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Abillio rolls out global API for payments and DAC7 compliance

By Gloria Methri

May 07, 2024

  • Abillio
  • AML/KYC
  • Bain & Company
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Abillio, Payment, Invoicing, AML/KYC, FinTech, LatviaAbillio, a FinTech startup specialising in invoicing and payments for the gig economy, has announced the global launch of its API-based platform, designed to streamline payments and DAC7 compliance for online gig platforms. The rollout follows successful integrations with Vaqat, a student internship marketplace, and Supply Family, a curated design platform.

The EU’s DAC7 directive requires digital platforms to report freelancer income and personal data to tax authorities, creating an administrative burden for platforms that often host hundreds of thousands of freelancers from different regions. Abillio’s API automates the freelancer and vendor payment distribution process and tax reporting, allowing platforms to focus on their core business operations.

US-based Vaqat connects companies with 41,000 students across 70 countries for short, internship-like tasks. Global consultancies like Bain & Company and Kearney use it to screen potential employees and attract top talent from leading business schools.

Vaqat and Supply Family have already benefited from the Company’s solutions. Daniel Robaczewski, the founder of Vaqat, commented on Abillio’s impact, saying, “Abillio simplified international payouts, tax management and compliance, automating what was once a significant operational headache.

Krists Darzins, the founder of Supply Family, also noted significant improvements, said, “Integrating Abillio into our business automated the payout process for both our creators and us, making our operations more efficient, allowing us to focus on the marketplace growth.

The company’s API collects freelancer’s data and ensures compliance with Know Your Customer (KYC), Anti Money Laundering (AML), and Politically Exposed Person (PEP) regulations. Whilst safeguarding against fraud, these checks are also essential for maintaining a transparent financial environment by verifying clients’ identities and detecting potential financial risks.

Martins Vilums, founder of Abillio, said, “These successful integrations demonstrate our platforms’ capability to handle the complex needs of various business models within the freelancer economy and highlight the value we add by simplifying the compliance process. By automating DAC7 compliance, our solution allows the platform operators to redirect internal resources towards core business priorities, mitigating the risk of reputational damage and avoiding potentially heavy fines associated with non-compliance.

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