Huntli, a Riga-based regtech firm specializing in transaction monitoring and fraud prevention, has entered a partnership with Payall, a cross-border payments infrastructure provider. The collaboration aims to enhance fraud prevention capabilities and automate compliance tasks for financial institutions, including banks, central banks, and EMIs. Huntli, known for its expertise in safeguarding transactions, will contribute its knowledge and technology to improve the efficiency and security of cross-border payments.
Established in 2021, Huntli rapidly distinguished itself as a leader in the regtech sector in Latvia by safeguarding over 100 millions of transactions internationally from fraud and other malicious actors. The combination of Huntli and Payall will enable customers of both companies to have even greater fraud and risk mitigation capabilities. New breakthrough software will be available for Huntli customers to automate slow, costly, and error-prone manual tasks related to applicant due diligence and boarding, specialized compliance and risk mitigation Know Your Transaction activities, and allow an access to new paradigms for making cross-border payments.
Later in 2024, Payall will roll-out unprecedented risk, compliance and process automation capabilities based on the integration of Huntli, Payall and AI for the benefit of banks, fintechs, central banks, domestic payment networks and other financial institutions. With cross-border payments projected to reach $160 trillion this year and exceed $250 trillion by 2030, the combination of Huntli and Payall is an important step for both companies.
Payall decision to expand its already extensive presence in Europe with the Huntli team in Latvia underscores its view that the pioneering nature of EMIs, PIs banks, central banks and fintech in the Baltic region need breakthrough capabilities in international fund transfers that ensure cross-border payments are safe, efficient (fast and low cost), transparent and inclusive. This move also demonstrates confidence in the strategic direction Latvia has put in place to safely develop the fintech sector, ensuring effective and efficient regulation, promoting growth and innovation, and providing an access to secure and efficient payments across the Europe and globally.
Latvia is home to a growing fintech ecosystem, supported by a strong IT infrastructure and a tech-savvy population, specifically well-educated, multilingual workforce with strong technical skills, particularly in IT and engineering. Moreover, people are at the core of Payall. The Huntli team reflects values and character dimensions that are consistent with Payall’s overachiever mindset.
Gary Palmer, the Founder and CEO of Payall, has always held that “people” are the foundation for any great company and stated, “The cornerstone of Payall’s success is the collective spirit and ingenuity of our team. Now that the Huntli team is part of the Payall team, we’re experiencing a force multiplier from the fusion of shared visions and values aimed at revolutionizing the cross-border landscape. Moreover, our strategic expansion into the Latvian banking and fintech ecosystem, rooted in protecting the safety and soundness of payments, underscores our commitment to bolstering Latvia’s position as a fintech hub in the region and beyond.”
Lev Bass, Co-founder and Chief Business Development Officer at Huntli, adds: “Our cooperation with Payall, a leader in innovation and excellence in cross-border payments, marks a significant milestone for Huntli. We are profoundly impressed by Payall technology, their extraordinary vision for their products and the approach to the business – these were the key factors that led us to mutual agreement and this collaboration. We deeply appreciate the fairness and transparency throughout the merging process of both companies. The innovations and state-of-the-art tech we will bring to the international banking sector are unmatched by anything available in the market today – we are creating the future right now.”
Click here to read more community news.
Read the orginal article: https://arcticstartup.com/huntli-partners-with-payall/
