Identity
Verification
In today's digital age, building trust with your customers is paramount. Know Your Customer (KYC) and identity verification processes are essential tools for businesses to establish strong, lasting relationships with their customers while effectively mitigating risk.
Our Patented Technology
Our patented Identity Verification technology revolutionises the digital landscape.Paydentity™ is the convergence of payments and identity
By verifying customer identities and understanding their backgrounds, businesses can create a safer and more secure environment for everyone involved. That is why we have developed Paydentity™; an innovative solution focusing on managing fraud, compliance and payment acceptance from financially included individuals worldwide.
Our patented solution incorporates payment authentication with enhanced due diligence (EDD) and Know Your Customer (KYC) to remotely link an individual's verified identity to an electronic payment. Paydentity™ is probably the only product in the market that converges payments & identity, complies with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulatory requirements, making onboarding easy, secure, and simple.
PIV (Payment Instrument Verification)
Paydentity™ incorporates our patented instrument verification(PIV) and customer identification in order to remotely link an electronic payment with an individual's identity to satisfy both Payment Services Direct 2 (PSD2) and Anti-Money Laundering & Countering the Financing of Terrorism (AML/CFT) regulatory requirements.
PIV, or Payment Instrument Verification, is crucial for ensuring the security and legitimacy of financial transactions. By verifying ownership of various card types from major card schemes like VISA, Mastercard, American Express, JCB, China Union Pay, Diners, and Discover, PIV establishes a foundation for Enhanced Due Diligence KYC (Know Your Customer) processes. This verification process is essential for safeguarding against fraudulent activities and maintaining compliance with regulatory standards.
PIV allows merchants to unlock the identity in a financial transaction, to prevent Card Not Present (CNP) fraud, successfully on-board customers in 3 to 5 minutes and meet AML/CFT requirements. As allowed by the UK’s 2017 JMLSG AT S.5.3.89, ISX Financial creates a secret by randomly splitting the sales amount and processing into two partial prepayments, which are inserted into the user’s account. The payment services user must then retrieve and confirm this secret to prove access to and control of their account.
ID Verification Process
Step by step process by Paydentity™, utilising a split payment from the customer.
After a customer makes a payment with a debit card, it is randomly divided into two amounts creating a dynamic "secret"
A customer logs in to their online banking and retrieves the dynamic "secret"
Confirmation of the "secret" successfully identifies the customer
This process is then linked to our Digital KYC, SCA and other Fraud Protection products
KYC (Know Your Customer)
Safeguard your business and customers with KYC.
KYC is a set of procedures businesses use to verify the identity of their customers. This crucial step helps prevent fraud, money laundering, and other illegal activities, protecting both your business and your customers.
Our full ID verification process includes ID card scanning, ID NFC verification scanning (which confirms the details provided by your customer) and a live face scanning to ensure that the individual visiting your page is the same as the one providing the ID details.
Enhanced Due Diligence (EDD)
We provide EDD KYC compliance with key regulations including the 4th AML Directive, the UK's JMLSG, LCCP, CySEC Directives, Gibraltar and Isle of Man FSC/FSA requirements and gaming codes, the U.S Bank Secretary Act, Patriot Act, AUSTRAC and other FAFT and MoneyVai jurisdictions' regulations.
Our SCA Solution Benefits
Increase your business's conversion rates and boost sales.
SCA for active transaction monitoring and/or payment authentication to assist with mitigation and prevention of CNP fraud.
PEP, LEA and Sanction Screening. We provide notifications when a match is found in our sanction, law enforcement or PEP lists.
Unique eKYC process assists AML/CTF regulated entities to meet customer due diligence.