Form3 Partners With ComplyAdvantage to Further Support Sanctions Screening And Security

Form3, the cloud based end-to-end secure standard for global payments processing, today announced the partnership with ComplyAdvantage, the specialist provider of AI-driven risk data and compliance technology. The deal will further enhance the Form3 Payments-as-a-Service platform with powerful sanction screening services for cross-border payments. This will allow clients to access sanction screening services, PEP (Politically Exposed Persons) and Adverse Media information on beneficiaries for payments processed through the Form3 platform.

With security at the top of the agenda for compliance professionals it is essential to access real-time quality and relevant Anti-Money Laundering (AML) risk data. However with outdated technology, multiple systems and unreliable data, firms need a better way to control AML risk exposure. The partnership with ComplyAdvantage and Form3 will allow clients to access everything they need to make and receive payments safely, quickly and easily in one place via the cloud, whilst being confident they are fulfilling regulatory requirements and safeguarding their reputation. .

By integrating the ComplyAdvantage flexible API, Form3 clients will have instant access to data sets on millions of records updated daily utilising secure machine learning algorithms, combined with highly configurable screening parameters to help them comply with regulatory requirements.

Mike Walters, Chief Product Officer at Form3, says: “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”.

Stephen Ball, VP of Sales and Marketing at ComplyAdvantage, said: “We are delighted to be working with Form3. 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”.

Author: Jason Williams

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