HitPay, a global payments platform based in Singapore, faced the challenge of scaling its compliance operations to match its rapid growth. By implementing Greenlite’s suite of automated solutions, HitPay significantly improved its compliance efficiency, reduced manual workload, and enhanced its risk management capabilities to meet stringent regulatory requirements.
In year 1 of their partnership with Greenlite, HitPay estimates that they saved 2,500 hours across KYB, sanction screening reviews and periodic business reviews. This allowed HitPay to scale its compliance operations while maintaining robust standards.
Challenge
HitPay is amongst the fastest growing fintechs in APAC, expanding to give over 20,000 merchants domestic and cross-border payments infrastructure.
As they expanded across new geographies, the compliance team was struggling to keep up with mounting regulatory requirements across an increasing customer base. The volume of enhanced due diligence (EDD) cases, business checks, and alerts threatened to overwhelm their manual processes, potentially slowing customer onboarding and increasing compliance risks.
We were at a critical point in our growth trajectory. As the compliance team's workload increased dramatically, we needed a better way to scale risk assessment without compromising on our high compliance standards.
- Brandon Chua, Head of Compliance at HitPay
Solution
To best address these challenges around scaling compliance, HitPay implemented Greenlite’s AI-powered compliance suite. Rather than solving a single pain point, Greenlite helped HitPay deploy industry-leading automation across several key workflows, including:
- Know Your Business (KYB) reviews: Greenlite helped HitPay review the nature of business, product listings and industry risks of hundreds of new merchants a month
- Enhanced Due Diligence (EDD): HitPay used Greenlite’s EDD solution to reduce time necessary to complete high-risk customer reviews through automated data collection, risk identification and report generation.
- Periodic Reviews: HitPay was able to easily schedule periodic reviews for customers based on their internal Customer Risk Rating (CRR) and risk policies using Greenlite.
- Sanction, PEP and Adverse Media Screening: HitPay compliance analysts used Greenlite to resolve name screening alerts significantly more effectively than before.
Unlike most software providers, Greenlite felt like an extension of our core team. They worked with us to introduce efficiencies we didn’t even know were possible and we’re excited to continue growing our use of their robust platform.
- Aditya Haripurkar, Chief Executive Officer at HitPay
Results
Implementing Greenlite’s AI led to significant improvements in HitPay’s compliance ops:
- 2,600 hours saved annually across all automation categories, including KYB, EDD and alert handling
- 3,000 EDD cases completed: Flexibly handled unique cases across multiple different markets
- Over 1,000 businesses enriched: Greenlite made it easy for HitPay to make high quality onboarding decisions with enriched information including MCC categorization, nature of business checks, and website reviews
- Ongoing monitoring on autopilot: HitPay can now automate the periodic reviews for all businesses on the HitPay platform in line with their risk ratings.
The increased efficiency has allowed HitPay to redirect their compliance team’s efforts towards more strategic initiatives and complex risk assessments.
With routine tasks handled automatically, our team can focus on nuanced cases that truly require human expertise. It elevated our overall compliance quality.
- Brandon Chua, Head of Compliance at HitPay
Looking Ahead
With Greenlite’s AI solutions in place, HitPay is well-positioned to continue its rapid growth while maintaining robust compliance standards.
Greenlite is giving us the confidence to expand into new markets and offer new services, knowing our compliance can scale seamlessly.
- Brandon Chua, Head of Compliance at HitPay
For payments platforms looking to balance rapid growth with stringent compliance requirements, Greenlite AI’s advanced solutions offer a powerful, scalable approach to compliance automation and risk management.
