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Wallester Joins the FFE to Combat Financial Crime

In the ongoing battle against financial crime, Wallester has proudly announced its membership in the FinTech FinCrime Exchange (FFE). This is a groundbreaking initiative facilitated by FINTRAIL. This collaboration is an important step in strengthening the sector's defences and safeguarding financial systems.

What is the FFE?

The FFE was established by FINTRAIL in 2017. It comprises more than 300 FinTechs and over 1,000 FinCrime practitioners. These include the likes of Revolut, Monzo, Wise, Stripe and now Wallester. This is a collaboration between law enforcement, financial institutions and fintech companies. The aim is to fight against illicit financial activities that do economic harm.

For Wallester, FFE membership shows commitment to security and integrity. By joining forces, Wallester benefits from extensive knowledge and resources that will add to its already secure defences. This membership means better protection against money laundering, fraud and cybercrime.

What is Wallester?

Wallester is an international payment institution licenced by the financial supervision authority of Estonia. The company is based in Tallinn, Estonia, with an additional office in Valbonne, France. It is a leading provider of financial infrastructure, facilitating card payments, transactions, and data analytics while ensuring security.

The company has been an official partner of Visa for around 6 years and offers physical and virtual debit cards, credit cards, prepaid cards, and corporate cards. It works with businesses of any scale to offer personalised financial solutions, including a user-friendly API, card issuing, 3DS integration, white label cards, and more.

Wallester is the clear leader in the industry, offering unparalleled flexibility with its ability to issue cards in an unlimited manner. This sets new standards for the financial sector and is ahead of the competition.

With the company’s app and platform, businesses can quickly issue virtual or physical cards, speeding up the process and removing one of the major obstacles businesses face with existing financial solutions.

Wallester in the UK

Wallester’s membership in the FinTech FinCrime Exchange comes as no surprise since the corporation has recently expanded its reach into the UK. The United Kingdom is the largest fintech hub in Europe and so Wallester has now opened many doors to branch out and make connections with other members of the FFE.

The acquisition of the cross-border licence is an important step in the company’s expansion plans. The newly acquired licence will enable Wallester to extend its innovative payment solutions and financial services to the UK, significantly expanding its market share and reinforcing its commitment to seamless financial transactions around the world.

Why the FFE is Needed

The global economy is surrounded by financial crime. No corner of the globe is untouched by the insidious schemes of cybercriminals. From money laundering to fraud, illicit activities are an everyday threat in financial markets. They exact a toll on economic stability while also undermining public confidence.

Criminal syndicates are sophisticated. They use cutting-edge technology and exploit loopholes. Whether they’re stealing identities or making fraudulent transactions, they change their tactics aiming to remain undetected and evade prosecution.

The ramifications of financial crime are extensive. They occur across geographical boundaries and in all industries. They erode credibility, jeopardise confidence and compromise global supply chains. There’s also a human toll to consider: they siphon resources away and exacerbate socio-economic disparities.

With this in mind, collective action is pressing – and this is where the FFE can try to fight back.

What does the FFE Do?

Besides putting forward a unified front, the FFE is a forum for dialogue and cooperation. It builds capacity by bringing together a huge range of perspectives and expertise. Through intelligence sharing and policy advocacy, the FFE shows its members how to stay ahead of emerging threats.

The FFE is essentially a force multiplier. It amplifies individual efforts with collective action. Anti-money laundering (AML) efforts are more effective, as are initiatives against counter-terrorist financing (CTF) and fraud prevention. The whole is more than the sum of its parts, as it were.

FFE and Wallester

To summarise, Wallester’s membership in the FinTech FinCrime Exchange is significant. This milestone shows that Wallester is committed to security and integrity. The organisation clearly wishes to work alongside right-minded organisations in a collaboration that strengthens its own defences while also improving the protection it provides to customers and stakeholders. Threats of money laundering, fraud and cybercrime are a given. But by joining the FFE, Wallester joins a collective. This group work together to share intelligence and leverage the expertise and resources of others. Together, those who make up the FFE (industry leaders, regulators and law enforcement agencies) are combining their efforts to safeguard financial systems and uphold public trust. And Wallester now has a part to play in that.

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