Streamlined and compliant customer onboarding for Loomis Pay
Committed to redefining payment processing for businesses, Loomis Pay offers a unified solution for cash, card, and mobile transactions. Roaring's services has enabled Loomis Pay to implement a fully digital KYC process, which not only simplifies compliance with AML regulations but also streamlines customer onboarding. As Loomis Pay continues to grow, the adoption of Roaring's monitoring solutions is set to further enhance operational efficiency and data accuracy.
Loomis Pay, launched by the Loomis Group in 2020, is an all-encompassing payment platform designed to streamline and elevate the operational capabilities of merchants, restaurants, and retail outlets. Emerging from a market-leading expertise in cash handling, Loomis Pay seamlessly integrates with the group's existing offerings, extending its presence throughout the entire payment value chain.
At its core, Loomis Pay addresses a critical issue faced by businesses: the complexity of managing diverse payment methods. With the vision that payment processes should be straightforward and efficient, Loomis Pay stands out as the premier solution that consolidates the handling of cash, card, and mobile transactions under a single, unified service provider.
Loomis Pay has established its presence in Sweden, Denmark, and Spain. Looking ahead, the company is poised for further expansion, extending its innovative payment solutions to Norway and Finland in the near future.
The challenge
Achieve compliance and manage risk without compromising the user experience
Handling monetary transactions demands heightened vigilance against fraud and criminal activities, alongside robust methods to mitigate associated risks. Operating within the realm of the Anti-Money Laundering Act, Loomis Pay is obligated to gather specific information and conduct a thorough risk assessment of its customers prior to establishing business relationships.
Michael Pickett
COO/CISO, Loomis Pay
– Adhering to AML regulations is essential, but equally vital is the role this information plays in reinforcing our own risk assessments and aligning with our internal policies, says Michael Pickett, COO/CISO at Loomis Pay.
At the same time, the company places a high premium on ensuring a smooth and seamless customer onboarding experience. Building a platform from scratch, Loomis Pay was ideally placed to meticulously craft an infrastructure aimed at minimising friction and maximising customer satisfaction.
– We selected Roaring as our partner because they align with our mission as a forward-thinking company focused on development and growth. After researching and considering multiple providers, the choice became clear, and was reinforced by recommendations we received about Roaring from various sources, says Michael Pickett.
The Solution
Automated KYC and signatory validation
Utilising Roaring's services, Loomis Pay has successfully implemented a fully digital Know Your Customer (KYC) process. Critical information – including beneficial ownership details as well as screenings for politically exposed persons and sanctions – is automatically collected via Roaring's API. This streamlines the process for customers, who only need to confirm the pre-populated information and digitally sign the agreement.
Roaring’s unique API service 'Signing Combinations' automates the validation of signatory rights – a task usually demanding manual effort and time, due to the complexity of identifying authorised individuals who are allowed to sign for a company.
Next step: Monitoring changes in customer information
To maintain up-to-date records for each customer, Loomis Pay initially used Roaring's web service to manually establish monitoring systems and receive notifications whenever there were changes in customer data. However, as their customer base expanded, it became a logical progression for Loomis Pay to seek out more efficient processes. Recognising this, the company is now implementing Roaring's monitoring solutions via webhooks to automate their ongoing customer due diligence.
– This transition to automation will significantly enhance our monitoring capabilities, streamlining operations and ensuring quality assurance, says Michael Pickett.
Loomis Pay is an ambitious startup funded by Loomis Group, aiming to offer an all-in-one payment setup for shops, cafés and restaurants all over the world.
