The Company

Volopa is a London-based fintech company authorized by the Financial Conduct Authority (FCA) to carry out payment services and issue cards across the European Economic Area (EEA). Volopa operates multi-currency prepaid card programs and foreign exchange money transfer and remittance services for consumer and corporate clients.

Industry: Payments
Product: AML Screening and Monitoring

ComplyAdvantage’s solution helps to ensure that no suspicious entities slip through the net. It also provides the reassurance our compliance team seeks in our processes. Finally, it saves us the inordinate amount of time it would take to conduct such checks manually. Graham Smith,
Managing Director, Volopa

The Challenge

Volopa was experiencing a high volume of false positives and incorrect hits when onboarding new customers, which meant their team had to manually screen and remediate alerts. Volopa’s main objectives were to meet regulatory requirements and to provide a seamless, transparent customer journey. The company was looking to partner with a specialist provider that had established itself as a leader in AML compliance, had a proven track record of success and could help them deliver best-in-class solutions and services to their customers. AML providers were benchmarked according to their ease of integration, service availability and accuracy of results to minimize false positives. Volopa selected ComplyAdvantage as their long-term AML provider because they fit all the criteria mentioned above and had a reputation for best-in-class AML solutions with a dedicated support team.

The Solution

The two-way RESTful API integration was simple and painless. Thanks to ComplyAdvantage’s solution, Volopa’s manual workload has been reduced significantly. Every applicant that enters their portal is checked against sanctions lists and watchlists, as well as PEPs and adverse media data. Real-time, automated screening, enabled by the API, allows straight-through processing of applicants, ensuring a smooth onboarding experience. Ongoing monitoring capabilities allow real-time alerts to be sent to Volopa’s compliance team when a suspicious entity is detected or when there are status changes, ensuring no suspicious entity goes unnoticed.

We were impressed with ComplyAdvantage’s real-time automated screening and monitoring capabilities, allowing straight-through processing of applicants and ensuring a smooth onboarding process.Graham Smith,
Managing Director, Volopa

The Outcome

The reduction in manual intervention of compliance staff when onboarding new clients allows Volopa to provide a seamless customer experience. Volopa can now onboard a large number of customers in seconds, compared to a previous average of 1¬Ĺ to 2 hours per customer. Finally, adverse media checks allow Volopa to dive deep into their customers‚Äô risk profiles to ensure high-risk entities are identified.