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BigPay goes live on Amlock’s Financial Crime Detection and Management Solution

By Edlyn Cardoza

May 16, 2022

  • Africa
  • AML
  • Amlock
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Azentio, BigPay, Apax Partners, Digital Payments, Amlock, Financial Crime Detection and Management Solution, Effective Transaction Monitoring Process, Transations, Customer Information File, Mobile Wallets, Bank of Ghana, Regulatory, AML, Ghana, AfricaAzentio Software, a Singapore-headquartered technology firm owned by funds advised by Apax Partners, announced today that BigPay, a Ghana-based global digital payment solutions company, has gone live with Amlock, Azentio’s Financial Crime Detection and Management Solution (FCDMS).

Amlock will meet BigPay’s requirements for an effective transaction monitoring process through an online workflow system. A unique feature of this workflow is the ability of the system to group or link together accounts belonging to a customer and investigate all transactions and the underlying alerts under a single case ID.

The business challenges for BigPay arose on account of the different formats of transactions received from various sources like banks and mobile wallets. There was an urgent need for a standardised format for further transaction processing. In addition, with customers using different payment modes and accounts, it was a challenge to associate and link customers to their transactions.

BigPay selected Amlock to map customers’ transactions through different channels to a single unique customer information file (CIF) code to address this challenge. Further, the solution’s online case workflow facilitates grouping customer alerts into a single case ID for easy transaction monitoring. With Amlock’s customer link-up feature, BigPay can now associate a customer’s accounts in various banking institutions/mobile wallets, and this will help BigPay meet its unique business model requirements.

BigPay currently partners with money transfer operators (MTOs) such as World Remit, Ria Money Transfer, Western Union, and others to process payments and further plans to expand its partner ecosystem. Amlock provides the necessary scalability to monitor payments and generate relevant alert notifications based on the underlying rules library.

In addition, Amlock’s case workflow facilitates the grouping of diverse alerts about a customer for a holistic review of any suspicious activity. This enables BigPay to fully comply with regulations and guidelines stipulated by the Bank of Ghana and Ghana’s Financial Intelligence Centre (FIC) and adhere to the Anti-Money Laundering (Amendment) Act. Amlock also generates suspicious transaction reports (STRs) as per Ghana’s regulatory requirements.

Issac Tetteh, Managing Director, BigPay, stated: “We can attest to Azentio project team’s professionalism and creativity in providing us with the needed support. Their dedication and commitment to complete the project successfully has been remarkable. Project Lead Rajesh Gedela and his team ensured that our business objectives were addressed. We are confident in recommending Azentio’s services to any business seeking a partner for anti-money laundering solutions.”

Tony Kinnear, Chief Executive Officer of Azentio, “We are delighted to partner with BigPay, which has taken digital payment solutions to new heights in spite of being a new market entrant. I am sure AmlockTM’s advanced features including its online case workflow tool, will help BigPay ensure precision in maintaining customer records and improved management of the related risks throughout the complete customer lifecycle.”

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