PaySend adds KYC and risk management tech from 4Stop
Moving money with international money transfer platform PaySend just got a lot more secure, reports David Penn at Finovate. German know your customer (KYC) and anti-fraud technology solutions provider 4Stop has integrated its KYC, compliance and risk management technology with the company’s platform.
4Stop leverages hundreds of global KYC data sources, as well as a multi-faceted rules engine, real-time monitoring, rich database management, and data science to provide maximum, real-time KYC coverage. The company says its platform also enables businesses to future-proof their technology by activating any required KYC for compliance as regulations are updated.
Headquartered in Malta and founded in 2015, PaySend leverages a global banking network – as well as partnerships with Visa, MasterCard, and UnionPay – to enable financial institutions to participate in a network that simplifies remittances, tokenises card data in demand for social-based transfers, and decreases the cost of sending money.
Earlier this month, PaySend was shortlisted in the Best Consumer Payments category of the PayTech 2018 Awards. In 2018 alone, the company has launched its service in the UAE, Canada, Mexico, and Israel – with more than 50 countries now able to receive PaySend transfers. More than 100,000 people currently use its service.