How a global trade finance company uses cloud comms to meet compliance
Global payment providers have never been as tightly regulated as they are today. Payment Card Industry Data Security Standards (PCI DSS) alone require any business that stores, processes or transmits cardholder data (including acquirers, processors and gateway providers) to annually report their compliance status to the relevant credit card companies. Requirements for compliance cover network security, including regular testing and monitoring, the protection of cardholder data and the restriction of access to said data to necessary parties only.
Different Countries, Different Rules
Payments being transferred between different countries present further complications. Moving money across international borders has become increasingly difficult in recent years, due to the increased threat of those payments being associated with terrorist activities. Added to this is the global attempt to crack down on money laundering, as well as increase cardholder data security and protect against fraud, which is making it even tougher to send infrequent but high-value payments internationally.
It’s increasingly the case that every country—and potentially every individual payment method in that country—has its own regulating body and set of requirements that must be adhered to. For example, the United States has the Securities and Exchange Commission (SEC), the European Union has the Markets in Financial Instruments Directive (MiFID II), and the UK has the Financial Conduct Authority (FCA).
With no existing global compliance payment standards, as well as more and more countries introducing their own strict governance of payments and the data associated with them, the challenges facing all payment service providers are only set to increase.
International Communications & Compliance for Global Payments
Aztec Exchange is a global supplier of invoice finance products and services and was recently announced as a Forbes Top 50 Fintech provider for 2016. Their PayMe cloud service allows suppliers of companies to sell their invoices online, in exchange for early payment, through an own-branded cloud-based interface.
They had been experiencing a surge in demand for their innovative solutions from key emerging markets. However, their existing communications solution was becoming increasingly difficult to manage, as multiple telephony systems were being used in different locations. With offices in Dublin, Singapore, Los Angeles and Miami, as well as staff travelling around the globe and payments being made between a growing number of countries and continents, it was clear Aztec would benefit from a centralised cloud communications service. However, any solution they deployed also had to meet any relevant regulatory requirements which may become relevant in the markets they are operating in.
Simple streamlined communications
Aztec replaced all of their onsite solutions and multiple localised carriers with the cloud communications platform from Solgari. This has enabled Aztec Exchange to overcome all obstacles to both meet existing communications & compliance regulations and future-proof their operations against any new regulations that may be introduced in different countries over the coming years.
The new, fully managed and supported system delivers on all their physical requirements, providing office staff with IP desk phones, giving sales and management access via the mobile app, and enabling two multichannel cloud contact centres in Miami and Dublin to serve new customers in Latin America. Cloud communications has not only enabled Aztec to make instant communication but also given them the freedom to create specific business communication solutions to meet growing customer demand.
End-to-end Call Security
The Solgari cloud communication solution offers Aztec Exchange end-to-end call encryption and enhanced security features, including the ability to archive any calls forever in a military grade 1024 bit encrypted cloud environment which also allows instant search and retrieval. In addition, it is possible to word and phrase search within the archive if required. This capability is also PCI DSS compliant and allows Aztec to future proof any regulatory requirements they may have. It can also incorporate advanced technology, such as voice verification to authenticate a customer’s identity, ensuring compliance with all privacy and personal protection regulations.
Adaptable solutions for ever-changing needs
Change is inevitable. That’s why all features and functions of Solgari’s cloud communications service can be switched on or off as required, without the need for additional installations or investment in new hardware. So, if a country or region introduces a new requirement for call encryption or archiving, these functions can be added instantly. Plus, it’s quick and easy to add, remove or move users, as team size, structure and requirements change over time. All that’s ever needed is an internet connection on a compatible device.
Talk to the team at Solgari to find out how our cloud communications services can help you ensure international compliance and future-proof your organisation against regulatory changes around the world.