The digitization of finance through technology is a revolution that is bringing about fundamental changes in the ways of carrying out transactions. FinTechs are pressuring banks to provide cheaper, faster payments and taking their deposits with wallets and stable coins.
Digitization has changed banking. Decision makers must act to stay relevant. Business is now global for SMEs and individuals. Most domestic banks are concerned about the increased fraud prevention and compliance requirements for cross border payments and foreign currency deposits (FCA).
Traditional correspondents are de-risking, reducing their ability to provide third party payments processing and requiring enhanced KYC which is too onerous for small banks. The knowledge required for global local payment clearing is scarce requiring scale for STP. Customers have no visibility in the payment status causing unnecessary investigations.
The Global Payments product offers risk adjusted compliance shareable with participants in the payment chain, KYCsynchedTM. WorldKYC destination country payment validation ensures the highest level of compliance and STP. Our unique SWIFT GPI tracking ID reduces or eliminates investigations.
Global payment platform is fully integrated with the FX platform and World KYC in order to ensure compliance, regulatory reporting, and FCA settlement. Standard APIs with SWIFT, fed wire, but also crypto currencies, stable coins, and other digital currencies and loyalty points. Our blockchain API brings near instant funding with stable coin settlement.
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