Visa is partnering with RegTech provider W2 to provide compliance solutions and tools for UK business card holders.
Under the terms of the partnership, W2 will provide regulatory compliance software including Know Your Customer (KYC) and Anti-Money Laundering (AML) solutions through a single access point.
The W2 offering will allow businesses operating in regulated sectors, including payments, FinTechs and professional service providers such as accountancy who hold Visa Platinum and Infinite business cards, to access W2’s customer onboarding and monitoring compliance solutions at a heavily discounted rate as part of a loyalty reward.
W2 said the system will enable Visa Platinum and Infinite business card users to simplify management of compliance matters through a single access point, helping to navigate stringent regulations set out by the Financial Conduct Authority (FCA).
W2’s compliance platform currently offers onboarding and monitoring transactions to more than 100 clients across regulated industries such as FinTech, payments, gambling, and cryptocurrency.
Warren Russell, chief executive officer & founder at W2 commented: “We have certainly seen a shift in the past few years from businesses carrying out manual compliance, to having the requirement to automate onboarding and ongoing monitoring of customers.
“We are looking forward to being able to demonstrate the value of W2’s single access point and how it can dramatically reduce customer drop-offs within onboarding, as well as saving users time and revenue by removing the need for manual intervention.”
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