Veem does ongoing monitoring on risk signals, applies risk interventions in response to observed signals and advises partners on credit and fraud risk. This module allows your platform to outsource/augment risk monitoring, compliance & fraud detection via the Veem platform. Risks include - money-laundering risk, fraudulent payments, sanctioned entities and chargeback risk among others.

Who is this for?

Fintechs, Marketplaces, Payment Service Providers, Embedded-Finance platforms

Key Features

• Fully embeddable and customizable as per your needs
• Adjust risk setting based on your risk appetite, type of accounts, size and volume of payment activity
• Post transaction feedback risk signal to tweak risk setting and align them to your goals

_Note: _ More restrictive risk settings will result in higher level of manual review and rejection on payments. Hence, it is important to find the setting that work for you.

How It Works

• Work with our Risk team to set up initial risk settings
• Start sending payments Partners can subscribe to risk signals and choose risk settings in consultation with Veem's Risk team
• Typically, partners assume risk of loss in the event of unrecoverable negative balances on connected accounts and/or payment failures.
• Review risk feedback on transactions
• Fine-tune your risk settings in consultation with Veem's risk team

Prerequisites

Risk Management is an add on module and needs to be enabled on Veem's side. Hence, contact us and we will walk to through the process.

Risk Management Overview

Veem has a three-pillar structure describing how Internal Tools, Third-Party Partners, and AML & Risk Analysts collaborate to manage risk, compliance, and fraud detection.

Internal Tools

These are proprietary systems built to improve efficiency and automate risk management processes:

• Data models for analytics and risk scoring
• Automated data reporting
• Risk review mechanisms
• Process automation (enhancing risk and efficiency)
• Threshold monitoring for unusual activity
• Text scanning for pattern and keyword detection

Third-Party Partners

External solutions integrated to enhance verification and transaction monitoring:

• Sanctions, OFAC, and PEP screening
• Transaction and identity monitoring
• IP geolocation and device fingerprinting
• Bank account, credit card, and name validation
• Phone, email, and address verification
• Business validation and adverse media checks
• Data modeling and behavioral analysis

AML & Risk Analysis

A specialized global team responsible for in-depth analysis, compliance, and fraud prevention:

• AML and fraud expertise
• Sanctions clearing and ID verification
• Review of accounts and payments
• Investigations and enhanced due diligence (EDD)
• Reporting, BOI review, and SAR/STR filing

Risk Signals

Risk APIs

After your account has been set up for risk signal, API calls will return additional risk signals.

Send Money

{
    "currencyCode": "EUR"
}

Send Money - Claimless

{
    "currencyCode": "EUR"
}

Claim Invoice

{
    "currencyCode": "EUR"
}