Flagright has announced that payment platform HitPay is now using its AI-native transaction monitoring and anti-money laundering (AML) compliance solutions to enhance security and compliance.
HitPay, which serves over 15,000 small and medium-sized enterprises (SMEs), integrates online, point-of-sale, and B2B payments into a single system.
The company recently secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), enabling it to expand into merchant acquisition and money transfer services.
With plans to scale across Southeast Asia, HitPay is adopting Flagright’s technology to boost compliance and protect customer transactions.
“Partnering with Flagright is a crucial step in reinforcing our commitment to security and compliance. Flagright’s cutting-edge transaction monitoring and AML compliance solution will enhance our ability to protect our customers’ transactions and ensure compliance with stringent regulatory standards.
As a fellow Y Combinator company, we share a common vision of leveraging technology to drive innovation and security in the financial sector. This collaboration ensures that HitPay continues to set the benchmark for secure and efficient payment processing.”
said Aditya Haripurkar, Co-founder and CEO, HitPay.
“We are thrilled to support HitPay, a leader in the payment processing industry and a fellow Y Combinator company. Our collaboration reflects our shared commitment to enhancing security and compliance in financial services.
We look forward to supporting HitPay’s mission to provide secure and seamless payment solutions for SMEs across Southeast Asia and the globe.”
said Baran Ozkan, Co-founder and CEO, Flagright.
Featured image: Edited by Fintech News Singapore, based on image by awaisbinaziz7862 via Freepik
