Fighting Fraud and Achieving AML Compliance in Domestic and Cross-Border Payments

Fighting Fraud and Achieving AML Compliance in Domestic and Cross-Border Payments

FinTech nanopay Selects IdentityMind to Fight Fraud and Manage AML Regulatory Compliance Operations

IdentityMind, Digital Identities You Can Trust, announced today that nanopay, a Toronto-based payments technology company offering domestic and cross-border business-to-business payments and liquidity management products, has selected its digital identities platform. nanopay will leverage IdentityMind’s platform to prevent fraud and facilitate the monitoring, investigating and reporting of anti-money laundering (AML) activities.

nanopay’s cross-border payments solution is currently expanding into multiple geographies. The nature and ubiquity of real-time payments requires a fraud prevention solution that can adequately support users worldwide. With a focus on mitigating the potential abuse from bad actors, nanopay will leverage the automated platform to deal with the regulatory requirements of the multiple jurisdictions where it operates.

“One of the biggest challenges in a faster payments environment is security.” said Carlos Garcia, nanopay’s VP of Operations. “The IdentityMind platform offers us the tools to make sure our customers and their payments are protected and compliant with all required AML regulations. Having IdentityMind as a partner to monitor transactions greatly facilitates our day to day operations.”

The IdentityMind platform through its core patented Electronic DNA( eDNA) technology and its third party ecosystem can proof identities and track behaviors through their transactions, identifying in real time potential rogue actors and the abuse of the accounts for nefarious purposes. The global nature of the platform ensures that activities are consistent with regulatory requirements across jurisdictions where nanopay operates.

“A very large percentage of the global payments volume is cross borders,” said Garrett Gafke, IdentityMind’s President and CEO. “We have been helping the Money Service Business and the Payments industries protect the actors and the ecosystems involved in these real-time transactions. It is exciting to work with nanopay to help them strengthen their platform and ecosystem as they expand into new geographies.”

Further Resources:

About IdentityMind

IdentityMind, creator of Trusted Digital Identities (TDIs), offers a SaaS platform for online risk management and compliance automation. We help companies reduce client onboarding fraud and transaction fraud, and improve AML, sanctions screening, and KYC. IdentityMind continuously builds, validates and risk scores digital identities through eDNA technology to ensure global business safety and compliance from customer onboarding and throughout the customer lifecycle. We securely track the entities involved in each transaction (e.g. consumers, merchants, cardholders, payment wallets, alternative payment methods) to build payment reputations, and allow companies to identify and reduce potential fraud, evaluate merchant account applications, onboard accounts, enable identity verification services, and identify potential money laundering. For more information, visit IdentityMind on the Web, Twitter, LinkedIn, Facebook, Instagram, Blog, and Google My Business.

For inquiries, please contact: [email protected].

About nanopay

Founded in 2013, nanopay is a payments technology company based in Toronto offering business payment and liquidity products. We offer businesses a cost-effective and secure way to send cross-border payments, and offer banks and their corporate clients a real-time intercompany liquidity solution to free trapped capital. Built on Centralized Ledger Technology (CLT), our platform delivers a high level of performance and resilience improving the visibility and security of payments. nanopay’s long term goal is to deliver simple and accessible payments to all people by digitizing money for central banks and offer what’s more commonly known as Central Bank Digital Cash (CBDC). To learn more about nanopay, visit our website or follow us on LinkedIn, Twitter, or Facebook.

For inquiries, please contact: [email protected].



Let's Talk Support