Corlytics Launches the Payment Regulation tracker for Payment Service Providers (PSPs)Published on 21st March 2021
A new ‘world first’ in payment regulation tracking. The payment tracker paves the way for payment service providers (PSPs) to proactively ensure nothing is missed.
London/Dublin – Corlytics, a global Regtech leader and pioneer in the regulatory risk and analytics space, have today announced the rollout of their newest topic specific regulation tracker specifically focused on payments. Without the noise of the multiple regulatory publications coming from the many regulators and industry bodies, PSPs can easily see, in a single automated and visual interactive dashboard, just the regulatory updates relating to payment service providers. The Corlytics’ Payments tracker provides a single view of all emerging payments regulation across the globe in a single location with interactive elements including sliding time windows and slice and dice functionality.
Today, most PSPs handle regulation awareness and implementation in-house with a range of protocols and remediation strategies, using an assortment of desktop applications and manual tracking resources. The Corlytics’ Payments tracker is the first solution to provide a completely automated payment tracker, helping to eliminate manual handling errors. The tracker is part of Corlytics’ stable of regulation solutions and offers a completely new way of managing and optimising your payment regulation monitoring. The tracker is configured to categorise payments into specific themes, including, PDS2, Open Banking, Digital currencies, Crypto, AML, Fraud and multiple other themes. The tracker enables teams to rapidly understand the trajectory of payments regulation across their regions of interest.
The Corlytics’ payment tracker provides an instant impact analysis to firms, helping to reduce risk and elevate opportunities driven by new and updated payment regulations. With workflow and collaboration tools built in, the tracker can assist in enabling enhanced digital transformation with full integration with proprietary and third-party solutions. In conjunction with Corlytics’ Risk Impact Workflow, firms can carry out a full impact assessment collaboratively across multiple departments using impact templates, alerts, notifications, and an approval and implementation process.
“Beyond the obvious legal risks, potential for loss of reputation and impact of heavy monetary fines on shareholder value, there are competitive and opportunity reasons to maintain a clear awareness of payment regulation to firms sitting within that space,” said John Byrne, CEO of Corlytics. “Our payments tracker is primarily to ensure compliance in this high-stakes regulatory environment but also offers new ways to automate and enrich across the firm.”
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