Accuity, the leading provider of financial crime compliance, payments and counterparty know-your-customer (KYC) solutions, has embarked on a project to help payment solutions company, Lemon Way, to more efficiently identify financial crime and flag potentially high-risk customers. Lemon Way has chosen to implement Firco Compliance Link, an Accuity solution that will enable the business to streamline its financial crime compliance screening, improving transparency, auditability and efficiency during the onboarding of new customers.
Lemon Way’s decision to work with Accuity follows a period of exceptional growth for the French FinTech, which is now preparing for even greater future expansion. To accommodate this growth, Lemon Way has identified an opportunity to implement a more scalable financial crime compliance solution, which will enable it to continue to fulfil its regulatory responsibilities, without disrupting the flow of business.
Firco Compliance Link provides intelligent automated account screening with consolidated reviews and a full online audit trail. The solution will give Lemon Way high-level transparency and analytical insight to help the business comply with regulatory standards, whilst at the same time reducing manual processes. This approach to compliance aims to improve customer experience, by removing operational obstacles that could slow down the process of opening a new account.
Patrick Hinchin, Vice President of Product & Strategy at Accuity, said: “Regulators are increasingly asking financial institutions and designated non-financial businesses and professions to provide clear audit trails and decision making evidence, demonstrating they have performed appropriate levels of due diligence when accepting new customers. From our experience of working with FinTechs and payment services providers (PSPs) we know that this is challenging fast-paced businesses like Lemon Way to move away from manually fulfilling their regulatory obligations, to implementing technology which can automate the process and efficiently alert compliance officers to areas of potential risk.”
Antoine Orsini, Lemon Way CEO, said: “At Lemon Way we take our responsibility to fight money laundering, fraud and the financing of terrorism very seriously. As we continue to expand our customer base, enabling businesses worldwide to send payments on new e-commerce sites, it is essential that our onboarding process verifies the legitimacy of our accounts and protects our customers. Having assessed the market to find the most suitable financial crime compliance solution, we decided that Accuity’s proven technology and innovative culture was a great match for our business.”
For more information, please contact:
Heather Smith, Accuity
Tel: +44 (0)7342 069 456
Francesca Bliss, Cognito
Tel: +44 (0)20 7426 9419
Damien Guermonprez, Lemon Way
Tel: +33 (0) 6 16 39 31 37
About Lemon Way
Lemon Way collects customer payments on behalf of marketplaces: retailers, industrial companies, crowdfunding, sharing economy, e-commerce, ticketing. Lemon Way ensures the fight against fraud and secures the operations of its customers. Lemon Way obtained the payment institution license at the end of 2012 from the ACPR and benefits from the “financial passport” in 29 countries. Based in Montreuil, near Paris, since its creation in 2007, the independent company employs 85 people from 25 different nationalities and self-finances its growth. At the end of 2017, Lemon Way has reached a landmark 4 million accounts opened in Europe, making the payment establishment the number one French FinTech in terms of number of individuals signed up.
More information: www.lemonway.com/press
Accuity offers a suite of innovative solutions for payments and compliance professionals, from comprehensive data and software that manage risk and compliance, to flexible tools that optimise payments pathways. With deep expertise and industry-leading data-enabled solutions from the Fircosoft, Bankers Almanac and NRS brands, our portfolio delivers protection for individual and organisational reputations.
Part of RELX Group, a world-leading provider of information and analytics for professional and business customers across industries, Accuity has been delivering solutions to banks and businesses worldwide for 180 years.
About the Fircosoft portfolio of solutions
As illegal financial activities increase around the globe, so has the danger to the reputations of payments and compliance professionals. Fircosoft’s portfolio of innovative data-enabled technology solutions, delivered through a high-touch consultative partnership, helps these professionals manage risk and avoid damage to the good names of individuals and organizations.
Fircosoft’s pioneering sanctions screening – for transaction, account and trade screening – and data solutions set the standard for the industry, and our trade compliance expertise is unmatched. Fircosoft’s innovative software is so powerful, it’s deployed by nine of the world’s top ten banks – yet it can be scaled to meet the specific needs of any organization.