This implementation employs Moody's Analytics capabilities in risk management to enhance FOMO Pay's compliance needs and elevate its clients' onboarding experiences.
The data FOMO Pay is harnessing includes entity and ownership data for 450 million companies worldwide; a real-time network of global government registers; one of the largest collections of high-risk subjects worldwide; and customer onboarding, lifecycle management, and compliance workflow automation.
Through implementation of this technology, FOMO Pay has significantly accelerated its risk screening processes, enabling efficient client onboarding and enhanced due diligence while upholding strict adherence to regulatory requirements.
Backed by data and automated workflows, Moody's Analytics KYC solution further improves FOMO Pay's efficiency and accuracy in risk detection – assisting corporate registry search, streamlining watchlist screenings, and reducing manual compliance tasks.
Officials from FOMO Pay said they are happy with this implementation. FOMO Pay made a strategic decision to leverage Moody's strengths and gain access to its extensive and accurate global data which now enables FOMO Pay to make optimal risk-based decisions. This implementation strengthens their KYC/AML programme. As a result, their KYC/AML checks are now more efficient and accurate, the processing speed has increased, and they have reduced friction during onboarding.
Also commenting on this partnership, representatives from Moody’s Analytics stated that FOMO Pay utilises their full screening, data, and automation capabilities across company ownership, sanctions, PEPs, and more. Having this capability at their fingertips marks FOMO Pay out as an important player in the digital KYC/AML compliance space, ensuring they are able to understand risks, to make decisions with confidence, and safeguard their business.
The implementation of Moody's Analytics KYC solution highlights FOMO Pay's commitment to choosing innovative technologies for effective risk management and compliance. In an evolving and increasingly regulated market, FOMO Pay shows its dedication to providing secure and innovative digital payment and digital banking solutions, while upholding high standards of compliance, security, and customer trust.
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