Can I pay from another person's account?

What is considered a third-party payment?

At SpectroCoin, a third party payment is defined as:

• A payment made via SpectroCoin, in someone else's name, even when permission is given by the third-party.
• A payment made via bank transfer, in someone else's name, even when permission is given by the third-party.
• A payment made via an alternative payment method such as Skrill, Neteller, Payeer or Perfect Money, in someone else's name, even when permission is given by the third-party.
• A payment made on your behalf by a family member, friend or spouse.
• A payment made via debit/credit card, in someone else's name, even when permission is given by the third-party.

Third-party risk management

Companies across industries face increasing regulations related to anti-bribery and corruption, vendor management, security, and privacy – all of which call for effective third-party management, risk assessment, and due diligence.

Third-party payments can create inadvertent exposure to the risks of financial crime. Financial institutions cannot be certain that regulatory obligations are being met, since payment arrangements can be used to disguise the true identity of the payer and the source of funds.

SpectroCoin's approach to customer risk management is reflected in the requirements imposed on customer documents. Our team conducts Customer Due Diligence (CDD) to identify and verify payers, reducing the risks involved in the payment processing process.