Loomis Pay is committed to redefining payment management for organisations and offers a unified solution for cash, card and mobile transactions. Roaring’s services have enabled Loomis Pay to implement a fully digital KYC process, which not only simplifies compliance with AML regulations but also streamlines customer onboarding. As Loomis Pay continues to grow, the use of Roaring’s services will further improve operational efficiency and data quality.

Launched by Loomis Group in 2020, Loomis Pay is a comprehensive payment platform designed to streamline and enhance the operational capabilities of merchants, restaurants and shops. Built on market-leading expertise in cash handling, Loomis Pay integrates seamlessly with the Group’s existing offering and extends its presence across the entire payment value chain.

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Loomis Pay offers a solution to a critical issue faced by organisations: the complexity of managing different payment methods. With the vision that payment processes should be simple and efficient, Loomis Pay stands out as the leading solution by bringing together the management of cash, card and mobile transactions under a single, unified service provider.

Loomis Pay has established its presence in Sweden, Denmark and Spain. The company is ready for further expansion and will, in the near future, extend its innovative payment solutions to Norway and Finland.

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The challenge
Achieving compliance and managing risk without compromising the user experience

Handling monetary transactions requires heightened vigilance against fraud and criminal activity, as well as robust methods to mitigate the associated risks. Under anti-money laundering legislation, Loomis Pay is required to collect specific information and carry out a thorough risk assessment of its customers before business relationships are established.

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-Complying with AML regulations is important, but equally important is the role this information plays in strengthening our own risk assessments and aligning with our internal policies,” says Michael Pickett, COO/CISO at Loomis Pay.

At the same time, the company places great emphasis on ensuring a smooth and seamless customer onboarding experience. By building a platform from the ground up, Loomis Pay had an ideal opportunity to carefully design an infrastructure that minimises friction and maximises customer satisfaction.

-We chose Roaring as our partner because they align with our mission as a forward-looking organisation focused on development and growth. After researching and considering several providers, the choice became clear, and it was reinforced by the recommendations we received about Roaring from various sources,” says Michael Pickett.

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The solution
Automated KYC and validation of authorised signatories

With the help of Roaring’s services, Loomis Pay has successfully implemented a fully digital KYC process. Critical information, including details of beneficial owners as well as screening for politically exposed persons and sanctions, is collected automatically via the Roaring API. This streamlines the process for customers, who only need to confirm the pre-filled information and sign the agreement digitally.

Roaring’s “Signing Combinations” API service automates the validation of signatory authority, a task that usually requires a great deal of manual work and time, as it is complicated to identify the authorised individuals who are permitted to sign on behalf of the company.

The next step: Monitoring changes in customer information

To maintain up-to-date records for each customer, Loomis Pay initially used Roaring’s web service to manually set up monitoring and receive notifications when changes occurred in customer data. However, as the customer base grew, it became a logical step for Loomis Pay to seek more efficient processes. With this in mind, the company is now implementing Roaring’s monitoring solutions via webhooks to automate its customer due diligence on an ongoing basis.

- This transition to automation will significantly improve our monitoring, streamline operations and ensure quality assurance,” says Michael Pickett.