Partnerships bloom in market for compliant, convenient, efficient KYC/AML security

The market for Know Your Customer and Know Your Business (KYC/KYB) use cases of biometric identity verification has seen a flurry of recent activity, as businesses look to answer customer demand for online transactions that are simple and secure, while warding off the hobgoblins of sophisticated fraud.

Last week, identity verification company Persona released a new generation of their unified KYC/KYB platform. Three other firms are on the same path: Sumsub, Signzy and Alloy are all seeing integrations that address needs for compliance while balancing customer experience.

Sumsub to provide secure identity verification, fraud prevention for Papaya Global

Sumsub has announced a new partnership with Papaya Global, a workforce payroll and payments platform. A release says the UK biometric identity verification provider will support Papaya Global with “AI-powered automated solutions for secure verification and fraud prevention, while maintaining speed, accuracy, and regulatory compliance.”

Andrew Sever, CEO and Co-Founder of Sumsub, says “partnering with Papaya Global is yet another big milestone for Sumsub in our mission to create a safe, accessible and people-friendly digital future,” in which companies and their global workforces can feel secure in making compliant payment transfers.

“When you enable global workforce payments, as we do at Papaya, thorough compliance and security is a top priority. Anything less than that simply isn’t acceptable when serving enterprise clients,” says Papaya Global’s SVP of product, Amit Levi.

Signzy signs with MagicPay to provide One Touch KYC and compliance tools

New York-based KYC, ID verification and robotic process automation (RPA) firm Signzy has announced a strategic partnership with MagicPay, a payment processing provider, focused on the market for merchant onboarding in Mexico, where adoption of digital payments and e-commerce is on the rise.

A release says Signzy’s APIs will be integrated into MagicPay’s merchant onboarding platform for streamlined, compliant KYC. “By integrating Signzy’s One Touch KYC and compliance solutions into our platform, we can onboard merchants more quickly while ensuring security and regulatory compliance,” says Rami Levi, sales manager at MagicPay.

Signzy’s One Touch KYC solution will help MagicPay with liveness detection, face matching, front-end user interface and anti-money laundering (AML) compliance. It includes Mexico-specific APIs, such as CURP and RFC, to ensure adherence to local regulatory guidelines.

Saurin Parikh, VP of sales at Signzy, says it is “thrilled to partner with MagicPay to provide merchants in Mexico with a faster, safer and more compliant onboarding experience. This collaboration demonstrates our commitment to expanding our presence in Mexico and delivering cutting-edge compliance solutions to businesses.”

Flagstone UK enlists Alloy to provide speedy AML/KYC

Alloy has announced that it will deliver a “seamless, automated onboarding experience” for customers of UK savings platform Flagstone. A release says the partnership allows Flagstone to “approve new applications within seconds, without impinging on the highest standards of security and compliance, and integrate global data partners into a single dashboard.”

James Baston-Pitt, Alloy’s Head of Growth UK, EMEA and APAC, speaks of the constant balance between protecting stakeholders and maintaining good customer experience. “By partnering with Alloy,” he says, “Flagstone is creating a secure and stable environment in which the business can swiftly verify customer identities without causing unnecessary friction or delays.”

Francesco Fulcoli, chief compliance and risk officer at Flagstone, says that by digitizing the AML/KYC processes with Alloy, “we’ve sped up exponentially how quickly savers can begin to enjoy access to hundreds of savings accounts on a single platform. Speed with certainty delights customers, serves our bank partners well, and sets us up for continued market leadership for years to come.

Article Topics

Alloy  |  AML  |  biometrics  |  digital identity  |  identity verification  |  KYC  |  onboarding  |  Signzy  |  Sumsub