Company applies machine learning and automation to lower KYC screening expenses for financial institutions
Busway Inc., a provider of AML and KYC compliance solutions to financial institutions worldwide, is taking a different approach to cost management in an industry where prices continue to rise. While many AML and KYC solution providers have increased fees in recent years, Busway has focused on using technology to reduce the cost of compliance for banks and other regulated organizations.
Founded in 2015, Busway has built its business around operational efficiency and the use of automation to support compliance programs. Industry observers have noted that cost control is becoming a critical factor for financial institutions as regulatory requirements continue to expand. Busway’s model has drawn attention for prioritizing affordability while maintaining the data coverage and screening capabilities required by compliance teams.
According to the company, the increasing reliance of banks and financial institutions on external AML and KYC platforms has contributed to higher industry pricing. Busway is positioning its platform as an alternative by applying machine learning and automated workflows to reduce manual data handling and screening overhead.
“The days of sky-high pricing for AML compliance solutions are over,” said Ernie Honya, Chief Executive Officer of Busway Inc. “Lowering cost has been a core focus for the company, and that focus allows financial institutions to meet their regulatory obligations without excessive spending.”
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Central to Busway’s offering is its KYC E Screening platform, which is supported by the company’s World Risk Database. The platform provides PEP screening, sanctions screening, adverse media screening, batch processing, customer onboarding, ongoing monitoring, enhanced due diligence, and periodic review. These functions are delivered through a single system designed to streamline how compliance teams manage customer risk and regulatory checks.
Busway reports that its cost-focused approach has supported growth across both traditional and non-bank financial sectors. While the company has historically served banks, it is now seeing increased adoption among fintech firms, payment providers, insurance companies, real estate organizations, remittance providers, and microfinance institutions. These markets face many of the same regulatory obligations as banks and are seeking more efficient ways to manage compliance.
As financial institutions continue to face tightening regulatory standards, Busway remains focused on providing technology-driven AML and KYC solutions that balance coverage, data quality, and operational efficiency.
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