Peach Payments Joins Forces with Relycomply to Increase AML and KYC across Africa

To enhance its financial crime controls and support the expansion of its payment services across Africa, Peach Payments has partnered with RelyComply.

The partnership was established to assist Peach Payments in expanding its know-your-customer (KYC) and anti-money laundering (AML) checks as it enters new countries. To stay in compliance with evolving regulatory standards, the company aims to enhance its monitoring procedures and expedite identity verification as transaction volumes rise.

Peach Payments, which was named one of the 100 Most Innovative FinTech Startups of 2024 by CB Insights, offers a safe payment gateway that is utilized by subscription services, FinTechs, and online retailers. Its platform's main goal is to provide a straightforward, quick, and safe payment system for money transfers within the continent. Financial institutions employ RelyComply's complete Anti-Financial Crime solution to automate risk assessments, screening, and real-time reporting.

Peach Payments is accelerating its pan-African strategy at the time of the agreement. Currently operating in South Africa, Kenya, and Mauritius, the company's recent expansion has been aided by the purchase of PayDunya, a West African payment provider. Peach Payments will automate KYC checks, cut down on human labor, and provide a more scalable compliance framework to handle growing transaction volumes across several jurisdictions by using RelyComply's capabilities.

Additional capabilities, such as automated payment screening, a unified 360° view of customers and vendors, flexible transaction monitoring to handle changing threats, and real-time reporting tools that facilitate effective investigation workflows, are highlighted in more detail by RelyComply.

Peach Payments anticipates that the new infrastructure will maintain correct checks, improve service quality, and handle increased client numbers as expansion continues, according to additional context from the statement.

According to Rahul Jain, CEO of Peach Payments, they can maintain their current compliance procedures while improving the quality of their services as they handle greater customer numbers and transaction volumes across multiple jurisdictions by implementing a new platform to maintain accurate checks and automated AML, including transaction monitoring.

According to Bradley Elliott, CEO of RelyComply, their single, unified platform serves as the basis for Peach Payments' more extensive AML workflows, strengthening their position as the industry leader in enterprise security. In a rapidly evolving digital payments environment, we work together to guarantee that the company's clients can transact with confidence.