REMITTANCE INDUSTRY
Enhancing Global compliance for Remittances
Comprehensive KYC and AML solutions to reduce financial risk and enhance trust.
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NEED FOR KYC
Why KYC & AML for Remittance?
Ensuring the integrity of transactions.
KYC and AML procedures help ensure the accuracy .
Security of customer information and transactions.
Maintaining reputation and integrity.
An effective KYC and AML procedures can help you establish trust
Easy credibility maintains with regulators and customers.
Improve operational efficiency.
Streamlining KYC and AML processes can improve operational efficiency.
We can reduce manual effort and errors upto 90%.
Protection from fraud and illegal activities
Protect your business and your customers from fraud and other illegal activities.
Easy credibility maintains with regulators and customers.
Compliance with laws and regulations
Follow KYC and AML procedures to comply with legal requirements and avoid penalties.
We can reduce manual effort and errors upto 90%.
~25% to ~5%
Reduced Drop-Off Rate
95%
Straight-through Processing
$300M+
Saved in fraud losses
~10 Sec
Document collection TAT
WHY CHOOSE US
How we stand out?
Transform your business. Our solutions help businesses save time and resources, with an average processing time of less than 5 seconds.
CUSTOMER TESTIMONIAL
Customers love HyperVerge!
“We want to make credit much easier and faster for the larger population and not only the elite few. HyperVerge is a team of very smart people from reputed colleges in India and they have cracked the process of identity verification using Al/ML”
Bala Parthasarathy
CEO, MoneyTap
“We want to make credit much easier and faster for the larger population and not only the elite few. HyperVerge is a team of very smart people from reputed colleges in India and they have cracked the process of identity verification using Al/ML”
“CIMB is proud to be associated with HyperVerge over the past year. We’ve had a phenomenal experience partnering with them for our eKYC journey.”
Rachel Nguyen
Director, CIMB Vietnam
“CIMB is proud to be associated with HyperVerge over the past year. We’ve had a phenomenal experience partnering with them for our eKYC journey.”
“We were able to reduce the number of cases of cyber crime complaints or chargebacks after we went live with HyperVerge,”
Krishna Mohan Vedula
VP Payments, MPL
“We were able to reduce the number of cases of cyber crime complaints or chargebacks after we went live with HyperVerge,”
“Even at scale, we’ve never had escalations. Teams have resolved any issues with the HV team seamlessly. This is exactly what we want.”
Mahima Garg
Chief Risk Officer, slice
“Even at scale, we’ve never had escalations. Teams have resolved any issues with the HV team seamlessly. This is exactly what we want.”
HyperVerge made our lives easier through the whole customer acquisition and activation process. We were achieving high business impact after we built in their solutions where there were previously very high drop-offs for the users.
Dhinesh Potnuru
Product Head, IndMoney
HyperVerge made our lives easier through the whole customer acquisition and activation process. We were achieving high business impact after we built in their solutions where there were previously very high drop-offs for the users.
By using HyperVerge’s APIs, we cut short the document validation process from 8-10 mins to 10 seconds.
Nikhil Joy
Head of Product, Zest Money
By using HyperVerge’s APIs, we cut short the document validation process from 8-10 mins to 10 seconds.
Customer Stories
How we supercharge businesses across Remittance industries
Reduce drop-offs at the top of the funnel while providing the most seamless experience
SUPPORT
Frequently asked questions.
Frequently
asked Questions
Still have questions?
Please chat with our friendly team.
Chat with our team
What are the specific regulations and compliance requirements for KYC and AML in the remittance industry?
The specific regulations and compliance requirements for KYC and AML in the remittance industry will vary depending on the country or jurisdiction in which the remittance company operates.
In general, however, there are several key regulations and compliance requirements that are commonly applicable to the remittance industry, including:
- The USA PATRIOT Act
- The Financial Action Task Force (FATF) recommendations
- The European Union (EU) Directive
What are the potential risks and challenges of implementing KYC and AML solutions in the remittance industry?
Some potential risks & challenges include:
- Compliance with complex and changing regulations
- High costs of implementing and maintaining KYC and AML solutions
- Loss of customers due to KYC and AML processes
- Difficulty in accurately identifying and verifying customers
- False positives in transaction monitoring
- Reputational risks from association with money laundering
What are the best practices for implementing KYC and AML solutions in the remittance industry?
Some best practices include:
- Conducting thorough risk assessments
- Implementing robust customer identification and verification processes
- Developing effective transaction monitoring systems
- Establishing clear policies and procedures for reporting suspicious activities
- Conducting regular internal audits and reviews
- Seeking guidance and support from regulatory authorities and industry associations.
Latest Blogs
The latest news, updates and more about KYC industries & related market resources from our team.
How Can Businesses Prevent Cross-Border Remittance Fraud?
In cross-border remittance there are parties involved from different geographies. Click here to know about how crimical commit fraud and ways to prevent such frauds!
Curbing Frauds in Cross-Border Remittance
Cross-border remittance frauds are on the rise. Here's how businesses can prevent them with HyperVerge.
What is Trade Based Money Laundering
TBML is the process of illegally moving funds via cross-border trade activities to legitimize the illegal origin. To know about its working & how to combat it, click here