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June 7, 2017

Form3 teams up with ComplyAdvantage for cross-border payments

By Prasad

Form3, a cloud-based fintech firm, has partnered with London-based startup ComplyAdvantage to further support its payments-as-a-service platform for cross-border payments.

The integration will allow customers to access sanction screening services, politically exposed persons and adverse media information on beneficiaries for payments processed through the Form3 platform.

It will also enable customers to make payment seamlessly in one place through the cloud, while complying with all regulatory requirements.

Under the partnership, Form3 will deploy ComplyAdvantage flexible API to have instant access to data sets on millions of records updated daily using secure machine learning algorithms.

Form3 chief product officer Mike Walters said: “At Form3 we are in continual discussion with clients where the topic of proactive security and compliance is at the top of their agenda. There is a clear need to enhance the entire payment processing experience, including supporting compliance teams.

“Our partnership with ComplyAdvantage solves this problem for sanction and AML screening services by accessing comprehensive data automatically – which is updated in real-time from around the globe and built on smart, proven technology.”

ComplyAdvantage vice president of sales and marketing Stephen Ball said: “A key challenge facing our mutual clients has always been how to integrate RegTech with the payments process quickly and easily, while offering faster payments and a seamless customer experience.

“We are passionate about tackling financial crime and share with Form3 the desire to leverage modern, API and cloud based technology to make a big difference to banks and fintechs.”

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