Transaction Trends

Building a Proactive Compliance Culture in Fintech: Insights from Boost Payment Solutions’ CCO
In a compelling episode of Transaction Trending, Elly Aiala, Chief Compliance Officer at Boost Payment Solutions, shared valuable insights on navigating the complex world of payments compliance. As the CCO of a B2B payments fintech, Aiala brings a unique perspective on turning compliance from a perceived business blocker into a strategic enabler.

The Foundation First Approach
“It’s mission critical,” Aiala emphasizes about foundational understanding in compliance. “You cannot build without understanding your requirements to operate in a certain space.” This includes not just knowing regulations, but building strong internal relationships and understanding product architecture. She notes that even companies operating in regulatory gray areas need robust compliance frameworks, particularly when working with regulated partners.

Breaking Down Silos
One of the most striking aspects of Aiala’s approach is her emphasis on cross-functional collaboration. “Compliance indeed touches every department,” she explains, warning against the dangers of bringing compliance teams in at the end of product development. Her stark observation resonates: “The last thing you want is to have to walk back any work that your team has already done.” This late-stage involvement often leads to costly revisions and delays that could have been avoided with early collaboration.

Creating a Culture of Open Communication
“Over communication is better than under,” Aiala states emphatically, advocating for an environment where team members feel comfortable raising potential issues. She adds, “If you build your team in trust, in ownership, in problem solving and open communication where there’s no concern about someone receiving a certain question in a certain way, you’ve got the recipe for a strong compliance team.”

The Evolution of Compliance
The role of compliance is evolving, particularly in fintech. At Boost Payment Solutions, compliance isn’t viewed as a separate function but is integrated into strategy from the beginning. As Aiala puts it, “Every single member of our leadership team operates with compliance in mind, beginning with strategy all the way down through execution.” This approach, supported by strong leadership buy-in, transforms compliance from a traditional oversight role into a business-enabling function.

Looking Ahead
“You’re not alone,” Aiala reassures emerging compliance professionals facing the complexity of the industry. She encourages participation in industry communities and emphasizes the importance of asking questions, even uncomfortable ones. As the payments landscape becomes increasingly complex, Aiala’s insights suggest that success lies not just in understanding regulations, but in building collaborative teams that can navigate challenges together.