Regtech company and SaaS provider AMLYZE has joined Vinted Pay, the payment subsidiary of Vinted, in a strategic partnership aimed at scaling payment infrastructure.
Based in Lithuania, Vinted now positions itself as a popular second-hand fashion marketplace operating across Europe and a top destination for buying second-hand items. As the company works to gradually increase the use of Vinted Pay across its markets, AMLYZE’s technology will support a compliant and safe launch.
Compliance and security at the core of expansion
With the integration of AMLYZE’s technology, Vinted Pay is set to benefit from real-time and retrospective transaction monitoring and customer risk assessment. As Vinted Pay is gradually rolled out, this will ensure that onboarding and payment processes meet AML and CFT requirements.
As part of this collaboration, AMLYZE’s team of professionals, which, according to the company, holds backgrounds from the European Central Bank, the European Banking Authority, the Financial Intelligence Unit, the Bank of Lithuania, and financial corporations, is set to deliver regulatory expertise. By merging this knowledge with technology, AMLYZE plans to ensure that it can provide efficient compliance solutions that meet the specific needs of Vinted Pay.
Further expanding on their plans, Gabrielius Erikas Bilkštys, CEO and Co-Founder of AMLYZE, mentioned that, with Vinted Pay now part of the company’s platform, its solutions will assist it in maintaining high compliance standards, including as onboarding increases, in turn facilitating safety and trust for users. The move highlights AMLYZE’s commitment to offering advanced AML/CFT services and optimising the prevention of financial crime across Europe.
Adding to this, Modestas Tursa, VP of Payments at Vinted, said that, as Vinted Pay directs its focus on facilitating a safe and reliable payment experience for its community, working with AMLYZE and benefitting from its technology and expertise will allow the company to continue to foster trust within its platform as it launches its services across markets.
The strategic partnership with Vinted Pay comes on the heels of AMLYZE’s collaboration with European Merchant Bank, which centred on strengthening the latter’s AML and CFT framework. The agreement underlined the bank’s commitment to optimising its compliance processes and trust with regulators, partners, and clients by augmenting its governance, operational resilience, and AML/CFT controls in the current regulatory environment.
