Amazon Assists LSEG With ‘Invisible’ Payment Compliance

LSEG Risk Intelligence has introduced a verification tool powered by Amazon Web Services (AWS).

World-Check Verify is a cloud-native screening API to embed compliance into payment and onboarding flows to provide instant, secure checks without interrupting speed or customer experience, AWS said in a Wednesday (Oct. 1) news release.

“World-Check Verify makes compliance invisible— with timely, trusted data ensuring screening happens in the background, at the precise moment it’s needed, so payments and onboarding remain instant and seamless. It sets a new standard for embedded compliance in a world where speed, trust, and accuracy must coexist.”

The release notes that World-Check Verify is a “stateless” screening solution that allows enterprises to “screen at scale, with unmatched speed, reliability, and privacy safeguards,” which AWS says is crucial as instant payments, embedded finance and regulatory demands such as the EU Instant Payments regulation transform compliance expectations.

That regulation, which went into effect at the beginning of the year, requires banks and payment service providers to be able to receive real-time payments. By Oct. 9, they’ll also have to be able to send real-time payments. The rule also requires bank transfers to be completed within 10 seconds, whether funds are being sent or received.

As PYMNTS wrote last month, compliance has gone from being “the specialized domain of legal departments” to a growth engine for forward-thinking financial institutions and FinTechs.

This transformation means that compliance is no longer a post-launch consideration or an afterthought, but must be embedded from the very start of product ideation and design, Raul Leyva, vice president of issuing solutions at Visa DPS, said in an interview with PYMNTS.

“Compliance and regulations were usually primarily driven by laws and rules,” he said. Now, “regulators use the law and official rules [as well as] consent orders, examiner guides, official interpretations and other less formal processes, which makes it more difficult to keep abreast of changes.”

Research from PYMNTS Intelligence report “The Best-in-Class Modern Card Issuer: Driving Customer Lifetime Value Through Innovation,” a collaboration with Visa DPS, showed that integrated, proactive strategies separate best-in-class issuers, especially those with high customer lifetime value (CLTV), from their contemporaries who scored lower.

“Proactivity allows institutions not only to stay compliant but to move faster and smarter, turning a perceived constraint into a tangible competitive advantage,” PYMNTS wrote.