My Compliance Centre has introduced Pay Assure, a compliance management system designed for the FCA’s intensified oversight of payments and electronic money firms.

The UK regulatory body recently emphasized protection, governance, and operational resilience requirements, insisting that smaller organizations adhere to the same stringent standards as larger banks. Pay Assure aims to assist these firms in achieving compliance with automation, structure, and verifiable documentation.

Facilitating Compliance Through Automation

In light of over 1,000 FCA-regulated companies within the UK’s payments and electronic money sector, many are grappling with outdated manual processes that struggle to meet supervisory demands. My Compliance combines compliance technology with its expertise in governance and operational oversight to provide businesses with a method for documenting and proving their adherence to the FCA’s mandated functions.

This may encompass daily safeguarding practices and capital adequacy reports, incident handling, protection resolution documentation, and operational resilience tracking—all within an automated workflow. Such features offer management real-time visibility of compliance activities, board approvals, and audit trails.

Given the rapid rise in regulatory expectations, with the FCA now demanding that all firms, irrespective of their size, demonstrate robust governance and protection, Pay Assure has been tailored to help organizations navigate this transition by automating key processes indicative of compliance and trustworthiness.

The solution offers businesses of various sizes clarity in navigating the dynamic regulatory landscape, reducing dependency on spreadsheets and manual tracking for managing crucial tasks. With everything centralized, the platform supplies the frameworks that firms require to comply. Pay Assure is available in three pre-set packages, enabling companies to choose a level of functionality best suited to their scale and level of maturity.

Each package is crafted to streamline oversight, minimize manual labor, and ensure that the necessary regulatory evidence is always readily prepared for review by regulators and lenders.