The pressure on financial services providers nothing but grows as regulators from all over the world enforce more stringent than ever Know Your Customer (KYC) and Customer Identification Programs (CIP) requirements. In fact, regulators in both the European Union and the United States are now requiring additional identity verification steps to prevent funding of illegal activities and money laundering.
In a similar fashion, in the United States, members of the two national task forces convened by the Federal Reserve to make payments faster and more secure, have started to review and discuss 19 specific proposals that outline potential approaches for a faster payment system in the country. Gordon Werkema, Payments Strategy Director for the Federal Reserve System, said that "The ultimate goal of the Faster Payments Task Force is to help payment system stakeholders implement faster payment capabilities that are safe and ubiquitous,"
Bearing this in mind, financial institutions ranging from traditional banks to digital payments and virtual currency processors are looking for ways to conduct their customer due dillgence in a smarter way.
Mobile Verify helps top international payments company lift temporary bans on 9 of every 10 users
Our new case study outlines how a top global payments processor is enjoying a dramatic increase in the volume of users’ transactions by using Mobile Verify to verify the identity of their customers remotely.
This leading payments processor had to abide by the current AML regulations across multiple countries, to fulfill the applicable KYC requirements before allowing users to make additional transactions. They were using a manual ID document review process that took up to 7 days, causing users to stop using their accounts.
Using Mitek’s ID verification solution, this company was able to lift 92% of the total temporary restrictions on users in a matter of minutes, successfully achieving its goals of reducing frustration and user churn and cutting down the time needed to complete the whole identity verification process.