Introducing our patented process for authenticating transactions Payment Instrument Verification (PIV)
The PIV process proves the ownership of the presented card, thus allowing merchants to remotely and dynamically verify that, the end-user is the true card owner and that they have the right to use it.
Customer makes a payment using a debit card and the payment is processed by ISX Financial
The transaction is randomly divided into two amounts creating a dynamic “secret”
The customer logs in to their online banking and retrieves the dynamic “secret”
Conﬁrmation of the “secret” succesfully identiﬁes the customer
This process is then linked to our Digital KYC, SCA and other Fraud Protection products
Paydentity incorporates payment authentication with enhanced due diligence (EDD) Know Your Customer (KYC) to remotely link a person’s veriﬁed identity to an electronic payment, in order to satisfy Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulatory requirements.
As allowed by the UK’s 2017 JMLSG AT S.5.3.89, ISX Financial creates a secret that is inserted into the account, which secret must be retrieved and conﬁrmed by the payment services user to prove access and control of their account.
Manual processes take between 3-21 working days. Our Digital EDD KYC service generates an automated dynamic KYC workﬂow in as little as 3-5 minutes using the most reliable, independent and up-to-date source of KYC data.
Perform EDD KYC and pay only for the customers who are willing to engage and pay for your services.
We provide remote EDD KYC compliance with 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 Secrecy Act, Patriot Act, AUSTRAC and other FATF jurisdictions regulations.
Reach 4.2Bn ﬁnancially included persons in over 200 countries. If your customer can make an online payment, the Paydentity process can be applied.
Our solution features in-built Sanction Screening from a number of jurisdictions including EU, UK, AU, US, CA and more, and allows import/export of KYC data from/to your PEP provider.