Cross-border B2B payments company PayCommerce is strengthening its compliance position through a new partnership with Dow Jones.
PayCommerce said Wednesday (May 31) that it is working with Dow Jones Risk & Compliance to add enhanced screening and compliance features to its global corporate payments offering. The payments company will leverage data from Dow Jones’ Risk & Compliance unit to help businesses and their financial institutions comply with Anti-money Launching, Know Your Customer and other regulations.
“As the global need for enhanced compliance and sanctions screening intensifies, PayCommerce is committed to providing its customers and members with best-in-class integrated risk and compliance solutions,” said PayCommerce CEO Max Narro in a statement. “We want to ensure they can efficiently manage the global demands of their cross-border business with confidence. Global banks, financial intuitions and corporates trust PayCommerce for a scalable, secure, transparent, effective and instant cross-border payments solution.”
In another statement, Dow Jones Risk & Compliance Managing Director Joel Lange said global payment compliance is growing in importance for companies and their banks.
“The payments landscape is evolving and transforming, adding greater pressure to provide efficient transaction solutions that are fully compliant with regulations,” he said. “We are pleased to empower PayCommerce’s customers and members with Dow Jones’ world-class risk and compliance data to help them meet these regulatory needs.”
PayCommerce said it has processed more than $400 billion in global payments, handling 300 million transactions in the last year alone.
In addition to compliance, PayCommerce has also focused on heightening the speed with which it handles these payments. Earlier this year the company said it had completed its first real-time cross-border B2B payment using blockchain technology, and said it plans to commercialize the real-time payment offering by the second quarter of this year.