SatchelPay: a new partnership and the expansion of the team

  • 2020-04-14
  • SatchelPay

Despite the economic slowdown caused by Covid-19, the fintech company SatchelPay is moving forward with its operation, actively investing in regulatory compliance and onboarding new team members.

Among company’s efforts to increase the security of operations and strengthen fraud prevention measures, was signing a partnership agreement with a Lithuanian regulatory compliance startup AMLYZE. The company offers financial crime prevention services to make sure that EMIs like SatchelPay fully comply with the Lithuanian legal framework and can protect themselves and their clients from illicit financial activities.

The risk assessment system of AMLYZE will automatically assign a risk level to SatchelPay’s customers and will check whether their real activity corresponds to the initially provided data. In addition, the transaction monitoring module of AMLYZE is structured to ensure compliance of SEPA transactions that are processed through the Bank of Lithuania’s CENTROlink payment system, as well as the one of SWIFT transactions that are processed through other partners of SatchelPay.

“With the kind of expertise that AMLYZE brings to the table, we are reassured that everything is taken care of on the security front. As we continue to expand, our growth and ability to provide our clients with convenient, modern financial services will depend on our ability to safeguard our platform from risk. Working with AMLYZE, we are going to see that happening”, said the CEO, Sergiy Barybin.

SatchelPay got the European electronic money institution license in March of 2018. By the end of the same year the company ranked 17th among EMIs in terms of revenue generated for the previous fiscal period. However, due to the fast growth, the company failed to effectively the perform reporting procedures, which resulted into a fine.

According to the CEO of AMLYZE, Gabrielius Erikas Bilkštys, the number of fines for AML violations doubled last year and the same trend is expected to persist in 2020.

“Regulations are becoming stricter and more detailed as the industry develops. We believe that the services we offer are going to become essential not just for fintech companies, but for all those subject to the EU’s 5th AML directive”, Bilkštys explained.

Hiring more people

SatchelPay moved into a bigger office in Vilnius at the beginning of this year and already by the end of it the company is planning to double the size of the Lithuanian team.

“We are planning to expand our compliance, sales and marketing teams here in Vilnius with talented professionals”, Sergiy Barybin shared.

Barybin said that Covid-19 has had a significant influence on the company‘s clients, who operate across various industries. Yet, despite the current circumstances, SatchelPay is not giving up the plans to expand. One of the main current challenges is making the proper adjustments to continue providing convenient, efficient and uninterrupted online banking to customers around the world.