TransferMate partners with ComplyAdvantage in risk-management move


Lucy Ingham
Lucy Ingham
Head of Content
Lucy is Head of Content at FXC Intelligence, overseeing all content and taking deep dives into the trends and data driving changes in payments. Before joining FXC Intelligence, Lucy worked as a… Read more
  • TransferMate, a well-known cross-border payments company, has confirmed that it will be working alongside London-based transaction screening and monitoring partner ComplyAdvantage.
  • The partnership will look to improve transaction screening, monitoring, and more, and will ultimately aim to help companies reduce the burden of work caused by their compliance obligations.
  • “Now by working together, we can help reduce the risk of financial crime so that TransferMate can transact with trust and grow with confidence,” said a senior figure at ComplyAdvantage.

TransferMate Global Payments, a major business-to-business (B2B) cross-border payments company, has announced a new partner for transaction screening and monitoring.

The London-based company said that it will be working with ComplyAdvantage, which is backed by a growth equity fund associated with Goldman Sachs.

The collaboration will see TransferMate use ComplyAdvantage’s customer onboarding solutions, while taking advantage of its monitoring service and transaction screening offer.

In a statement, the founder and chief executive officer of ComplyAdvantage described its new partner as a “powerhouse”.

Charles Delingpole said that the company was looking forward to pairing up with TransferMate.

“We are excited to be partnering with TransferMate, a powerhouse in the world of B2B cross-border payments,” he said.

“Clearly, their team values the importance of rigorous risk management solutions which in our highly regulated environment is a strategic imperative.”

He went on to say that the collaboration between the two firms would help to build trust.

“Now by working together, we can help reduce the risk of financial crime so that TransferMate can transact with trust and grow with confidence,” he explained.

TransferMate’s chief compliance officer Simon McFeely said that the two firms shared a vision.

“We selected ComplyAdvantage as they share the same vision as us to use ‘compliance as a competitive advantage’”, he said.

He added that there would be clear benefits to customers as a result of the new pairing.

“They support our mission to develop dynamic rules tuned to specific inherent vulnerability scenarios, ultimately providing a better customer service while keeping the bad guys out of our global payments infrastructure.”

In a press release, ComplyAdvantage shared some more information about how it takes a “hyperscale” approach to anti-money laundering.

ComplyAdvantage uses “hundreds of millions of data points that provide dynamic, real-time insights of people and businesses that are monitored against sanctions, watchlists, politically exposed persons, and negative news”.

It claims to help companies lessen the burden of their compliance obligations by reducing the amount of manual reviewing they need to do.

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