MoneyGram has selected AiPrise, a compliance and identity verification platform, to support compliance and fraud prevention operations across its global payments network.
Under the partnership, MoneyGram will use AiPrise to streamline select verification processes through a single platform. AiPrise says the arrangement gives MoneyGram teams a more consistent way to review information and document verification decisions across the markets covered by the implementation, drawing on more than 100 data sources worldwide.
MoneyGram connects customers across more than 200 countries and territories through nearly half a million retail locations and a growing digital ecosystem, and says it has more than 60 million active customers. The company, which supports both fiat and stablecoin transactions, describes the deal as part of an effort to modernize the infrastructure behind its network.
AiPrise, which is backed by Y Combinator and based in Santa Clara, California, offers a single API for know-your-business (KYB), know-your-customer (KYC), anti-money-laundering screening and document verification checks across more than 200 countries and 500 government and business registries. The company says AI agents analyze the results to help compliance teams decide whether a business or individual is safe to onboard.
“Verification is essential to operating a trusted global payments network,” said Bahar Sahajwalla, chief regulatory and public affairs officer at MoneyGram. “AiPrise gives our teams a more simplified and comprehensive way to verify information while maintaining consistent standards across markets.”
Luke Tuttle, MoneyGram’s chief product and technology officer, said the company is “transforming MoneyGram into a more modern, connected fintech platform” and that AiPrise “will play an important role” in modernizing key processes. “Millions of customers have trusted MoneyGram to support their loved ones for generations, and maintaining that trust means continually strengthening the technology and infrastructure behind our global network,” he said. MoneyGram tapped Oscilar for an AI-powered risk platform last year.
“MoneyGram moves money across more markets than almost any company in the world, which means their compliance has to work everywhere, all the time,” said Chaitanya Sarda, CEO of AiPrise. “That’s exactly what we built AiPrise for: helping companies streamline complex verification processes using a purpose-built, AI-driven platform, while giving compliance teams the information and audit-ready rationale they need to make confident decisions.”
Sources: AiPrise
–
By the ID Tech Editorial Team
