PassFort, a Moody’s Analytics company, today announced that Nvayo, an electronic money issuer serving ultra-high-net-worth and underserved clients, and its affiliates which form part of the PMA Media Group of companies, has chosen to use its know your customer (KYC) workflow solution. PassFort’s solution will enable the group’s companies to comply with complex international regulations while creating seamless onboarding experiences across global operations to serve customers worldwide. 

Nvayo and its affiliates serve individual members with innovative financial and lifestyle services. As its clients can open multi-currency accounts, access prepaid cards, and complete transactions through the portal, the management of its KYC and anti-money laundering (AML) procedures is crucial. Tailored onboarding workflows will be orchestrated by PassFort to put Nvayo’s and its affiliates’ customers at the heart of due diligence processes. This means AML checks will create holistic risk profiles of potential customers, while dynamic workflows create seamless experiences and allow applications to be processed swiftly.

PassFort was chosen for its ability to help Nvayo and its affiliates meet its complex compliance requirements, supporting its goal of creating customer-centric experiences that are tailored to meet individual needs as well as AML regulations across different jurisdictions. Research from PassFort has demonstrated that customers who benefit from compliance onboarding experiences that are ‘better than expected’ are more likely to recommend their provider and acquire more products in the future.

“We want to ensure our customers can engage with our products quickly, but at the same time we need to manage and assess risk,” said Willem Wellinghoff, Global Chief Compliance and Risk Officer and MLRO at Nvayo. “As we scale and grow our business, the PassFort solution will help us deliver seamless onboarding for customers, with the right amount of friction to prevent bad actors from gaining access to our services. It’s vital our customers have confidence that we’re the right partner for managing their wealth and lifestyle services securely. Our technical team needs to focus on innovating our financial and lifestyle products for customers, not on developing compliance solutions.”

“The PMA Media Group, which includes Nvayo Limited and CoinX Inc, has several regulated businesses across the world, which creates complexities when it comes to AML compliance,” said Donald Gillies, Head of PassFort. “Furthermore, with such a unique client base, predominantly in the US and the UK, covering multiple jurisdictions, PassFort can offer a flexible, automated approach to the company’s specific AML needs, which solves these complexities while delivering the kinds of onboarding experiences its customers expect.”