Regulatory risk and analytics space provider Corlytics have announced the rollout of their latest topic-specific regulation tracker; specifically focused on payments. The service allows PSPs to visualise, in a single automated and visual interactive dashboard, the regulatory updates relating to payment service providers.
The platform entitled ‘Corlytics’ Payments Tracker’ provides an insight into all emerging payments regulation across the globe through a single location; bolstered with interactive elements including sliding time windows and slice and dice functionality.
Today, most Payment Service Providers (PSPs) handle regulation awareness and implementation in-house with a range of protocols and remediation strategies, using an assortment of desktop applications and manual tracking resources. As an alternative to more manual solutions, the Corlytics’ Payments Tracker provides a completely automated payment tracker, helping to eliminate manual handling errors.
The tracker is part of Corlytics’ stable of regulation solutions and allows for management and optimisation of payment regulation monitoring. The tracker is configured to categorise payments into specific themes, including PDS2, Open Banking, Digital Currencies, Crypto, AML, and Fraud. It enables teams to rapidly understand the trajectory of payments regulation across their regions of interest.
The Corlytics’ Payment Tracker provides an instant impact analysis to firms, helping to reduce risk and elevate opportunities driven by new and updated payment regulations. With workflow and collaboration tools built in, the tracker can assist in enabling enhanced digital transformation with full integration with proprietary and third-party solutions. In conjunction with Corlytics’ Risk Impact Workflow, firms can carry out a full impact assessment collaboratively across multiple departments using impact templates, alerts, notifications, and an approval and implementation process.
“Beyond the obvious legal risks, the potential for loss of reputation and impact of heavy monetary fines on shareholder value, there are competitive and opportunity reasons to maintain a clear awareness of payment regulation to firms sitting within that space,” comments John Byrne, CEO of Corlytics. “Our payments tracker is primarily to ensure compliance in this high-stakes regulatory environment but also offers new ways to automate and enrich across the firm.”