Digital identity verification for payments

Keep money moving safely and in compliance

Top global payments companies, money wires, virtual currency exchanges, and other financial services providers are leveraging digital identity verification to enable seamless and secure transactions in the digital channel and meet KYC and AML requirements with minimal disruption to the customer experience.

Talk to a digital verification expert

Payments Identity Verification - Money Transfers

Money Transfers


Payments Identity Verification - P2P Payments P2P Payments

Payments Identity Verification - Payment Processors

Payment Processors

Payments Identity Verification - Virtual Currency

Virtual Currency

“Mobile Verify® helps us provide a fast and easy experience for our customers while ensuring that we’re complying with local laws and regulations.”

—Head of Online Risk, MoneyGram

Mobile payments are growing; so is the cost of non-compliance

 

Payments Identity Verification - A Growing Market

The worldwide mobile payment revenue in 2019 is expected to be
$ 1 Trillion 1

Payments Identity Verification - Government Regulations

Between 1/2016 and 1/2017 the U.S. government imposed AML fines of
$15+ Billion 2

Identity verification enables global payment processor to lift 92% of AML restrictions

Global efforts to help fight the financing of terrorism and organized crime have turned into ever stringent AML regulations for money movement. Payments companies around the world leverage Mitek's identity verification solutions to help satisfy AML and KYC requirements. Learn how Mobile Verify has allowed a top global payments processor to seamlessly lift 92% of KYC-related temporary restrictions placed on customers.

Read case study

Fast, compliant money movements

As financial institutions are required to meet ever more stringent Know Your Customer (KYC) compliance and Anti-Money Laundering (AML) requirements, it is imperative for financial institutions to find technological solutions that provide a smooth customer experience while reducing risk for the payments company. Digital identity document verification presents a frictionless solution for complying with KYC and AML regulations without inconveniencing customers.

Digital Identity Verification for Payments

Identity verification key to mobile payment success

Payments providers looking to win and retain customers need to allow them to effortlessly transact in the digital channel. However, an increasingly regulated payments landscape is requiring stakeholders to conduct more stringent checks to meet with compliance needs. Thought leaders from the payments industry use dgital ID verification to bridge the gap between user expectations and regulatory requirements.

 

Payments

1: Statista - Total revenue of global mobile payment market from 2015 to 2019 (in billion U.S. dollars)
2: U.S GAO