Peach Payments, a leading African payment service provider, has partnered with the global Anti-Financial Crime platform RelyComply to strengthen its anti-money laundering (AML) and know-your-customer (KYC) compliance capabilities and support its expansion into new African markets.
Recognised as one of the 100 Most Innovative Fintech Startups of 2024 by CB Insights, Peach Payments offers a secure payments gateway for e-commerce platforms, fintechs, and subscription services.
The company focuses on providing merchants with a simple, fast, and secure infrastructure for sending and receiving payments.
Peach Payments currently serves South Africa, Kenya, and Mauritius and aims to scale its transaction volumes across Africa, with its recent acquisition of West African company PayDunya as the kickoff. The partnership with RelyComply enables Peach Payments to automate and streamline processes such as verifying customer identities (KYC) and monitoring transactions to meet AML regulations.
“With a new platform in place to maintain accurate checks and automated AML, including transaction monitoring, we can uphold our existing compliance processes while increasing the quality of our services as we manage higher customer numbers and transaction volumes across multiple jurisdictions,” says Rahul Jain, CEO at Peach Payments.
RelyComply’s solution offers a centralised interface for automated payment screening, risk profiling, and real-time reporting. Key benefits include:
- Reduced operational hurdles and costs through automated risk assessments.
- A unified 360° view of customers, vendors, and transactions.
- Adaptable transaction monitoring that responds to evolving regulatory risks.
- Real-time reporting to support rapid investigation and resolution of alerts.
“Our single, unified platform provides the foundation for Peach Payments’ broader AML workflows, enhancing their status as enterprise security leaders in the payments space,” says Bradley Elliott, CEO of RelyComply. “Together, we ensure the company’s customers can transact confidently in a fast-moving digital payments landscape.”
“This partnership is an enabler for the future, because it helps us to make sure cross-border payments adhere to dynamic compliance requirements across geographies,” says Jain. “As a digital AML solution that can scale in line with global best practices, RelyComply’s platform will help us to keep pace with shifting demands from watchdogs, merchants, and customers.”