Third-Party Payment Processors (TPPPs) and Third-Party Senders (TPSs) play an important role in the financial services industry, providing electronic payment services to numerous small to mid-sized businesses that otherwise would not have access to these services. Financial institutions can quickly grow their portfolios and boost their revenues by working with TPPPs*. However, given the lack of direct regulatory scrutiny placed on TPPPs, these companies are targets for money laundering, thus requiring closer investigation and monitoring by financial institutions. This white paper reviews the benefits and challenges of working with TPPPs, and the approach taken by a top financial institution to manage its TPPP portfolio that was well received by auditors and regulators.

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