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.