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Apt Pay & ComplyAdvantage partner for Anti-Financial Crime compliance

Canadian Fintech Apt Pay, enabling digital payouts to be sent on multiple rails has announced that the company has partnered with ComplyAdvantage to build best-in-class operation using ComplyAdvantage’s suite of financial crime detection tools ahead of its launch this year.

The collaboration allows Apt Pay to power payment services for businesses across a network of connected financial institutions (FIs) and combined payment rails while screening for anti-money laundering (AML) and anti-terrorist financing (ATF) obligations designated by the FINTRAC and other regulatory bodies. Apt Pay is planning to integrate ComplyAdvantage’s suite of financial crime detection tools seamlessly to its workflow maximising straight-thru-processing while reducing risk.

“ComplyAdvantage’s vision is to take on and neutralize the risk of money laundering, terrorist financing, corruption and all other global financial crimes. We are confident our global, connected database powering world-leading financial crime detection tools will be able to provide a scalable solution for Apt Pay as they expand across Canada,” said Vatsa Narasimha, COO of ComplyAdvantage.

Apt Pay’s platform allows payouts to be made to customers in real-time, safely, and without friction. By leveraging ComplyAdvantage’s products Apt Pay looks forward to screen transactions with the speed and efficiency required to provide best-in-class payment processing.

“Apt Pay has the vision of a simple, safe and secure transaction. We have taken the processing of a payment and sped it up so that in an environment like COVID, where everyone needs their money in real-time, they can actually get it. No more having to wait 2-3 days for a payment. Apt Pay has partnered with ComplyAdvantage to make compliance a seamless process. ComplyAdvantage empowers us to comprehend the real risk of who we’re doing business with, and helps us prevent risk events occurring within our payments ecosystem,” said Suganthan V. Krisnarajah, Chief Executive Officer of Apt Pay.

Recently, Flinks launched its service internationally & secured $16mn in Series A funding round.

Founded in 2019, Apt Pay is a global FinTech which enables digital payments to the untapped industries. Its API allows partners to send money on multiple rails, including; push to wallet, push to card, EFT and ACH.

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