Over the last two decades, our client has become a clear leader in the global payment processing space servicing multiple industries.
With a still growing payments processing market, our client can see a bright future but needed to address their regulatory compliance challenges, as there have been major changes over the past few years.
They are headquartered in the US, with operations in over two dozen countries.
The compliance function is responsible for the activities around regulatory monitoring, regulatory developments and regulatory changes, all being handled manually, in-house using spreadsheets and internal communications solutions. Manual handing was slow, lacked consistency and there was a concern they could miss key data. Also, they had some highly skilled senior people performing these manual tasks and wanted them, instead, to spend time on high value tasks, analysing and implementing these regulations.Our client recognised that they needed to automate some of these activities, hugely prompted by the key industry challenger of 2020, the arrival of Covid.
As one of the world’s largest payment services providers, our client was determined to remain ahead of the curve when it came to digital innovation. It decided that it needed to invest in technology to support its business strategy, to capitalise on the growth of alternative payment methods, PSD2 and Open Banking.
Looking for a solution that overcame their manual processing issues they looked at Corlytics and were impressed by the drill down functionality available. For instance in the ….