Peach Payments has teamed up with anti-financial crime platform RelyComply to strengthen its anti-money laundering (AML) and know-your-customer (KYC) compliance capabilities, as well as support its expansion into new African markets.
The move follows the fintech’s acquisition of West African payment network company PayDunya in April, reaching mainland Francophone Africa for the first time as it aims to scale its transaction volumes across the continent.
RelyComply will enable Peach Payments to automate and streamline processes such as verifying customer identities for KYC purposes and monitoring transactions to meet AML regulations.
Peach said with a new platform in place to maintain accurate checks and automated AML, including transaction monitoring, it can uphold existing compliance processes while increasing the quality of services as it manages higher customer numbers and transaction volumes across multiple jurisdictions.
Furthermore, the platform provides a centralised interface for automated payment screening, risk profiling, and real-time reporting.
“This partnership is an enabler for the future, because it helps us to make sure cross-border payments adhere to dynamic compliance requirements across geographies. As a digital AML solution that can scale in line with global best practices, RelyComply’s platform will help us to keep pace with shifting demands from watchdogs, merchants, and customers,” said Rahul Jain, CEO at Peach Payments.
“Our single, unified platform provides the foundation for Peach Payments’ broader AML workflows, enhancing their status as enterprise security leaders in the payments space,” added Bradley Elliott, CEO of RelyComply.
Share
