Peach Payments, a leading African payment service provider, has partnered with the global Anti-Financial Crime platform RelyComply to strengthen its anti-money laundering (AML) and know-your-customer (KYC) compliance capabilities and support its expansion into new African markets.
Recognised as one of the 100 Most Innovative Fintech Startups of 2024 by CB Insights, Peach Payments offers a secure payments gateway for e-commerce platforms, fintechs, and subscription services.
The company focuses on providing merchants with a simple, fast, and secure infrastructure for sending and receiving payments.
Peach Payments currently serves South Africa, Kenya, and Mauritius and aims to scale its transaction volumes across Africa, with its recent acquisition of West African company PayDunya as the kickoff. The partnership with RelyComply enables Peach Payments to automate and streamline processes such as verifying customer identities (KYC) and monitoring transactions to meet AML regulations.
“With a new platform in place to maintain accurate checks and automated AML, including transaction monitoring, we can uphold our existing compliance processes while increasing the quality of our services as we manage higher customer numbers and transaction volumes across multiple jurisdictions,” says Rahul Jain, CEO at Peach Payments.
RelyComply’s solution offers a centralised interface for automated payment screening, risk profiling, and real-time reporting. Key benefits include:
- Reduced operational hurdles and costs through automated risk assessments.
- A unified 360° view of customers, vendors, and transactions.
- Adaptable transaction monitoring that responds to evolving regulatory risks.
- Real-time reporting to support rapid investigation and resolution of alerts.
“Our single, unified platform provides the foundation for Peach Payments’ broader AML workflows, enhancing their status as enterprise security leaders in the payments space,” says Bradley Elliott, CEO of RelyComply. “Together, we ensure the company’s customers can transact confidently in a fast-moving digital payments landscape.”
“This partnership is an enabler for the future, because it helps us to make sure cross-border payments adhere to dynamic compliance requirements across geographies,” says Jain. “As a digital AML solution that can scale in line with global best practices, RelyComply’s platform will help us to keep pace with shifting demands from watchdogs, merchants, and customers.”
About RelyComply
RelyComply empowers banks, insurers, financial services providers, and innovative fintechs with a single, fully integrated KYC and AML platform. Designed for seamless implementation and rapid deployment, our intelligent technology enhances efficiency while detecting financial crime, enabling you to reduce risk and costs, ensure compliance, and drive strategic growth.
About Peach Payments
Peach Payments is a fast-growing African payment solution provider (PSP) that makes offline and online payments easier and more accessible across Kenya, Mauritius, and South Africa. The company works with growing enterprises to provide a complete toolkit to accept, manage, and disburse payments through point-of-sale, web, and mobile. Peach Payments’ merchant partners include your favourite food delivery services, whether you’re ordering in or using a meal kit, travel services that can help you book your next getaway adventure, and even your home cleaning service. For these partners and their customers, Peach Payments aims to provide delightful experiences that make it as easy as possible to facilitate payments. Peach Payments recently agreed to acquire West-African payment platform PayDunya, which operates in six Francophone countries: Senegal, Côte d’Ivoire, Benin, Burkina Faso, Togo, and Mali.
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