The Company

HydroPay, founded in early 2018, is a Pan-European payment processor offering a cross-platform payment gateway that enables businesses to accept online payments in 160 different currencies.

Industry: Payments
Product: AML Screening and Monitoring

The Challenge

HydroPay’s compliance team previously conducted manual checks on entities, which was very time-consuming. Due to time zone differences, completing the necessary checks for alert remediation could sometimes take up to three days. Any attempt to increase efficiency, however, needed to also ensure that the company’s compliance procedures remained robust enough to identify high-risk entities.

As a result, HydroPay was looking to partner with a trusted, innovative AML provider that could help them fully automate the compliance processes while also supplying them with high-quality data. HydroPay benchmarked various third-party providers, reviewing online ratings and overall tech and support reputation, before making their choice of vendor. HydroPay decided to partner with ComplyAdvantage, as the company was strongly recommended by other compliance officers who have had a positive experience using ComplyAdvantage’s solutions.

ComplyAdvantage made our AML screening and background checks fast and painless for our compliance team, providing essential details on entity risk in just a few clicks. Geraldine Prado,
Chief Compliance Officer, HydroPay

The Solution

HydroPay was able to move away from its manual remediation processes quickly and seamlessly when the company started using ComplyAdvantage’s cutting-edge two-way RESTful API. The API allows HydroPay’s compliance team to receive real-time automated alerts when changes in risk status are identified. More generally, this has also allowed the company to increase the speed with which it onboards new customers and has improved the compliance team’s ongoing monitoring capabilities.

The Outcome

HydroPay can now carry out automated screening and monitoring using real-time financial crime data, with results consolidated into single risk profiles. ComplyAdvantage‚Äôs solution reduced HydroPay‚Äôs false positive rate from over 50% to below 5% and enabled a significant reduction of time spent remediating alerts ‚ÄĒ from an average of three days to just minutes.