risk intelligence
Effective, efficient screening and verification to pinpoint potential risk in instant payments.
Instant payments, sometimes referred to as real-time payments or faster payments are electronic credit transfers that are available 24/7 and make funds available in a payee's account within seconds of a payment order being made. They are called by various names globally - Faster Payments Service (UK), United Payments Interface (India), FedNow (US) and so on.
Instant payments have emerged as a transformative force in the financial landscape and have facilitated a faster and more secure alternative to traditional credit transfer, revolutionising the way individuals and organisations interact financially.
According to the Instant Payments Regulation, a new EU legislation, by 9 January 2025 all payment service providers (PSPs) that offer services in euros, are required to provide the possibility for customers to send and receive euro payments across the EU instantly. This means that PSPs are required to allow the funds to arrive in the beneficiary account within 10 seconds at any time and day of the year.
However, the speed and convenience of instant payments also brings the heightened risk of various financial crimes with account takeovers, synthetic identity frauds, deepfakes and more becoming increasingly common.
Banks and other PSP's must now work within tight timelines to screen payments for sanctions and money laundering risks, and to verify the identities and bank accounts of sending and receiving parties. This is against the backdrop of an evolving and complex global sanctions landscape and new instant payment regulations and reimbursement liability shifts.
Our trusted data and real-time capabilities offer you tools you need to pinpoint potential risk at speed and continually deliver a streamlined, customer-first experience.
The real-time nature of instant payments necessitates a high throughput, high latency, always available and flexible screening process or system as well as high-quality data that is equally swift and efficient.
World-Check offers comprehensive, accurate and timely sanctions data for efficient payments and name screening – as well as coverage of PEPs, state-owned and state-invested entities, global law enforcement lists, adverse media, UBO data and more.
We offer both, identity verification – to ensure that customers and vendors are who they say they are – and bank account verification (USA only) for both individuals and businesses, which can help to mitigate payments-related fraud.
Benefits
Implement a holistic, risk-based approach to meeting evolving instant payment compliance obligations and delivering a customer-first experience.
Our comprehensive risk management data offers unsurpassed breadth and depth. Backed by more than 500 analysts in 158 jurisdictions, speaking over 70 languages, we monitor more than 30,000 official sources including national and international sanctions listings, 24/7, 365 days a year.
Access advanced technology and tools to proactively manage your payments-related risk across volumes of transactions – with speed, accuracy and efficiency.
Find out more
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