Compliance & Risk Automation
Payall Compliance & Risk Automation enables Originating Institutions, Clearing Institutions, Payment Channels and Central Banks to automate data and document collection and apply risk rules, standard operating procedures and compliance requirements at a transaction level before a cross-border payment is executed.
This means all parties to a transaction can easily collect, retain and share details that establish payment legitimacy and incorporate their rules and requirements into the authorization stream.
It also gives these entities full visibility into the data, documents and artifacts backing each payment for informed, automated decision making and access to full payment details to breeze through internal audits and regulatory exams.
Whatever your role in cross-border payments, you can individually configure all your requirements into a smooth, one-pass process that's fast, accurate, compliant and harmonized.
XB Qualifying and Boarding: Slash Time, Cost and Human Error While Improving Outcomes
Simplify and intelligently automate the customer qualification and boarding process with digital collection of due diligence documents, projections and other critical data elements.
Mass payers and specialty global disbursers, including fintechs, can replace PDF and Excel checklists with an intuitive self-service experience preferred by customers. Qualifying customers is fast and easy with rules-based routing and approval based on instant retrieval of essential data outside the Originating Institution’s core.
And, at your option, you can incorporate third parties of your choice—such as specialists in risk mitigation, compliance and data sharing—into the decisioning process. Or, you can rely on Payall’s network of specialists.
Payall's Network of Specialists
Our carefully chosen network—ranging from electronic verification (eIDV) firms to biometrics, cryptography and watchlist verification companies to entities that authenticate PDF documents—elevates your decision-making to decrease the potential for bad actors slipping through your screening net and to reduce false positives. And, accessing this enhanced decision-making support couldn’t be easier. Our Payall Universal Connector provides single-point access to all network specialist participants.
XB Consent: Ensure Your Critical KYC, KYT and Other Sensitive Data Can Be Lawfully Shared
Replace “trust” in foreign financial institutions with direct access to critical customer information and the ability to interrogate and act on otherwise restricted data in an automated, systemic way—advancing the safety and soundness of the cross-border ecosystem.
Payall empowers you to overcome the foundational consent management issues that contribute to the "high-risk" classification of cross-border payments by enabling participating financial institutions lawful, systemic access to otherwise restricted critical data and the right to act on that data to complete cross-border payments.
Our unique XB Consent solution ensures you have the necessary permissions from customers of foreign financial institutions, with Payall delivering the services to directly evaluate, score and act on that information.
Customers/recipients are prompted to provide their consent during onboarding and with every payment. Updates are dynamic and in real time, so they’re always current—ensuring no customer/recipient is enrolled or payment processed without proper consent.
And, Payall maintains a complete systemic record of your customer/recipient approvals—such as what’s been consented to, time consent was provided and duration of consent—easily accessible, using the Payall Back-Office Portal, for audits, regulatory exams and even customer inquiries.
XB Precision KYT™: Execute Risk Rules Before Payments Are Processed for Prevention, Safety and Compliance
Prevent fraudulent and undocumented cross-border payments before they’re executed and get unique communal transparency from our pre-transaction Know Your Transaction innovation, XB Precision KYT™.
Payall enables Originating Institutions, Clearing Institutions, Payment Networks and Central Banks to harmonize risk, compliance and standard operating procedures. When a payment is originated, all entities’ custom-configured rules and requirements—including digitally collected data, documents and artifacts—are applied to that payment through an automated process. If all entities’ custom rules and requirements aren’t fully met, the payment isn’t processed.
XB Precision KYT™ contrasts to the status quo in which cross-border payments are examined manually post-execution—a process that’s slow, cumbersome and far too late to prevent fraud, illegal or nefarious acts, social and human suffering and financial losses.
XB Click for KYCC™: ‘See-Through’ for Comprehensive, Transparent Identity Verification from Your Desktop
Click on a payment to instantly retrieve all relevant data, documents and artifacts—including all XB Perpetual KYC™ and XB Precision KYT™ details and analysis—from the Originating Institution, Clearing Institution or any other participating regulated entity or Payment Channel.
You can even see how your custom rules and requirements were applied, including whether payments were approved systemically or authorized by override (including the authorizer). And, you’ll appreciate how comprehensive data on every payment—compiled and always available in real time—speeds you through day-to-day inquiries, internal compliance audits and regulatory exams.
Rather than contacting the Originating Institution (and, possibly, additional parties) to satisfy regulators’ requests for “see-through” details on a set of randomly selected payments, then waiting for responses (only to receive often incomplete or inaccurate information), you have “see-through” and can view all payment details instantly on your desktop and create a gold standard reporting package that’s accurate and comprehensive.
XB Click for KYCC™ slashes the countless hours you’d otherwise spend engaging with foreign bank partners, requesting their cooperation to collect and send data on disbursers and to investigate individual transactions.
XB Perpetual KYC™: Replace Trust with Confirmed Data
End your reliance on “foreign” bank Know Your Customer processes and be confident customers are who they claim to be—even when an individual or business isn’t visible through your compliance, core or digital bank platform.
XB Perpetual KYC™ incorporates results from leading third-party verification services, providing enhanced artifact collection, analysis and proprietary tools—perpetually.
Historically, Know Your Customer is performed by the Originating Institution. The Clearing Institution, Payment Channel and Central Bank must trust its work without real-time access to data.
Payall rewrites this historical paradigm by directly executing the Clearing Institution’s and Payment Channel’s KYC policies against the disburser. At your option, KYC also can be performed against the recipient on behalf of the Originating or Clearing Institution, Payment Channel and/or Central Bank.
XB Perpetual KYC™ from Payall is the only solution that leapfrogs the limitations of the KYC status quo.
For the first time
Originating Institutions can move beyond the recordkeeping limitations of their core/digital bank and compliance platforms with an easy and automated way to store all data and results from their cross-border payment screening. (No more storing details in paper form or in unsecure electronic formats not built for purpose.) Plus, the Payall platform enables easy retrieval in real time and secure sharing of data, documents, artifacts and screening results with Clearing Institutions.
For the first time
Clearing Institutions aren’t limited by Originating Institutions’ unverifiable screening processes. With full and transparent access to Originating Institution’s screening results and analysis accessible on the Payall platform, Clearing Institutions can make informed decisions to accept those results, work with an electronic identity verification firm to validate results or execute their own customer screening, such as Know Your Customer, anti-money laundering and anti-terrorist financing.
For the first time
Payment Channels can grow their transaction flow by leveraging their “last-mile” funds delivery capabilities to launch safe, new sources of funding for the consumer and business accounts they support. And, they can delight their customers as a full-service provider of cross-border services with user-friendly features not available from others.
For the first time
Central Banks can leapfrog years of development, quickly establishing themselves as a valuable cross-border and domestic payments partner to the entities they regulate. New capabilities include: a digital boarding process that automates collection and retention of due diligence documents and artifacts, systemically applying their custom rules and requirements before transaction execution and gaining real-time “see-through” access to all elements of a transaction.