Paytron reduces post-transaction queries by 75% with ComplyAdvantage

Founded in 2020, Paytron is a workflow and spend management platform that simplifies the way accountants, mid-market companies, and enterprises manage transactions.

An all-in-one cloud-based solution, Paytron enables businesses to streamline finance processes, including accounts payable, international transfers, and expenses. Its customers can make payments to suppliers, vendors, and service providers in more than 100 countries and a variety of currencies. It offers features including automated invoice capture, batch payments, and corporate cards with built-in expense management. 

The platform also supports effective risk management through an approvals workflow, audit trails, and the replacement of the non-secure bank files historically managed through a set of fragmented and poorly controlled processes.

Scalable financial crime risk detection

With a growing, diverse customer base covering global accounting giant BDO Global, consumer skincare brand Dermalogica, and startup incubator Stone & Chalk, Paytron needed a solution that could scale with its user base.

A dynamic, efficient transaction risk management solution that could meet both current and future regulatory requirements was critical. This would also demonstrate to Paytron’s banking and payment partners the importance it places on anti-money laundering (AML) compliance and transaction risk management. 

The solution needed to be flexible enough to manage an evolving set of transaction monitoring rules that will change as the business grows. In addition, Paytron was looking to monitor trends in its transaction data, using these to design and implement new risk mitigation measures.

Above all, Paytron sought partnerships that could scale with the business while remaining flexible.

Automated transaction monitoring and screening

ComplyAdvantage’s Transaction Monitoring and Screening (TMS) solution enabled Paytron to reduce the need for human intervention in its financial crime risk management program. It also means the firm can manage its workload in a detailed, holistic manner without the need for a complex navigation system. 

The data insights and tools for case management also provided greater visibility into the firm’s risks, enabling analysts to intervene more effectively and identify where enhanced due diligence and supporting documentation are required. This significantly reduced the number of post-transaction queries received from agent banks and partners, allowing the business to scale with minimal resources.

Ongoing optimization and efficiencies 

Paytron’s customer success manager at ComplyAdvantage worked with the technology and compliance teams to streamline efficiencies through the TMS solution. The teams are continuing to work together, running end-to-end tests to ensure consistent, positive growth.

Despite these continued improvements, the results achieved by the partnership are already impressive. Post-transaction queries have been reduced by 75 percent, and false positives have been reduced by 20 percent, freeing up valuable analyst time to focus on the greatest business risks. Paytron has also been able to increase its transaction numbers tenfold, improving staff efficiency by reducing the need for manual input. As a result of implementing ComplyAdvantage’s automated TMS solution, Paytron said they have avoided having to pay over $200k in additional resourcing.

Key benefits in numbers

• 10x growth in staff efficiency
• 20 percent reduction in false positives
• 75 percent reduction in post-transaction queries