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Journal|||July 22, 2022

Announcing the Compliance Sandbox

Image of Pranav Deshpande
Pranav DeshpandePMM

In May of this year, we announced our fourth product Compliance, to provide Modern Treasury customers with out-of-the-box AML compliance and fraud detection features. Commercial banks require the companies they partner with to set up and maintain comprehensive compliance programs before they approve them for transaction banking.

We built Compliance because evaluating, integrating, and managing different vendors for KYC/KYB and transaction monitoring is not a core competency for most companies. As a result, the effort required to build Compliance capabilities significantly delays their product launches. Compliance provides a single, easy-to-integrate solution for user onboarding, transaction monitoring and case management, ensuring all payments are compliant from day one. 

Today, we’re excited to announce that Compliance is available in Sandbox mode, allowing you to set up a proof of concept in a matter of hours. The Compliance Sandbox lets you test both the API and the web application once you’ve signed up for a Modern Treasury account. 

User Onboarding

With User Onboarding, you can embed a flow in your application to automatically perform KYC checks on individuals when they sign up for your product. Embedding the flow involves adding a small JavaScript snippet to your application. The flow collects information like name, date of birth, address, phone number, email address, SSN, and bank account details to verify the user.

Compliance currently supports KYC checks, with KYB support coming later this year. To test this feature go through the User Onboarding quickstart guide and the Compliance API docs.

Image of Compliance onboarding form
What the user onboarding form looks like

Transaction Monitoring

Transaction Monitoring allows you to easily monitor for suspicious and fraudulent activity on all payments initiated using your Modern Treasury account. Enabling Transaction Monitoring is as easy as passing an additional attribute called `transaction_monitoring_enabled` to the Payment Orders API and setting it to `true`.

To test this feature, go through the Transaction Monitoring quickstart guide in our docs.

Image of risk profile in the web app
Risk profile in the web app

Case Management

Every user onboarding session and monitored transaction results in a decision with one of three outcomes — automatic approval, automatic denial, or needs approval. If the outcome needs approval, a case is created in the Modern Treasury web app for your compliance team to manually make the decision. Your team can collaborate on case management in the web app by uploading documents, leaving comments and attaching metadata. All decisions are automatically recorded in an audit log.

To test this feature, take a look at the Case Management quickstart guide in our docs.

Image of case management view in web app
Case management view in web app

Going Live

Compliance is currently an Early Access product. Please get in touch to discuss your Compliance requirements, go live process, and pricing. 

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