A Guide to Anti-Money Laundering for Crypto Firms

PingPong Payments streamlines compliance process through automation

Payments Customer Stories

Founded in 2015, Hangzhou-based PingPong Payments is one of the largest payment and digital trade solution providers globally, serving almost 1 million international businesses, individuals, large enterprises, and financial institutions. 

PingPong’s advanced technology platform allows business to be conducted in any market and currency worldwide. The company’s products include e-commerce and B2B trade payments, acquiring services, card issuing, FX management, supply chain finance, VAT tax services, enterprise solutions, business intelligence software, and more. 

PingPong needed to accelerate the pace at which it was able to create new accounts and onboard customers. This had to be done without compromising response times for existing customers.

At the same time, PingPong needed a solid solution to streamline its due diligence checks to meet its compliance obligations across many different jurisdictions and build trust with its new and expanding customer base.

Prioritizing cost-effectiveness, speed, and responsiveness

With PingPong’s previous name-screening solution, the company experienced slow response times and a lack of customer support. These frustrations pushed PingPong to look for an alternative that could match their needs in terms of cost-effectiveness, speed, responsiveness, customer support, and usability.

“ComplyAdvantage stood out against legacy providers in the market and gave us the confidence that it could deliver – more like a partner than a vendor.”
– Cyrus Tong, Regional Chief Compliance Officer, PingPong

Complementing business philosophies 

PingPong chose to partner with ComplyAdvantage because the solutions on offer matched its customer-centric business philosophy.

“We want our partners to have the heart to do things like us – always wanting to do things better and faster for our customers. Just as we provide the best experience for our customers, we believe ComplyAdvantage can provide the same thing for us.”
– Cyrus Tong, Regional Chief Compliance Officer, PingPong

PingPong saw the benefit of its partnership with ComplyAdvantage following Russia’s invasion of Ukraine. “In the Russia and Ukraine war, we saw a swift reaction from ComplyAdvantage,” said Cyrus Tong. “They immediately uploaded all the names and requirements into their network, proving that they too value the importance of speed and accuracy for their customers.”

Streamlining the review process

With the ComplyAdvantage customer screening solution, PingPong was able to implement an automated process to reduce the human resources required for transaction reviews. This also limits the potential for human error in its compliance teams.

At the beginning of the relationship, PingPong used ComplyAdvantage for 20-25% of its compliance operations. Since then, this has increased to 100%. According to Tong, this increase is due to the relationship that was deepened through PingPong’s dedicated local customer success manager. “Having our customer success manager in the same time zone as us helped ComplyAdvantage better understand our business models, needs, and internal systems,” said Tong. 

As PingPong’s business continues to expand across the world, the company plans to roll out its ComplyAdvantage customer screening solution across its global businesses. 

 

Improve your operational efficiency with ComplyAdvantage

At ComplyAdvantage, our autonomous systems refresh entity profiles within minutes of a change. ComplyAdvantage can help you uncover hidden threats to your business at digital speed by removing manual intervention and freeing up your compliance teams.

Request Demo
 

Originally published October 27, 2022, updated November 10, 2022

Disclaimer: This is for general information only. The information presented does not constitute legal advice. ComplyAdvantage accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information.

Copyright © 2022 IVXS UK Limited (trading as ComplyAdvantage).