TORONTO and NEW YORK, July 6, 2020 – Apt Pay, a Canadian Fintech which enables digital payouts to be sent on multiple rails, today announced its partnership with ComplyAdvantage. The partnership will enable Apt Pay to build a best-in-class operation using ComplyAdvantage’s suite of financial crime detection tools ahead of Apt Pay’s launch this summer.
The partnership allows Apt Pay to power payment services for businesses across a network of connected financial institutions and combined payment rails while screening for anti-money laundering (AML) and anti-terrorist financing (ATF) obligations designated by FINTRAC and other regulatory bodies. ComplyAdvantage’s suite of financial crime detection tools seamlessly integrates into Apt Pay’s workflow, maximizing straight-thru-processing while reducing risk.
“ComplyAdvantage’s vision is to take on and neutralize the risk of money laundering, terrorist financing, corruption and all other global financial crimes,” said Vatsa Narasimha, COO of ComplyAdvantage. “We are confident our global, connected database powering world-leading financial crime detection tools will be able to provide a scalable solution for Apt Pay as they expand across Canada.”
Apt Pay’s platform allows payouts to be made to customers seamlessly in real time, safely, and without friction. Looking for innovative partners, ComplyAdvantage’s products allow Apt Pay to screen transactions with the speed and efficiency necessary to provide best-in-class payment processing.
“Apt Pay has the vision of a simple, safe and secure transaction. We have taken the processing of a payment and sped it up, so that in an environment like Covid, where everyone needs their money in real-time, they can actually get it. No more having to wait 2-3 days for a payment. Apt Pay has partnered with ComplyAdvantage to make compliance a seamless process. ComplyAdvantage empowers us to comprehend the real risk of who we’re doing business with, and helps us prevent risk events occurring within our payments ecosystem” said Suganthan V. Krisnarajah, Chief Executive Officer of Apt Pay.
For more information on Apt Pay, please visit aptpay.ca. For more information on ComplyAdvantage, please visit complyadvantage.com
About Apt Pay (https://www.aptpay.ca)
Apt Pay’s Digital Payment Hub powers payment services for businesses across a network of connected financial institutions and integrated payment rails. Apt Pay provides solutions for the growing payout needs of a broad range of industries, today and into the future. A system where payouts are made to customers seamlessly, without friction, safe and in real time.
About ComplyAdvantage (https://complyadvantage.com)
It is estimated that trillions of dollars are laundered annually funding financial crime and yet less than three percent is ever caught. ComplyAdvantage’s vision is to take on and neutralize the risk of money laundering, terrorist financing, corruption and all other global financial crimes by providing the world’s only dynamic global risk database of people and companies. Powering a suite of configurable cloud services, ComplyAdvantage integrates seamlessly to help automate and reduce the frustration of complying with Sanctions, AML, and CFT regulations.
Founded in 2014, ComplyAdvantage works with over 500 enterprise clients across 75 countries. Backed by Index Ventures and Balderton Capital, ComplyAdvantage has four global hubs in New York, London, Cluj-Napoca and Singapore.