Fraud Prevention, Regulatory Compliance and Risk Mitigation Provided Through Global Financial Services Company Users Of Prepaid Debit Cards And Consolidated Payment Gateway Screened By INTERPOL, OFAC And Other Risk Mitigation Providers
SAN DIEGO, April 22, 2014 /PRNewswire/ -- Global Payout, Inc. (OTC Pink: GOHE), the leading new Program Manager of B2B custom and conventional electronic payment solutions for domestic, international and multinational businesses, organizations and government agencies worldwide, announced today that it has integrated a full complement of fraud prevention, regulatory compliance and risk mitigation tools to its MoneyTracTM Consolidated Payment Gateway (CPG) payment platform. The move ensures that both Global Payout's (GP) clients, as well as their client's customers using GP products, are mitigating money laundering, terrorist activity funding and/or other illicit activities, as well potentially mitigating identity theft attempts. The powerful and proven tools will be accessed from the world's leading global provider of content-enabled workflow solutions designed specifically for professionals in the legal, corporate, risk management, government, law enforcement, accounting, and academic markets. Global Payout stated they will be using this leading provider of computer-assisted legal research as well as business research and risk solution services via API (application programming interface) on all of its product offerings and services. The API will provide automated and efficient high volume processing for instantly-automated decisioning, and to access electronic identity verification associated with customer acquisition at account opening and for ongoing customer relationship management.
The company also announced database interfaces from OFAC (Office of Foreign Assets Control), and from INTERPOL (International Criminal Police Organization) further enhancing its fraud prevention and risk mitigation at an international level. Global Payout will verify individuals upon commencement of the relationship and will likely re-verify specific individuals according to the CPG users' risk mitigation policies. The implementation of OFAC and INTERPOL access is currently in use and other additional security, risk mitigation and verification services will commence imminently.
"With our ever expanding market opportunities here and overseas, the many different market niches we are serving and the number of products and services we have to offer, especially in connection with our recent launch of it's first international VISA General Purpose Reloadable Debit Card, we want to ensure our customers and industry regulators that we are upholding the highest level of compliance and fiduciary responsibility possible," said Jim Hancock, the CEO of Global Payout. "We believe that our latest risk management partner, INTERPOL and OFAC provide unparalleled levels of security and background checks sufficient to assist Global Payout from inadvertent participation in illicit activity. As we continue on or rapid growth trajectory, we want to assure our clients and markets of our honorable intentions," he added.
The Office of Foreign Assets Control (OFAC) is an agency of the United States Department of the Treasury under the auspices of the Under Secretary of the Treasury for Terrorism and Financial Intelligence. OFAC administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals against targeted foreign states, organizations, and individuals. INTERPOL is an intergovernmental organization facilitating international police cooperation. Its work focuses primarily on public safety, terrorism, organized crime, crimes against humanity, environmental crime, genocide, war crimes, piracy, illicit traffic in works of art, illicit drug production, drug trafficking, weapons smuggling, human trafficking, money laundering, child pornography, white-collar crime, computer crime, intellectual property crime and corruption.
In combination with INTERPOL and OFAC, these added risk management services are intended to enable Global Payout to obtain: a CVI Score (Comprehensive Verification Index), a BVI Score (Business verification index), NAP/NAS verification (Name, Address and Phone/Name, Address and SSN), risk indicators such as deceased SSN, invalid SSN, or duplicate SSN, and validated element flags such Passport validity, as well as other checks such as DOB matching, criminal background, outstanding legal issues and a long list specific domestic and international crimes.
Bill Rochfort, the President of Global Payout stated, "These risk mitigation experts, INTERPOL and OFAC are industry leading consumer data repositories and multi-national government agencies comprising thousands of different sources and public records able to quickly and seamlessly deliver the verification fundamentals needed for Global Payout to make decisions and conduct business on a global scale. The combination of these services and anticipated future mitigation services, will provide our company and our clients with the level of surety for our continued confidence and success."
About Global Payout, Inc.
Global Payout, Inc., www.globalpayout.com, is the leading new Program Manager of B2B custom and conventional electronic payment solutions for domestic, international and multinational businesses, organizations and government agencies worldwide. Global Payout uniquely serves an estimated $3 trillion market with a secure, easier to use and lower-cost payment platform giving users competitive and comparative advantages over banks and other payments and remittance providers. The company's proprietary and fraud resistant Consolidated Payment Platform (CPG) solves fund disbursement and payment challenges by giving the user the ability to transfer money and disburse funds from: corporations, member organizations, governmental and nongovernmental organizations, institutions, faith-based organizations, network marketing companies, unions and administrators of various types of financial aid and entitlement programs such as food stamps, healthcare benefits and academic related payments that need to reach "banked" or "non-banked" individuals, businesses, organizations or government agencies in any World Financial Task Force or OFAC compliant country.
Branded as MoneyTracTM, the CPG platform provides businesses, organizations and government agencies (and their cardholders or account holders) the ability to manage and monitor payments to and from "non-bank" accounts and eWallets online, and through a variety of prepaid debit card solutions issued via most major card issuers, as well as other customizable payment solutions. MoneyTracTM payment solutions enable these establishments to make payments to their cardholders or accountholders with or without bank accounts, allowing both to possess and distribute funds in almost any country for payroll purposes, vendor payments, rebates and expense reimbursement and daily spending purposes while also providing seamless foreign currency exchange when/where applicable. Global Payout is also capable of including in these electronic payment platforms the ability to reload cards and/or transfer money to bank accounts, credit cards and debit cards worldwide. The CPG platform is a permission based API (application programming interface) and will also include mobile app capability in the near future.
Forward-Looking Statements Disclosure:
This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will" and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risk, and uncertainties, and by reference to the underlying assumptions.
SOURCE Global Payout, Inc.