Enhancing collaboration between banks and payment providers

The latest of Taskize’s London-based workshops for network and sales managers focused on cash providers and payment banks.  

The session was designed to help organisations better understand the potential of Taskize’s solutions while collaboratively identifying areas where our platform can deliver value with three key goals: 

1. Product overview: Introducing participants unfamiliar with Taskize to our platform and its capabilities
2. Updates on functionality enhancements: Showcasing the latest developments and improvements to Taskize’s features
3. Identifying areas of value: Engaging in open discussions with participants to explore where Taskize can address their specific organisational challenges 

Key use case: Sanctions 

One of the primary topics discussed during the workshop was the challenges surrounding sanctions-related processes.  

As global regulatory requirements continue to evolve, ensuring compliance has become increasingly complex for banks and payment providers. The following pain points were identified: 

1. Inefficient information sharing 

Traditional manual processes for sharing sanctions-related information between banks and payment providers are slow and cumbersome, resulting in delays in payment processing and higher operational costs. 

2. Lack of standardisation  

The absence of consistent communication protocols and data formats makes it difficult to efficiently exchange sanctions-related information, increasing the risk of errors and inconsistencies during screening.

3. Difficulty in tracking and auditing 

Without a streamlined system, tracking and auditing sanctions-related communications becomes challenging, complicating efforts to demonstrate regulatory compliance. 

4. Increased risk of sanctions breaches 

Inefficient communication and processing workflows elevate the risk of sanctions breaches, which can lead to significant financial penalties and reputational harm. 

5. Complex investigations 

When potential sanctions breaches occur, resolving these issues often requires extensive coordination across multiple parties, leading to time-consuming and resource-intensive investigations. 

Workshops like these help us ensure that our solutions address the real-world pain points of our clients, and we will be hosting more in the coming weeks. If this aligns with your organisation’s interests and you’d like to attend contact us directly for further information. 

With this specific audience in mind, Taskize will also be attending the BAFT Europe Bank to Bank Forum in Amsterdam from 10 -12 March, where we’ll discuss our proposed solutions with the banking industry.