SatchelPay Partners with AMLYZE for Compliance Assurance and Security Boost

  • Security and Compliance , Payments , E-Wallets , Cryptocurrencies
  • 16.04.2020 11:02 am

Lithuanian EMI SatchelPay has announced a partnership with AMLYZE, a financial crime prevention platform also based out of Lithuania, aimed at proactively dealing with regulatory compliance and improving the online banking platform’s security.

After the Bank of Lithuania moved to resume all of SatchelPay’s services in November of 2019, the fintech firm has shown itself eager to establish a more evolved institutional paradigm, conducive to growth and in tune with industry projections.

The latest move from SatchelPay comes in the form of a partnership with fellow Lithuanian fintech company AMLYZE. The company offers financial crime prevention services to make sure that EMIs like SatchelPay both stay well within Lithuania’s legal framework and can protect themselves and their clients from bad actors and illicit financial activities.

As the only compliance company offering Suspicious Activity Reports based on the current legal framework in place in Lithuania, AMLYZE offers the expertise of particular value to Lithuanian EMIs. AMLYZE’s risk assessment system will assign the risk level of SatchelPay customer’s automatically and will check whether their real activity responds initially provided data, while AMLYZE transaction monitoring module is structured to ensure the compliance of SEPA transactions that are processed through the Bank of Lithuania’s CENTROlink payment system and also SWIFT transactions that are processed through the other partners of SatchelPay.

Prior to this partnership, SatchelPay engaged in a comprehensive restructuring that saw it bring in new leadership, most notably in new CEO Sergiy Barybin, and move the location of its physical office to a new building, “chosen and designed to make sure [they] will be able to facilitate future growth.”

Following the company’s resumption of services in the 4th quarter last year, it has been focused on building sustainably for the future and continuing to make the kind of decisive inroads into the industry that saw it rise, in just half a year of operation, to 17th place among EMIs in terms of revenue generated.

When reached for comment, SatchelPay CEO Sergiy Barybin had this to say about the AMLYZE partnership: “This partnership was important for us to finalize for two reasons. The first has to do with compliance. With the kind of expertise that AMLYZE brings to the table, we will know that everything is taken care of on that front. The second has to do with the security of our platform moving forward. As we continue to expand, our growth and our ability to provide our clients with convenient, modern financial services will be dependent on our ability to safeguard our platform from risk. Working with AMLYZE, we are going to see that happening.”

In a statement, AMLYZE expressed the necessity for services like theirs in a changing regulatory environment. CEO Gabrielius Erikas Bilkštys said: “Last year the number of fines for AML violations doubled and the same trend expected to repeat on 2020. Regulations are becoming more firm and detailed as this industry develops. We believe that the services we offer are going to become necessary for not just fintech companies, but for all companies subject to the EU’s 5th AML directive.”

SatchelPay is a European electronic money institution that provides private and corporate accounts, multi-currency IBANs, e-invoicing and MasterCard Incorporated payment cards. Issued an electronic money institution (EMI) licence in March of 2018, by the end of the same year SatchelPay ranked 17th among EMIs in terms of revenue generated for the previous fiscal period. SatchelPay is based in Lithuania and serves clients all over continental Europe.


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