to your business.

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    Transaction Monitoring

    Comprehensive transaction monitoring helps you follow regulations, detect suspicious activity, and streamline your AML processes.

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    Customer Due Diligence

    Effortlessly onboard customers with customisable customer due diligence solutions. Create, manage, and store KYC questionnaires in one place.