News & Events
Staying Ahead of Global Risks: The Importance of Early Sanctions Screening within the Payments Sector
The rising complexities in the global risk landscape due to shifting geopolitical forces are driving the constant changes reflected within sanctions lists. The significance of averting failed payments cannot be overstated enough. Global business enterprises face a staggering USD 118.5 billion annual cost due to failed payments. This widespread issue affects businesses of every scale and sector, spanning through banking, telecommunications, energy, and e-commerce, and transcending geographical boundaries. Beyond the monetary losses, such incidents negatively impact the customer experience and jeopardise client relationships.
In addition to financial consequences, non-compliance with sanctions, AML, and KYC regulations posed substantial costs to financial institutions in 2022, totalling nearly USD $5 billion globally, marking a 50% increase from the previous year, as reported by the Financial Times. Early identification of sanctioned entities before payment initiation offers crucial defence, ensuring compliance and reducing payment delays.
Considering the ongoing complexity and high level of sanctions activity, the WiseBOS Customer Screening solution empowers organisations to promptly check for sanctioned lists before initiating payments and offers an early line of defence to pre-emptively identify sanctions risks in the payments process. This approach decreases operational costs, improves customer experience, and ultimately improves good business practices.
Contact us today at firstname.lastname@example.org to book a consultation with Senior Members of our team, to match your impending business needs with our state-of-the-art RegTech solutions.