International Payments as Safe and Fast as Domestic Transfers
Expand your business as the Clearing Institution of choice for foreign financial institutions.
Originating Institutions and disbursers worldwide are hungry for new Clearing Institution choices to support cross-border payments.
Working with Payall, you can fill this compelling need as you derisk your business and automate key internal processes—while growing deposits and creating sustainable incremental revenue.
Derisk and Automate to Satisfy Your Toughest Critics
Put an end to the objections of internal critics and regulators with new processes and technology that eliminate their pain points.
If your compliance officer, chief financial officer or regulator is on your back about your cross-border payments operations, we’ve got you covered.
Unique Capabilities Purpose-Built for Your Needs as a Clearing Institution
Replace makeshift cross-border payments operations with sophisticated intuitive tools developed from the ground up to be exactly what you need to deliver modern Clearing Institution services.
Whether you work with a few or hundreds of foreign financial institutions or you're entering the space for the first time, the Payall platform is purpose-built for your Clearing Institution's needs. Specialty software delivers unique tools for efficient and intelligent administration of your foreign correspondent bank relationships.
Overcome the 'High-Risk' Perception of Cross-Border Payments
Tame the perception of cross-border payments as "high risk" with software and infrastructure that enable you to safely, efficiently and profitably support foreign financial institutions making payments through you.
Payall has transformed the "high-risk" nature of cross-border payments. You have full transparency into disburser and payment details—including data, documents and other artifacts—before payments are authorized. You can even integrate your own custom rules, compliance requirements and standard operating procedures into Originating Institutions’ workflows.
No payment can be authorized unless it passes both the Originating Institution’s and the Clearing Institution's requirements.
Payall further supports minimizing your cross-border payment risk by fully automating your manual risk, compliance and standard operating procedure processes with purpose-built software. In addition to reducing human error (saving time and expense), you’ll have absolute confidence that 100% of the processes you submitted for regulator approval are systemically executed.
And, for the first time ever, you’ll be certain your regulatory documentation fully aligns with your stated practices, eliminating a frequently cited and major exam exception that can cost financial institutions material fines and may even force them to exit cross-border payments.
There’s simply no better way to operate your Clearing Institution business safely and efficiently!
Why Regulators Classify Cross-Border Payments as “High Risk”
Historically, Clearing Institutions haven’t had ready access to information to verify the critical details of cross-border payments, so they’ve had to “trust” their foreign financial institution partners to execute Know Your Customer, anti-money-laundering and other practices to ensure compliance.
But even if a Clearing Institution can access data to substantiate payments prior to processing, there’s no “bank system” to accomplish this! To be clear, no core bank, digital bank or compliance platform enables a correspondent bank in one country to board, execute Know Your Customer and real-time Know Your Transaction on every foreign-initiated transaction from every foreign disburser that isn’t its customer.
This 50+ year-old legacy has forced reliance on foreign Originating Institutions to verify the economic legitimacy of transactions, including disburser details, the source of funds and sanctions checks conducted. And, Know Your Transaction has only been possible post-transaction—after it’s too late to prevent funds getting into the hands of money launderers, terrorists and other criminals.
In addition, Clearing Institutions' internal tasks are largely manual, resulting in a cross-border payments system that’s not only massively dysfunctional but also foundationally weak.
It's these systemic deficiencies that have led regulators worldwide to classify cross-border payments as “high risk.”
Using Payall’s powerful XB Precision KYT™, Clearing Institutions can execute risk rules before payments are processed for prevention, compliance and safety. They also can have real-time access to every payment’s full contextual data and supporting artifacts. And, the core capabilities of Payall’s global, single-shared platform enable full "see-through" (that is, Know Your Customer’s Customers), enabling Clearing Institutions to use this critical data to directly execute their own sanctions checks, electronic ID verifications and the full range of common verifications of the foreign entity.
What’s been keeping you out of cross-border payments?
No ability to execute Know Your Transaction before payment completion.
Using XB Precision KYT™, your custom-configured rules—including the data, documents and artifacts you require—are applied to every payment before execution, so you can decline those not meeting your requirements.
Lack of confidence in foreign financial institutions executing Know Your Customer requirements.
XB Perpetual KYC™ gives you 100% visibility into the data of all business payers—including entity ownership, source of funds and commercial activities—so you can authenticate payment legitimacy and end your reliance on foreign banks’ KYC processes.
No visibility into who the payer is—company owners, officers and directors.
Use XB Click for KYCC™ for instant “see-through” to any payment and retrieve all relevant data, documents and artifacts in real time—including XB Perpetual KYC™ and XB Precision KYT™ details from the Originating Institution, receiving bank or any other participating regulated entity or Payment Channel.
Fear that verification checks weren’t completed.
You have 100% visibility into the sanctions checks conducted by Originating Institutions and the results.
Cost, slow speed and mistakes associated with manual processes.
End-to-end enterprise software and infrastructure automate every part of your cross-border payments business to ensure risk, compliance and operational policies are executed systemically on 100% of the payments you handle.