Governance, risk and compliance
Inpay enjoys superior levels of security because it operates within the international banking ecosystem and employs an additional range of checks on every one of its partners before allowing them access to the network. Inpay is regulated by the Danish Financial Supervisory Authority and Polyreg – a self-regulatory organization under FINMA and meets or exceeds national and international requirements including the Wolfsberg Standards guidance for international payments and electronic transmission of funds.
All activity across the Inpay network is centrally reported and reviewed by management operationally. Real-time reporting across our products and territories builds accurate and transparent profiles of our partners and feeds into our risk management and compliance structures. Each regional office remains subject to both local requirements and our international governance structure, located centrally.
Inpay employs industry-leading risk management procedures that underpin the operation of our transaction network. Each transaction is monitored from the originator to the ultimate beneficiary to guarantee the integrity of every payment. Inpay can use both innovative ‘big data’ tools, as well as third party systems such as ComplyAdvantage for transaction screening and suspicious activity reporting. It means that Inpay’s internal security protocols match the rigorous standards you find with the SWIFT system. Detailed profiling and background checks of every partner are combined with specialist reporting systems and activity monitoring in real time to create a secure and comprehensive approach to risk management.
Inpay is regulated by the Danish Financial Supervisory Authority (DFSA No. 22008). All customers and transactions are vetted through multiple, internationally recognised procedures, including
- Know Your Customer (KYC)
- Anti-Money Laundering (AML)
- Counter Terrorist Funding (CTF)
- Politically Exposed Persons Lists (PEPs)
Inpay adheres strictly to current EU legislation and safety precautions regarding Anti-Money Laundering and Terrorist Financing, as implemented under Danish and EU law.
Transferring money on behalf of our customers is about trust and reliable technology. This is why Inpay has established adequate and sufficient measures in order to be able to detect fraud. Transaction patterns are analysed in real-time based on a unique big-data approach, where every dimension of a transfer – including true originator and ultimate beneficiary – are mapped against known fraud patterns. Such pattern recognition methods supported by a robust technology infrastructure offers a comprehensive approach to fraud detection and supporting compliance.
All our systems, transfers, transactions and infrastructure are protected via full-stack firewalls, antivirus programs, two-factor authentication and ongoing penetration testing. In addition we conduct passive as well as active monitoring of all network traffic, stringent password policies and training of employees, etc., to avoid unauthorized access to Inpay systems.
The security processes are applied real-time, near-real-time or through batch analysis of activities by users and customers. Inpay uses background server-based processes that examine users’ and other defined entities’ access and behaviour patterns on a perpetual basis. Inpay also uses third party tools such as ComplyAdvantage as well as the Acquirer SAFE solution (from via Inpay’s sister company Zecure) that further enhances security in relation to transactions relating to E-commerce.
Inpay operates in accordance with the Wolfsberg Principles, created by international financial institutions to provide a cohesive set of guidelines that ensure responsible and secure activity. This includes Inpay’s use of policies and procedures to guarantee independent oversight for each partner approval, outside of the officer responsible for that client. These relationships are also under continuous internal review to ensure compliance.
Other Compliance documents: