Skyee, China’s innovative e-commerce payments business, has selected Accuity, the leading global provider of financial crime compliance, payments and counterparty Know Your Customer (KYC) solutions, to strengthen and streamline its compliance screening capability.
Skyee will implement Firco Compliance Link, an automated financial crime screening solution, in an effort to meet international regulatory standards, without impeding the speed or quality of the service it provides to customers.
Skyee’s decision to transform its compliance operations will help it expand its international footprint, at a time when Chinese businesses are increasingly seeking to integrate with the global economy. In order to facilitate cross-border payments responsibly and to win business in other parts of the world, the payment provider identified a need to bring its process in line with international standards.
Ivy Huang, CCO, from Skyee said, “As a pioneering service provider of cross-border payment solutions, Skyee is committed to eliminating illicit financial activity. We have chosen to partner with Accuity due to its comprehensive, intelligent and automated approach, which will speed up our operations and improve our service to customers, while ensuring we are ready for the regulator.”
Firco Compliance Link will enable Skyee to monitor its customer accounts for potential risks, such as sanctions, Politically Exposed Persons (PEPs) and adverse media, within a single interface. The system notifies users when they are required to review a case, presents them with a consolidated view of relevant match information, and records a comprehensive electronic audit trail.
While raising the standard of compliance, Firco Compliance Link will reduce the time it takes Skyee to conduct screening, which was previously a manual process. The automated workflow will enable Skyee to guarantee a faster onboarding experience for customers and help its business to flow without disruption.
Accuity solutions are designed to help financial institutions and payment service providers ensure their screening systems meet the highest levels of compliance, especially with regards to anti-money laundering (AML). For instance, China’s central bank is implementing more stringent anti-money laundering and counter terrorism financing measures, and penalising those found to be breaching regulation. Last year, the People’s Bank of China conducted nearly 2,000 inspections and levied 134 million yuan of money laundering fines – more than doubling the activity carried out in 2016.
Bharath Vellore, APAC Managing Director at Accuity added, “Fintechs are scaling up rapidly and with their increasing relevance in the financial ecosystem, regulatory compliance becomes absolutely critical. Our user-friendly technology and accurate data is helping emerging fintech firms all over the world to bring their compliance controls in line with international standards. We are delighted to be working with Skyee as it raises the bar for financial crime screening within Chinese e-commerce segment – an industry which is forecast to grow at 27% annually over the next four years.”
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