Veriff, an Estonia-based global identity verification service provider offers biometric authentication, AML & KYC verification, identity verification platform, proof of address (PoA), and many more. It looks forward at offering single identity that can transcend borders and give people rightful ownership of their data.
Veriff partnered with Twisto, a Zip company engaged in buy now, pay later (BNPL) business, to serve online merchants with identity verification (IDV) services. Veriff to accelerate the IDV process for consumers of Twisto while ensuring compliance with Know Your Customer (KYC) regulations.
Raul Liive, Head of Product, Veriff, commented, “The last two years spurred a dramatic evolution within the financial services and online payments industry, resulting in a rise in stringent regulations to address growing fintech fraud rates. It’s never been more critical for payments companies to remain a few steps ahead of these fraudsters while maintaining regulatory compliance. We’re thrilled to partner with Twisto to ease the verification and compliance process for them and their customers.”
AI-driven identity verification technology of Veriff can now be accessed all through Twisto’s platform, allowing customers seamlessly verify their identities. Veriff offers next-level KYC verification process with its video-first technology and provides users another protection layer through location verification.
Pavel Prucek, Head of Product, Twisto, A Zip Company, stated, “The BNPL payments market is highly regulated, and as a business in this space we need to ensure that we comply with KYC and anti-money laundering (AML) regulations which require us to verify the identity of our customers. The biggest challenge we faced was balancing the tradeoff between the customer friction and the reliability of data we gather in the IDV process. Veriff enables a seamless and quick IDV flow that also provides the customer data and information we need to ensure compliance.”