SendFriend, a business to business (B2B) payments firm, has purchased US-based compliance provider DigiPli.
DigiPli’s anti-money laundering (AML) model has been designed to help financial institutions to develop, implement and manage an end-to-end customer onboarding process.
The model incorporates a package of various systems, staffing and tools.
The latest deal helps SendFriend to integrate its cross-border payments solutions with SendFriend’s AML model to include new features related to compliance.
This will also help the firm to strengthen its current platform to offer an improved payments-as-a-service offering as well as minimise risk for non-US companies that are willing to send and accept international payments.
Financial and other details of the deal were not divulged.
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SendFriend CEO and co-founder David Lighton said: “This acquisition brings another level of automation and technology to our sanctions screening and AML controls.
“Our clients and sponsor banks will take comfort in our enhanced technology offering as we continue to scale our platform in 2023.”
SendFriend, which leverages blockchain to settle payments, primarily caters to banks and financial institutions that are looking to access the US market.
DigiPli CEO Jeff Horvath said: “DigiPli was informed by decades of experience in compliance and international regulation.
“We developed our tech specifically to make it easier for fintechs to meet their compliance obligations and are excited it’ll be incorporated into SendFriend’s cutting edge payment infrastructure.”
Horvath will continue to be a part of the firm as an advisor, following the latest acquisition.