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The P2P payment market is seeing rapid and sustained growth across the world, offering massive opportunities to industry operators. Concurrently, operators face new and rising threats from bad actors; find out why identity verification (IDV) offers a powerful tool to prevent fraud. Fast decisions A 98% check automation rate gets customers through in about 6
Increasingly stringent KYC and AML regulations are sweeping the globe, forcing many organizations – from law and accounting firms, to banks and other credit and financial institutions – to navigate various changing requirements in order to be considered compliant. Most recently in Europe, the European Banking Authority (EBA) published new guidelines on remote customer onboarding impacting all
The peer-to-peer (P2P) payments industry is set for rapid growth over the next decade, with well-positioned payment service providers (PSPs) benefiting from a forecast $7.2bn increase in the sector’s global value. While the future looks enticing, sector participants have some important pain points to overcome, arguably the biggest of which is regulatory compliance. To succeed
The immense value of online services, including online verification, was highlighted during the COVID-19 pandemic. However, the risks associated with these online services must not be taken lightly. In the course of verifying someone’s identity online, companies unveil a range of personal identifiable information (PII) that requires special attention and appropriate protection. That’s why it’s
The importance of customer due diligence in banking cannot be overstated. After all, banks that fail to put proper due diligence methods in place face cyber threats, huge compliance fines, and reputational risks. In this guide, we’ll explain everything you need to know about customer due diligence for banks. We’ll cover what due diligence involves,
Types of Authentication Methods There are many types of authentication methods. These include: In 2021, all sorts of applications are giving their users access to their service using a method of authentication, or multiple methods. Whether you use these services as a daily activity, part of a job, or access information to finish a specific
It’s safe to say that the banking industry has been irreversibly turned on its head over the past few years. Digital banking options have increased exponentially, and customers have been increasingly attracted to this new way of managing their money. There has been a surge of activity in the digital banking and fintech world across
Find everything you need to know about optical and biometric passports in this comprehensive guide. Whether you own an optical or biometric passport, you’ll be able to pass through border control without any issues (as long as your passport is still in date). But while both of these documents accomplish the same mission and both
Ever since the Bank Secrecy Act was enacted in 1970, money laundering has been in the spotlight. Now considered a serious financial crime, those found guilty of money laundering face severe penalties that include huge fines and lengthy prison sentences. But, what exactly are the penalties for money laundering? In this guide, we take a
Due diligence is the process banks follow when they verify the identity of their customers and ensure that these customers are not involved with money laundering and financial crime. When carrying out due diligence, a bank must: While the majority of customers will be subjected to a standard level of customer due diligence (CDD), high-risk
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