PayServices, a U.S. based financial institution, has created a universal and multilingual banking compliance process for verification of identities of persons and organizations. This process, now offered as a service to other institutions, is an AML (Anti-Money Laundering), KYC (Know Your Customer) and GRC (Governance Risk Compliance) compliant process with global sanctions schemes and regulations.
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PayServices is not a lender or creditor. PayServices is on a mission to provide state of the art financial infrastructure compliance tools and platforms to complement existing operations.
As a financial institution ourselves, we are held to a higher standard. All our processes were designed and approved by the regulator to use legacy and modern realtime technologies to the full extent of the times and needs.
We understand the challenges faced by financial institutions and because we have overcome those with incredible technology, we are now extending this know-how and capability as a service to other institutions.
According to the Global True Cost of Compliance 2020 report, the projected total cost of financial crime compliance across financial institutions worldwide is
Banks' profit center is the credit and securities, not the fund transfers department
When looking at a traditional bank's balance sheet, the credit and securities department is a profit center, whereas the fund transfers department is a cost center.
In the US & Canada alone, banks spend per year on average $31.5 Billion USD on AML/KYC/GRC while transferring funds to verify identities and compliance with sanctions schemes and regulations.
While financial institutions are required to meet certain banking compliance regulations from a financial perspective, in this day and age, businesses have the same standards from an operational perspective to be responsible and proactive. By addressing the compliance aspect of a business transaction on a proactive manner, corporations are further protecting themselves from exposure, reputation, regulatory risks and financial damages.
Entities face unprecedented challenges when it comes to verifying the identities of the parties and transactions.
PayServices provides organizations with a cloud based dashboard and also with an API to securely validate and receive compliance related information from third parties that give their authorization.
The validations of identities rely on PayServices' own universal compliance engine for accounts verifications and global sanctions schemes and regulations.
PayServices' compliance engine uses artificial intelligence to match identities with meta data available. This could include facial recognition, voice recognition, location based verification, etc.
The PayServices AI compliance component uses the data it receives to constantly improve itself.
While looking at the bank account statement of a traditional bank, it lacks the detailed information describing the reasons and the identities of the parties related to a payment that took place.
Because PayServices' global trade platform standardizes trade related data and links the wallet to the operations, PayServices is capable to deliver a very detailed compliance and assessment package to the parties, such as banks, insurers, brokers, and others, that are involved in a commercial transaction.
Therefore; PayServices provides higher confidence, visibility and transparency on a transaction while delivering non-repetitive data. In other words, PayServices serves as a central repository for standardized trade and compliance related information for the parties involved on both ends of the transaction.
PayServices has the ability to identify specific individuals and organizations under sanctions, rather than doing a blanket countrywide exclusion.
The system provides your organization with the tools to better understand the outcomes of the compliance results provided.
For example: if there was a false positive, and the party was required to provide further information to confirm the false positive, this statistical, historical and detailed data can be made available to your organization for analysis and return on investment measurement needs.
