FOR IMMEDIATE RELEASE
London based ForeignExchange.com today announces that it has selected RegTech services from Sphonic to manage risk and regulation, leveraging its innovative suite of services.
Launched by Gain Capital Payments Limited a London based company, ForeignExchange.com was set up to enable customers and businesses access to international money transfers, providing a better deal and better customer service along the way. Operating only through online channels, ForeignExchange.com aims to provide a fairer deal for international transfers compared to many of the larger banks and financial institutions. Given the focus on online channels, ForeignExchange.com has decided to use Sphonic to for protection against fraud and financial crime, given its innovative technology for the fast moving digital commerce environment.
Sphonic, which was formed in 2012 through its founder Andy Lee, and its core product Workflow Manager (WFM), was created to be a Context-Broker that leverages data points from over 60 of the world’s leading data vendors and risk management services through an intelligent workflow engine. WFM enables access to vendor services through a single RESTful API, removing the complexity of multiple integrations, as well as leveraging the Sphonic flow-control logic within the platform driving real-time insight to detect fraud efficiently as well as reducing friction for genuine consumer customers.
Discussing the decision to select Sphonic, Emmanuelle Johaadien, COO, of ForeignExchange.com said “We are very excited with the opportunity for ForeignExchange.com to disrupt the international money exchange industry. Operating purely through digital channels provides the ability to grow our customer base significantly, in a short space of time but equally we recognise the threats from operating in this environment. We considered the requirements of a trusted partners to assist us to meet our regulatory requirement and manage risk carefully. Sphonic ticked all the boxes for us, given their team of experts in digital risk management as well as market-leading technology. We are most excited by the agility and flexibility in the technology, which allows us to adapt as our service grows. We look forward to a great partnership with Sphonic”.
Riten Gohil CEO of Sphonic added: “We are very excited to support ForeignExchange.com and be selected a trusted partner for all of their regulatory and digital risk management requirements. Our ability to support an internationally-focussed product, in a real-time digital environment makes Sphonic and WFM a platform of choice by many of the leading brands in the gaming, Fintech and payments space. We see great opportunity for the ForeignExchange.com over the coming years and we are ready to support them on their journey”.
Sphonic’s technology is used by a wide range of clients, benefitting from its innovative services supported by a team of industry experts in the digital risk management space. Organisations like Betfair, Paypoint.net (now Pay360), City Index, Zopa, Unshackled.com, WePay and a host of others have been benefiting from Sphonic’s technology during our short history. Sphonic continues ongoing Research & Development, complementing its suite of products to address the growing demands in areas such Customer on-Boarding, AML, KYC, Fraud Detection & Monitoring as well as authentication.
For more information and further Press Enquiries contact:
Riten Gohil CEO, Sphonic
ForeignExchange.com is a subsidiary of GAIN Capital, (NYSE: GCAP), founded in 2015 to meet the growing need for cheaper, easier and trusted international money transfers. The service is designed for anyone to use and offers over 26 currency pairs that can be delivered to 212 countries.
ForeignExchange.com is a trademark of Gain Capital Payments Ltd. GAIN Capital Payments Ltd is a company registered in England No. 09688167. Registered Office: Park House, 16 Finsbury Circus, London, EC2M 7EB. Authorised & Regulated by the Financial Conduct Authority to carry out Payment Services under the Payment Services Regulations 2009; Firm No. 720701. Registered with HM Revenue & Excise as a Money Transmitter, MLR No 12849712.
Sphonic is the trading name of Symphonic Solutions Limited which was established in 2012 with backing from private investors to develop and launch its initial product Workflow Manager. With the growth in digital commerce, alongside increasing concerns around customer security, Sphonic has created a suite of products to ensure its clients achieve the right balance in protection and customer experience. Workflow Manager enables access to innovations from market leading vendors in areas such as Global Identity & Verification, Peps & Sanctions Data, Device Fingerprinting, Mobile Profiling, Email Verification, Geo-Location, Behavioural Biometrics and a host of other through its agnostic platform.
For more information visit www.Sphonic.com or contact the team at email@example.com
Sphonic is the trading name of Symphonic Solutions Limited with offices in London and Seattle (USA). The company was established in 2012 with backing from private investors to develop and launch its initial product Workflow Manager. With the growth in digital commerce, alongside increasing concerns around customer security, Sphonic has created a suite of products to ensure its clients achieve the right balance in protection and customer experience. Workflow Manager enables access to innovations from market leading vendors in areas such as Global Identity & Verification, Peps & Sanctions Data, Device Fingerprinting, Mobile Profiling, Email Verification, Geo-Location, Behavioural Biometrics and a host of other through its agnostic platform.
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