Geoswift, a leading provider of cross-border payment solutions between China and the rest of the world has adopted Thomson Reuters risk and compliance solutions Transaction Monitoring with Screening Deployed and World-Check. The selection demonstrates the organisation’s ongoing commitment to ensure its business operations meet stringent regulatory frameworks and maintain world class regulatory standards.
In recent years, the number of online payment transactions has increased significantly due to the ease of online payments. Together with fast-paced technology trends, this has given rise to a growing market of digital consumers. According to China’s Ministry of Commerce, it is estimated that by 2020 ecommerce transaction volumes would reach RMB 43.8 trillion with an annual growth rate of about 15%.¹ As a one-stop cross-border payment collection and settlement solutions to and from China, Geoswift is well positioned to meet the growing demands of China cross-border transactions in key industry segments such as ecommerce, tuition payments and travel.
Raymond Qu, Founder and CEO of Geoswift said, “The selection of Thomson Reuters AML solutions provides us the world class capability to fully keep up with global banking standards required by our partners and customers. Most importantly, this investment will give our partners and customers assurance we put compliance and risk management a high priority factor in our service.”
Thomson Reuters Financial & Risk business offers a suite of powerful detection, investigation and resolution tools for transaction monitoring and takes a scenario-driven, risk-based approach to the challenges presented by money laundering, fraud and market abuse.
Transaction Monitoring with Screening Deployed provides a comprehensive global solution that enables Geoswift to process large volumes of transactions quickly and efficiently on a single platform. The solution uses pre-built risk scenarios to monitor transactions and identify and alert unusual patterns of customer activity that differ from normal or expected behaviour. Combined with World-Check, a source of intelligence on politically-exposed persons (PEPs) and heightened risk individuals and organizations globally, it uncovers and reports risk that may be hiding in customer account transaction based activity.
Sanjeev Chatrath, Managing Director, Financial & Risk, Asia Pacific at Thomson Reuters said, “As regulatory demands continue to weigh on financial institutions and corporations, organizations now more than ever need the tools, technology and operations that support customer due diligence - leveraging smart platforms and quality data. We are delighted to collaborate with Geoswift to deliver the required screening solutions their business needs.”
The selection of Thomson Reuters solutions highlights Geoswift’s continued commitment to building a robust regulatory infrastructure to support the growth of cross-border transactions to and from China while maintaining data integrity. To signify Geoswift’s seriousness and responsibility in ensuring international compliance standards are embedded in their business operations, Geoswift has successfully implemented compliance training program for their employees across all offices globally. Geoswift aims to enhance their compliance and regulatory standards as it positions for further growth – efficiently and ethically.
Geoswift is an innovative payment technology company connecting China and the rest of the world. The company comprises the world’s leading payment technology experts that have a deep understanding of the industry, technology, and global and China monetary policy. Geoswift provides clients with customised one-stop cross-border payment solutions to and from China. Geoswift is relied upon by the world’s leading e-commerce companies, most prestigious universities and the largest brands in the travel industry to grow their businesses.
Geoswift is an acquirer of UnionPay International in North America, and a long-term partner of many other leading financial institutions. It also maintains 19 currency exchange outlets throughout China. Geoswift is headquartered in Hong Kong with operating offices in Shanghai, London, Vancouver, Seattle and San Francisco for strategic and regulatory functions.
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