Efficient compliance solutions enable DailyPay's expansion into new market realms

DailyPay, an on-demand payment platform headquartered in New York City, has chosen Compliance Advantage as its RegTech partner to ensure compliance in the heavily regulated Canadian market.

DailyPay, which serves over 1200 clients, ranging from local businesses to multinationals, is expanding into Canada. With Compliance Advantage's solutions, DailyPay aims to navigate the compliance and operational challenges associated with rapid growth and market competition.

Compliance has become a strategic differentiator for DailyPay, rather than just a regulatory requirement. In Canada, DailyPay must comply with the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) and implement robust Know-Your-Business (KYB) and transaction monitoring procedures.

Gregory Schipilliti, Director of International at DailyPay, recommends Compliance Advantage for its problem-solving approach when expanding internationally. He praises the company's API-first integration process, which facilitated fast implementation and ongoing optimization.

Compliance Advantage's solutions are praised for their intuitive, highly usable screening and monitoring interface. This allows DailyPay to understand and make informed decisions on financial crime risks. The partnership has been strategic from day one, enabling DailyPay to onboard multiple clients in Canada under two months.

DailyPay's VP of International, Josh Durodola, describes the relationship with Compliance Advantage as a true partnership rather than a transactional one. He appreciates Compliance Advantage's proactive approach to adding new data sources according to evolving screening needs and helping the company stay ahead of regulatory changes.

Compliance Advantage's Company Screening, Ongoing Monitoring, and Transaction Monitoring solutions appeal to DailyPay due to features such as real-time global risk data, advanced analytics, machine learning capabilities, customizable rules, full scalability, and a reputation as a market leader.

The name of the RegTech partner firm selected by DailyPay to build their compliance infrastructure in Canada is Hummingbird. DailyPay's leadership appreciates the collaborative support provided by Compliance Advantage's customer success and technical teams to ensure a smooth integration process.

With Compliance Advantage's AML solution in place, DailyPay is now primed for its next phase of rapid growth, particularly when expanding internationally. Key DailyPay stakeholders cited Compliance Advantage's reputation and existing customer testimonials as deciding factors in their decision.

DailyPay's platform allows businesses to pay their employees more flexibly. This partnership will enable DailyPay to maintain its reputation for reliability and global coverage while ensuring compliance in the Canadian market.