PaySend beefs up compliance and fraud prevention with 4Stop’s tech

FinTech company PaySend has beefed up its fraud prevention processes by partnering with 4Stop.

4Stop, KYC and anti-fraud technology provider, said PaySend is live and operational with its technology, which adds fraud prevention processes to maximise security and compliance on transactions.

PaySend partners with Visa, MasterCard, UnionPay and a global banking network to provide ‘easy, fast and secure’ money transfers to card and bank accounts.

Through the deal, 4Stop provides the FinTech with hundreds of global KYC data sources for maximum KYC coverage worldwide with premium real-time performance and cascading KYC verification technology. It is backed by its fraud prevention technology that encompasses a fully customised, multi-faceted rules engine, that performs real-time tiered rules processing and monitoring, rich database management, data science and much more.

Users of the global transer business will now have their identity verified and authenticated for the ‘highest security measures on their transactions.’

“We have always been focused on solving and removing the complexities for businesses’ KYC, regulatory obligations and fraud prevention obstacles in a manner that truly performed on a global scale,” said 4Stop CEO Ingo Ernst.

“We are thrilled to see our technology integrated with PaySend and to further support their KYC, compliance and anti-fraud requirements with a fail-safe accuracy, and in the most streamlined and efficient manner possible.”

4Stop aims to eliminate multiple KYC integrations and inefficient KYC management by having over 400 industry leading KYC data sources integrated into its platform. On the compliance side, the business also claims to make users 4MLD, 5MLD and PSD2 while keeping them current with authorities such as FCA, Bafin, Fincen, and Fintrac.

Its single API integration also provides one consolidated view of risk, layered with leading-edge anti-fraud tools to streamline your operations, improve your reaction times and maximise revenues.

GateHub, a global ripple wallet and gateway provider, also recently integrated 4Stop’s KYC, compliance, and risk management technology. While draglet, a blockchain and cryptocurrency software provider also enhanced its security by bringing on board 4Stop’s tech.

Copyright © 2018 RegTech Analyst

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