NorthRow is now part of ID-Pal and the capabilities described in this case study are available via the ID-Pal platform.
With corporate roots going back more than 20 years, CloudPay is a leading global employee pay provider. With offices across the globe, CloudPay is helping to turn pay into a business advantage in over 130 countries.
Providing managed payroll services to more than 2000 entities, CloudPay proudly partners with their customers to deliver a modern pay experience by unifying teams and processes in an end-to-end global pay solution spanning payroll, funding, and payments.
In the fast-paced, ever-evolving world of work, the role of payroll service companies is more vital than ever to ensure employees are paid accurately, on time, every time. However, such a critical role comes with increased responsibility and risk. Undertaking Know Your Business (KYB) checks are vital for payroll service businesses to ensure Anti-Money Laundering (AML) compliance, manage business relationships, and mitigate any potential risks.
Before introducing NorthRow (now part of ID-Pal), CloudPay had worked with a number of third-party vendors to conduct KYB and AML validation checks when contracting with prospective customers, yet the company’s rapid growth revealed a number of inefficiencies in their onboarding process.
Chris Shorthouse, Director of Business Assurance and MLRO at CloudPay, explains where they saw room for improvement: “The manual steps required by the other vendors and a lack of a suitable integration with our technology stack meant we needed to identify a new vendor with the capability to support our business requirements.”
CloudPay looked for a partner to support the delivery of automated KYB, ID&V and AML checks with a consistent approach for their customers.
With their exponential growth a driving force behind the decision to redefine customer onboarding, CloudPay sought a solution that would assist their sales team in this process. Making the contracting process as quick and efficient for prospective customers was a key priority for the team at CloudPay when selecting a new KYB solution to support their continued growth.
Since implementing WorkStation into its onboarding process, CloudPay has seen an impressive reduction in the time it takes to validate businesses before using their payroll and payments services, much to the happiness of their customers and CloudPay’s sales team: “We’ve seen significantly shorter validation times – measured in seconds and minutes, rather than in days.
“We’ve also been able to support our own sales function to move through the KYB and AML gateway for quicker and more efficient contracting. This has generated positive feedback from sales and, most importantly, impressed prospective customers.”
While in the throes of a phased deployment with a full roll-out planned for later this year, the team at CloudPay has already reaffirmed their decision to implement NorthRow as a partner to support their continued upward trajectory.
“NorthRow’s sales, implementation and customer success staff have been excellent – working with us to develop a phased deployment that enabled our business processes to adapt accordingly.
“NorthRow will be important to our planned expansion of services, and their team has given us complete confidence that we will benefit from their product roadmap in the months and years ahead,” Chris explains.
As for the future of CloudPay’s partnership with NorthRow, the company has big plans to further integrate WorkStation into their business, particularly as part of CloudPay NOW, a global self-service app that delivers Earned Wage Access.
CloudPay NOW provides employees with on-demand access to pay as soon as it’s earned, rather than waiting for a fixed payday. As part of this, employees of firms already using CloudPay for payroll will be required to verify their identities during the CloudPay NOW registration process.
“We’ll be looking at seamless API-led integration with our platform, building on our initial utilisation of the NorthRow service so that system-to-system flow of data will enable registrations via the CloudPay NOW mobile app 24/7/365.
“This will also help with the transition of staff roles from inputting data and checking for results towards analysing results and resolving issues. This will allow us to better serve customers and improve outcomes.”
With shorter validation times, happy employees and happy customers, the change at CloudPay since introducing NorthRow’s robust KYB and AML solution has been tangible, with lofty aspirations for a long and successful partnership for years to come.
“CloudPay is now better placed to serve our customers because we have confidence in our business partnership with NorthRow,” Chris concludes.
