Case Study: How PaymentsCompliance supports banks in reducing the impact on customers and costs
Our client is a traditional banking institution with a limited presence on the high street, and a strong focus on the payments services division. Our client’s team takes care to ensure the company is compliant with any regulatory changes and ensures that new projects fit within the current regulatory regime. In this rapidly changing regulatory environment, the team’s main challenge is keeping up with the interpretation of the regulation, which can be very demanding on their time.
Implementing PaymentsCompliance allowed our client to get the insights they required into how the interpretation of the laws evolves in the differing jurisdictions. Our solution helps them to keep track of what might affect the payments transactions space, and therefore their business, giving them an invaluable bird’s eye view of the regulatory environment.
However, it is access to PaymentsCompliance’s in-house team that offers our client the most value. Our connections to regulators and key industry sources allow the team to get vital guidance and expert insights on notifications and consultations that they would not otherwise be able to get, offering an extra layer of value.
PaymentsCompliance offers our client an element of reliability, with the added assurance of being able to pick up the phone and get a quick and helpful response from the team should they have any further queries. But the true value for our client is the time and cost-saving efficiencies.
“I think the potential impact on the customer and costs arising from overlooking a regulatory change would outweigh the cost of the subscription. The alternative of trying to do it independently would be time-consuming and onerous. It would tie down twice the amount of resource.”