Ghana's BigPay launches with Azentio's fraud prevention solution

Amlock will meet BigPay's requirements for transaction monitoring, through an online workflow system. A feature of this workflow is the ability of the system to group or link together accounts belonging to a customer and investigate all transactions and the underlying alerts under a single case ID.

The business challenges for BigPay arose on account of the different formats of transactions received from various sources like banks and mobile wallets. There was a need for a standardised format for further transaction processing. In addition, with customers using different payment modes and accounts, it was a challenge to associate and link customers to their transactions.

To address this challenge, BigPay selected Amlock to map customer's transactions through different channels, to a single unique customer information file (CIF) code. Further, the solution's online case workflow facilitates grouping customer alerts into a single case ID for transaction monitoring. With Amlock's customer link-up feature, BigPay can now associate accounts of a customer in various banking institutions/mobile wallets. This will help it meet its unique business model requirements.

BigPay currently partners with money transfer operators (MTOs) such as World Remit, Ria Money Transfer, Western Union, and others to process payments and further plans to expand its partner ecosystem. Amlock provides the necessary scalability to monitor payments and generate relevant alert notifications based on the underlying rules library.

In addition, Amlock's case workflow facilitates grouping of diverse alerts pertaining to a customer for a holistic review of any suspicious activity. This enables BigPay to fully comply with regulations and guidelines stipulated by Bank of Ghana and Ghana's Financial Intelligence Centre (FIC) and adhere to the Anti-Money Laundering Act. Amlock also generates suspicious transaction reports (STRs) as per Ghana's regulatory requirements.