Wirex, one of the leading players in payments, has announced its strategic deal with Corlytics, a market player in intelligent content solutions including regulatory monitoring and regulatory change management.
Wirex has chosen Corlytics’ Clausematch policy management platform to bolster its compliance framework and ensure the highest standards of regulatory adherence.
The Corlytics’ solution enables Wirex to streamline and automate policy management processes, ensuring real-time updates, dynamic compliance workflow with an audit trail and adherence to evolving regulatory obligations.
“The Corlytics’ Clausematch solution enables us to efficiently and dynamically maintain excellent levels of governance across Wirex including ensuring our policies, procedures and frameworks remain up-to-date and aligned to the expected standards of our regulators. In addition, we need a technological solution to help guarantee that our governance can keep up with our goals for expansion as we seek to do business in new jurisdictions”, Chet Shah, Global Chief Risk & Compliance Officer at Wirex commented.
As well as the solution’s policy management editor, Wirex is onboarding the policy portal where the information can be disseminated in the right way within the right documentation, to consequently enable changes in the controls to ensure compliance.
“We’re delighted to start our collaboration with such a fast-growing business who are also in the evolving crypto space, and help them on the expansion journey. Policies and procedures comprise the bulk for creating and maintaining the culture of compliance in any organisation. As Wirex expands, having a compliance culture mapped out and integrated into policies, procedures, and controls will guarantee its competitive advantage. The implementation of our solution is a major step towards accomplishing the expansion and growth goals”, Evgeny Likhoded, President at Corlytics added.
About Wirex:
Wirex is a prominent UK-based digital payments platform with over 6 million customers spread across 130 countries. It offers secure accounts, making it easy for users to store, purchase, and exchange multiple currencies seamlessly.
As a principal member of both Visa and Mastercard, Wirex goes beyond traditional services, embracing the evolving trends of Web3 to provide mainstream access to digital finance and wealth management. Having processed transactions totalling $20 billion, Wirex aims to contribute to the adoption of a cashless society by facilitating straightforward transactions in various currencies worldwide.
Wirex is simplifying digital payments, making it more accessible and convenient for people across the globe.
About Corlytics:
Corlytics structures, rates and visualises regulation: to be able to action and provide assurance on never-ending regulatory change requires firms to know what’s relevant, where to focus and what’s emerging. That’s where Corlytics is helping compliance, risk, legal and audit teams globally.
The platform monitors, assesses, maps and aligns regulatory changes in order to alert relevant areas of the business. Corlytics brings automation to policy management, regulatory change management and organisational governance.
The platform takes a risk-based approach to prioritising developments and predicting what’s ahead, combining innovative technology with deep legal and industry expertise. Their data science technology combines supervised statistical learning methods with novel linguistic feature engineering techniques using natural language processing.
Corlytics’ mission to enhance trust and build transparency in the global financial system puts its solutions at the forefront of regulatory technology and is relied on by regulators, banks, investment managers and fintechs worldwide.
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