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May 16, 2022

Ghana’s BigPay taps Azentio to enhance transaction monitoring

Ghana-based global digital payment solutions firm BigPay has teamed up with Singapore-headquartered technology firm Azentio Software to enhance the transaction monitoring process.

The partnership will see BigPay leverage Azentio’s Financial Crime Detection and Management Solution (FCDMS) Amlock.

Through an online workflow system, Amlock will group accounts belonging to a customer and look into all transactions and the underlying alerts under a single case ID.

BigPay said that its business challenges increased due to multiple formats of transactions received from a number of sources, including mobile wallets and banks.

The firm has also been finding it difficult to link customers to their transactions as customers uses different payment modes and accounts.

Amlock’s customer link-up feature will enable BigPay to associate accounts of a customer in multiple banking institutions and mobile wallets.

BigPay has existing partnerships with money transfer operators (MTOs), including World Remit, Ria Money Transfer, Western Union and others to process payments.

The firm plans to further expand its partner ecosystem, tapping Amlock’s scalability to monitor payments and deliver relevant alert notifications based on the underlying rules library.

Moreover, Amlock’s case workflow enables the grouping of different alerts about a customer for a holistic review of any suspicious activity.

This will help BigPay to comply with regulations and guidelines issued by the Bank of Ghana and Ghana’s Financial Intelligence Centre (FIC) and adhere to the Anti-Money Laundering (Amendment) Act.

In addition, Amlock generates suspicious transaction reports (STRs) in line with Ghana’s regulatory requirements.

Azentio CEO Tony Kinnear said: “I am sure Amlock’s advanced features including its online case workflow tool, will help BigPay ensure precision in maintaining customer records and improved management of the related risks throughout the complete customer lifecycle.”

BigPay managing director Issac Tetteh added: “We can attest to Azentio project team’s professionalism and creativity in providing us with the needed support. Their dedication and commitment to complete the project successfully has been remarkable.”

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