TAIPEI, June 29, 2022 /PRNewswire/ — Global cross-border transactions are increasingly in demand. According to Juniper Research, a UK-based market research firm, the total amount of global B2B cross-border transactions will increase from $34 trillion in 2021 for $42 trillion by 2026. With the growing popularity of alternative transactions, financial regulations in various countries are becoming stricter. In light of these trends, OwlTing Group, a global blockchain services company, announces a partnership with Dow Jones Risk & Compliance to leverage the Dow Jones Customer Due Diligence Watchlist ( CDD) from OwlPay, a one-stop integration payment service from OwlTing, and comply with the latest financial regulations in all jurisdictions. In the second half of 2022, OwlTing Group plans to work with international financial institutions to provide secure, real-time and convenient global B2B cross-border payment services applicable across multiple industries.
Cross-border B2B payments are currently complicated, expensive and time-consuming. Recognizing this issue, OwlTing Group announced OwlPay’s global cross-border payment services in the second quarter of 2022. In partnership with Napier, a UK-based financial crime system provider listed in the RegTech 100 of 2022, OwlTing is implementing measures such as Anti-Money Laundering (AML). and the Fight against the Financing of Terrorism (CFT) to meet the requirements of the financial regulatory authorities of the various countries. Additionally, OwlTing utilizes the Dow Jones Watchlist in the Know Your Customer (KYC) process to enhance its risk management capabilities and ensure cross-border transaction security for its global business users.
Dow Jones Risk & Compliance includes more than 3.7 million global risk profiles, including those announced from the United Nations Sanctions List. In addition to these files, official sanctions lists from governments of various countries such as the United States OFAC, Politically Exposed Persons (PEPs) and Parents and Close Associates (RCAs), and individuals or organizations who may have had unfavorable or negative media coverage are accessible. . The Watchlist is also adopted by many international financial institutions and contributes significantly to OwlPay’s CDD to monitor and prevent financial crime risks.
Jackal Ting, Chief Compliance Officer for OwlTing Group, explains, “OwlTing Group has applied new technologies to innovate existing industry applications and solve problems. OwlPay is our solution in the FinTech industry. OwlPay not only allows users to use developer-friendly applications. APIs to connect to companies’ internal management systems, provide a payment process automation service, but also work with global financial institutions and digital payment companies to extend the cash flow network for a service of Faster and cheaper global B2B cross-border payment. importance of AML and financial regulatory systems in various countries, OwlTing Group established the Compliance Department to assume transaction security responsibilities and ensure regulatory compliance. We will continue to improve our AML and CFT systems and measures, and hope to become a trusted partner of global companies. »
Una PengDirector of Partnerships at OwlPay, says of OwlPay’s partnerships to date: “We are currently connecting the system to several foreign banks and financial institutions. In addition to this, we are collaborating with companies in sectors such as real estate , automotive and commodities Since the launch of our global cross-border payment services in May, it has been adopted by businesses in Singapore. Additionally, we have introduced OwlPay to OwlTing Group business units from our home system to e-commerce services, and OwlPay has processed a total payment volume of more than $12 million nowadays. OwlPay enables same-day fund settlement, saves 50% of labor cost, and significantly improves operation efficiency for OwlTing’s business units. »
With regard to the global cross-border payments market, Darren Wangfounder and CEO of OwlTing Group, shares, “OwlPay’s cross-border B2B payment services for foreign businesses are launched, and we will target the United States first, Japan, Singapore, and EU countries. We will soon announce our partnership with international financial institutions. Going forward, we will continue to work with our partners to provide faster and cheaper global B2B cross-border payment services with different blockchain settlement networks and USD stablecoin applications provided international regulatory compliance is ensured. We will build a seamless global cash flow network with which businesses can easily make global payments.”
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OwlPay provides a one-stop integration payment service for global businesses. Through developer-friendly APIs, OwlPay integrates functions such as reconciliation, bulk transfers, automatic payments to innovate B2B cross-border transactions for real-time settlement and clearance. OwlPay charges less than $10 per transaction with same-day settlement, dramatically improving efficiency and transparency and making OwlPay a faster, cheaper payment solution suited to the needs of global businesses. OwlPay aims to create a new FinTech experience to help businesses improve operational efficiency and reduce labor costs.
About OwlTing Group
Founded in 2010, OwlTing Group covers B2B, B2B2C and B2C services. Like a Taiwan-based company, OwlTing has branches in the United States, Japan, Thailand, Malaysia, hong kongand Singapore, and seeks to expand globally. In 2018, OwlTing announced an eight-figure USD investment from Japanese financial giant SBI Group. Over the past few years, OwlTing has formed partnerships with government agencies, industry and universities around the world and applied blockchain technology to the medical industry, automotive industry, defense industry , food industry, forestry, agriculture, etc. OwlTing aims to build blockchain services for various industries to address pain points and improve industry ecosystems.
About Dow Jones Risk and Compliance
Dow Jones Risk & Compliance is a global provider of third-party risk management and regulatory compliance solutions. Working with clients around the world, it provides research tools and outsourced services for onboarding, verification and investigation to help businesses comply with anti-money laundering, anti- bribery, bribery and economic sanctions to mitigate third party risk.
Napier is a new generation of financial crime compliance technology specialists. Our intelligent compliance platform transforms compliance from legal obligation into competitive advantage. All Napier products are built using state-of-the-art technology, and the platform can be delivered via public cloud, private cloud or on-premises.
OwlTing Group – Public Relations Office
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SOURCE OwlTing Group