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Payza adds LexisNexis screening tool

Physical money is disappearing as people and businesses alike are coming to understand that digital money is both safer and more versatile. However, financial organizations must be vigilant to keep customers safe in the evolving world of finance and stay steps ahead of fraud and money laundering activities.

A Sign of the Times

The recent news about HSBC is a grim reminder about the crimes still prevalent in the financial system. HSBC is the largest bank in Europe and the second-largest bank in the world, with activities in 80 countries across the globe, and it has been renown for its strength in business enterprise, security, and trust. But even the best banks in the world are not immune. Breaches took place and weaknesses were exploited, because criminals are hungry to exploit any crack or weakness they can come across.

The HSBC incident is an example of how the world is becoming much more concerned about financial security. However, ironically, the crime also revealed that it is getting harder for criminals to perpetrate their deeds. It required a perfect combination of a fissure in the internal controls, added with inadequate supervision and weak regulatory oversight for all of this to occur.

After the report was released, HSBC acknowledged that this happened, and has accepted responsibility for their negligence. This is directly because their clients demand security and honesty from the organization. Any trustworthy organization should be happy to open their books and prove their committed to stringent security measures and rigorous ongoing monitoring.


Payza recognizes the value of transparency and the need for compliance with regulatory bodies. We also believe in the globalization of finance operations. Payza is available in more countries across the world than any other payment processor, which puts us in a unique position at the cutting edge of e-commerce, a position which comes with responsibility.

As one of the largest e-commerce platforms, we actively play a role in the prevention and elimination of fraud. With the understanding of that role, we have added yet another world-class screening tool to our already rigorous security suite. LexisNexis, a leading global sanctions screening service, will be screening all Payza members for compliance with the regulations in place for all companies in the payments industry. The service will allow us to augment our compliance processes by interfacing with sanction lists from 180 countries, updated on a daily basis.

Payza, with business in 197 countries, will be able to further mitigate risk and keep criminals out of our global network by coordinating with the LexisNexis database. We are committed to preventing fraud and keeping criminals out of our system. By adding LexisNexis to our suite of fraud prevention tools, we continue to fulfill our role as one of the most trusted and secure online payment processors.

*Marcy Gordon, Associated Press (2012, July 17). HSBC laundered billions of dollars for Mexican drug cartels, Senate investigation finds. Retrieved from