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