Crypto Exchanges

CurrencyCloud Ties Up with Lucinity For New Look Compliance

CurrencyCloud, the B2B payments provider, has tied up with Lucinity for its Actor Intelligence solution which will be used by the company to improve on its compliance procedures and manage its risk in a better manner.

The solution helps the compliance officers to look at data in a more efficient manner which gives them deep and additional insights into customer behavior which would, in turn, be used to better assess risk in the long term. With all payments moving online and digital in a steady manner, compliance, risk management and KYC become very important for financial firms as they need to approve funds to be sent to clients though they may have never faced or seen the client as such. This places a lot of pressure on the compliance process and the officers as well and any kind of third party solution that would help them with more data and validate the work that they are doing would be deemed most useful.

Gudmundur Kristjansson, the founder and CEO of Lucinity, said “Translating complex intelligence into information that is valuable and useable will bring immense productivity gains to various compliance fields, and that is where we excel,”

It may be noted that CurrencyCloud was bought by Visa in the earlier part of the year for a sum of $700 million to make the move of funds across various countries and around the world much easier for both companies. As said earlier, this has only lead to the need for better compliance procedures to ensure that the funds are safe and the customers and their transaction history need to be analyzed thoroughly for their behavior to glean whatever information that they can, about the customer.

Tanya Ziv, chief compliance officer at Currencycloud, said, “Lucinity has built a brilliant solution that will support us as leaders in compliance. The compliance world has moved on from thinking customer intelligence is the initial information gathered from a customer. Lucinity will help us on our journey towards basing intelligence on customer behaviours. Understanding how they are using our platform — and perhaps more importantly — why they behave in the way they do.”

The companies would hope that this tie-up would be beneficial for both in the long run with CurrencyCloud being happy with any kind of additional information and data that they can get on their customers.