How does Inpay manage compliance?

We look at why compliance and compliant payment providers are important, and how Inpay creates certainty through compliance.

Compliance in the payments industry is important because it’s people’s money.

Payment service providers don’t so much process payments as move money. Customers trust their providers to get this right. They trust them to get money to the right places, in the right way. Just as their customers trust them to do the same.

This type of trust involves commitment. And brings with it all the interpersonal and moral complexities of a trusting relationship, which increase the stakes on getting it right.

At Inpay, we believe that compliance, and acting in a compliant manner, heightens our credibility. It helps us demonstrate our trustworthiness. It’s how we attract and retain customers and fulfil our obligations to regulators. So much so, compliance is fundamental to our customer proposition, our ability to trade and keep trading.

Why is it important to select a compliant provider?

Selecting a compliant payment provider gives uninterrupted coverage and service. Customers want successful payments – Inpay delivers industry-leading 99% transaction success rates – all while excluding bad actors and intentions.

We’d argue that it’s precisely by excluding the bad actors and intentions that we’re able to deliver such high levels of service. At Inpay, we create certainty through compliance. Customers trust us to move money right, in the sense of correctly and competently.

Compliant providers understand payment complexity. There’s no such thing as a simple payment system. We know this. What’s more, cross-border payments are more complex than domestic ones, thereby increasing the stakes and value of a compliant provider.

Cross-border payments comes with the jurisdictional risks caused by different countries’ rules and regulations. The financial crime risks associated with cross-border money flows. The FX risks of currency conversion. Plus, the fact that funds transfers are not face-to-face.

How does Inpay manage compliance?

We’re fortunate in our origin story and the experience of our founder. His background in Big Data, RegTech and compliance meant that a robust risk management approach was part of the Inpay DNA from the start, rather than added later.

We mitigate risk by pairing minds with machines. We have a culture of transparency, where we talk openly about risks. Employees are well trained and kept up to date around risk in general and enterprise risk management, plus we invest in technology.

We’ve designed a holistic, integrated risk management system. This gives us a fuller view of risk and prevents risks falling between the gaps of different systems. Plus, we partner with AI-driven vendor ComplyAdvantage to boost our transaction screening and monitoring capabilities still further.

We’re powered by partnership and trusted relationships

We get money to the right places by solving complex payments challenges together. We’re successfully working with the Danish Red Cross and our first payment corridor from Denmark to Myanmar is still active. And over the years, we’ve added new ones and grown cross-border volumes together.

It’s the same with many of our clients in regulated sectors: financial services and iGaming. Our client KYB checks at boarding and throughout the relationship with Nova Banka, a leading bank in Bosnia and Herzegovina, meant that we could turn on UK Faster Payments safely and almost immediately for them.

Similarly, when BlueOcean Gaming, a leading online casino solutions provider, was looking to expand its pay-out capabilities, it turned to Inpay. The confidence in our compliance and consultancy support, which draws on 15 years’ proven sector experience, enabled BlueOcean pay-outs across Europe, Australia and Japan.