Cross-border payments network PayCommerce is partnering with Dow Jones, to utilise the business information group’s risk and compliance data. PayCommerce customers and members will be able to screen cross-border payments to ensure effective anti-money laundering (AML), know your customer (KYC) and counter-terrorist financing (CTF) compliance in addition to increased country coverage.
The group’s enterprise customers include seven of the top global banks, 11 of the top 50 US banks, 14 global Fortune 500 firms and eight US Fortune 500 companies. Additionally, the PayCommerce platform has processed over US$400bn, consisting of over 300m transactions in the past 12 months.
Gareth Lodge, a senior analyst for Celent, commented: “As the cross-border payments space heats up, the focus will move to the broader offering, with risk management in the form of best-of-breed global compliance and reporting solutions high on the agenda.”