tell.money and Moorwand Celebrate Game-Changing Partnership, Revolutionising Compliance in the Fintech Industry, Preventing Regulatory Fines

In a landmark collaboration, tell.money, the leading provider of PSD2 compliance solutions, has joined forces with Moorwand, a progressive E-money Institution (EMI), to address one of the biggest challenges faced by regulated entities – ensuring full compliance and avoiding regulatory non-compliance consequences. David Monty, CEO of tell.money, says “The partnership showcases how EMIs can protect themselves against regulatory risks while empowering them to grow their business in the open banking landscape.”

Regulatory breaches can have dire consequences for EMIs, ranging from intrusive investigations and aggressive deadlines to severe fines, programme shutdowns, and restrictions on new business activities. Recent examples involving regulators such as the FCA in the UK, the Central Bank of Ireland, and the Bank of Lithuania, highlight the gravity of non-compliance risks faced by the industry.

To meet the compliance requirements of the Second Payment Services Directive (PSD2) for an open banking “Dedicated Interface”, and mitigate the risks associated with non-compliance, Moorwand has chosen to partner with tell.money. Says Luc Gueriane , CEO at Moorwand, “This strategic alliance not only provides Moorwand’s clients with a robust and cost-effective compliance solution, but also equips us with the necessary assurance mechanisms and regulatory reporting capabilities.”

tell.gateway, the flagship Dedicated Interface product offered by tell.money, enables clients to deploy an end-to-end PSD2 solution within weeks, or even days in some cases. tell.gateway not only offers advanced technology but also includes a comprehensive range of services crucial to Moorwand’s decision-making process. These services, which played a vital role in Moorwand’s compliance assurance, include:

Regulatory Reporting: Automatically generating FCA REP020 data in a pre-configured FCA-friendly format, tell.gateway helps Moorwand meet its statutory reporting obligations. This ensures that Moorwand can satisfactorily fulfil the regulator’s reporting requirements and maintain compliance, thereby avoiding the risk of significant penalties, programme closure, or other regulatory consequences.

Conformance Certification: Leveraging tell.money’s TPP status and platform, Moorwand receives a thorough end-to-end audit of its open banking implementation. At the conclusion of the audit, a Certificate of Conformance is issued, providing Moorwand with a clear validation of its client’s Dedicated Interface compliance. This certification process gives Moorwand the confidence to assure its own compliance to regulators.

Without these critical services, regulated providers like Moorwand would lack the means to satisfy reporting requirements or evaluate the suitability of client implementations, leaving them vulnerable to fines, censure, and potential closure imposed by regulatory authorities.

This business protective and enabling partnership between tell.money and Moorwand sets an industry standard that others will want to emulate, ensuring that EMI providers can confidently navigate the complex landscape of regulatory compliance while offering secure and compliant payment account services to end users.

For more information about tell.money and Moorwand, please visit https://tell.money/ and https://www.moorwand.com/.