Payments giant Visa and regulatory compliance services firm W2 have teamed up to launch enhanced compliance solutions and tools for Platinum and Infinite business cardholders in the UK.
The partnership will enable businesses operating in regulated segments, such as fintech and accountancy firms, with Visa Platinum and Infinite business cards to access W2’s customer onboarding and monitoring compliance solution.
This solution will allow Visa Platinum and Infinite business card users to enhance the management of compliance matters through a single access point.
It is also expected to help businesses easily navigate strict regulations laid out by the UK’s Financial Conduct Authority (FCA).
W2 CEO and co-founder Warren Russell said: “We are absolutely delighted to be able to offer W2’s services to Visa Infinite and Platinum cardholders in the UK. We have certainly seen a shift in the past few years from businesses carrying out manual compliance, to having the requirement to automate onboarding and ongoing monitoring of customers.
“We are looking forward to being able to demonstrate the value of W2’s single access point and how it can dramatically reduce customer drop-offs within onboarding, as well as saving users time and revenue by removing the need for manual intervention.”
W2’s single compliance platform is said to currently provide onboarding and monitoring transactions to more than 100 clients in fintech, payments, gambling, cryptocurrency and other regulated industries.
In 2020, Turkish payment services provider Paladyum Electronic Money and Payment Services partnered with W2 to enhance the digital on-boarding process for its customers in the UK.