Setting up an automated payment & monitoring solution

03 September 2018

Executing multiple payments for clients is one of the core tasks of a financial services provider. Clients come from all over the world, have bank accounts with several banks and work with numerous counterparties. The financial services provider makes sure that all these transactions are executed in an efficient, diligent and compliant way.


And yes – that can be challenging…

Think multiple tokens, identifiers, and other bank specific tools. The average account manager is responsible for 40 clients, each with their unique banking style. Where does he keep all those electronic banking devices, in his desk? And what if he’s out of the office, does he physically hands-over these? – that’s just to actually execute the payment. Also, the transaction needs to be authorized and properly monitored. So, the account manager collects the necessary paperwork and signatures. And yes, this is a manual procedure; a paper, that runs from desk to desk.  Sounds like a hassle, huh?

2 years ago Link was also struggling with this situation. When checking with its peers, it seemed that nobody had been able to solve this situation in an effective way. But persistent in finding a solution, Link fully automated their payment and transaction monitoring processes by using ComplianceWise360?


About Link

Link Asset Services Netherlands is part of Link Group’s Asset Services division and works in partnership internationally with almost 7,000 clients including asset managers and investors, business managers, asset owners, trustees, issuers and borrowers. We provide the infrastructure through which assets are secured or deployed in both regulated and unregulated markets.
Link acts at the forefront of the industry in automating its procedures.


Why did Link shift from a predominantly manual payment and transaction monitoring process to a fully automated process?

“Not only is it easy to bypass compliance when using manual procedures, also the use of multiple banking cards and various electronic banking instruments make it easier to execute payments in an unsecure and inaccurate way. Also, when you monitor transactions ‘manually’ there is a significant risk that potential suspicious transactions could slip the eye. Besides that, it does not guarantee a correct audit trail.”

“Link wants to be best of class in compliancy matters, we want to monitor our transactions in such way that potential suspicious transactions could not be overlooked in any way. The automation of procedures minimalizes the risk of non-compliancy and ensures accurate follow-up and a streamlined payment process.”


Key benefits of ComplianceWise360°

  • All your bank account and counterparty information grouped by different levels and teams.
  • All your payments initiated, authorized and executed in one centralized application.
  • Get insights in all your transaction data on any device, anytime,  anywhere.
  • All your transactions checked, screened and compliant with a compliance integrated solution.


Why did Link choose ComplianceWise?

“Link was looking for a solution to make banking at multiple banks less complicated, whilst securing Link’s high compliancy standards.”

“ComplianceWise is the only player in the market that offers a streamlined platform for both payments and transaction monitoring, so we went ahead with their platform CW360?. By implementing CW360? Link knew they would be ahead of the game in the sector and bring their business to a new level which was one of the main drivers for Link.”


What do you like most about CW360?

“Executing payments including the approval and monitoring procedures runs entirely paperless. The time for executing and screening (of monitoring) a payment has been reduced from 15 minutes to only 1 minute. It’s extremely user-friendly.”

“An anecdote that illustrates this perfectly occurred a few weeks ago; my colleague, who was on a business trip, authorized a payment on her mobile phone while being in the airplane.”

Annemarie Muller

Director Client Relations

ComplianceWise’s CW360 can help you easily take control of your AML and compliance obligations, from KYC to transaction monitoring and cashflow management. Not only do we help to reduce the risk of non-compliance costs, but our solution also offers an opportunity to gain valuable business insights that can be used to inform management decisions and support strategic planning.