FaciliPay enables financial companies to capture outward payments justifying documentation details in accordance with Bank of Albania Regulation 70. It enables branches or agencies to know in real time if a new outward payment transaction should be processed and provides alerts at branch manager or compliance officer level warning on actions to be taken.

International Money Transfer Institutions Challenges:

• The registration and tracking of justifying documents for the international payments delivered by customers after the payment is affected, is a passive manual activity.
• Inefficient or manual time consuming procedures are sometimes used by banks staff to consolidate at customer level all justifying documentation that may be presented in different branches.
• There are difficulties to proactively monitor compliance of the bank vs. Regulation 70 at HO level that can expose the bank to penalties from BoA

Benefits of FaciliPay:

• Provides banks an easy way to monitor the collection of international transfers justifying documentation according to BoA regulation
• Provides a prompt and secure alternative for the branch users to verify if a customer is eligible to perform an international payment transaction.
• Reduces the risk of multiple usage of the same justifying document in different banks or branches of the same bank.
• Provides alerting mechanism for reminding the users about the delays in collecting necessary documents.