Pay with Suave partners iDenfy to secure payments

The identity verification provider’s services are believed to help with having the shopping experience enhanced and payments secured on the Suave app, with its identity verification solution being used to reduce fraudulent payment attempts, while simultaneously being compliant with KYC and AML laws.

Identity verification and how the partnership falls into place

Pay with Suave was provided both identity verification and AML solutions, with iDenfy helping scan and monitor customers through numerous sanctions lists, PEPs, and global watchlists in one platform. The iDenfy collaboration enables Suave to focus on its business operations, whereas the KYC/AML service provider helps ensure that only trusted customers receive access to BNPL payment options. Furthermore, its AML Screening and Monitoring services help with fraudulent activity detection both during the customer onboarding stage and throughout the entirety of the customer journey.

As per press release information, Pay with Suave claims that iDenfy’s continuous customer monitoring helps build a trusted relationship with its customer base, as AI-powered algorithms alert Pay with Suave in an automatic manner and send real-time notifications should any suspicious activity be detected. Furthermore, the automation technology enables the company’s internal compliance team to save time, making it simple to have data records filtered and kept track of in a single platform. 

According to iDenfy, its AI-powered solutions help minimise human error, something that is believed to be essential for keeping high accuracy rates, predominantly during the identity verification process. As of now, the identity verification success rate is 98%, which helps with having conversion rates increased and the onboarding process for Suave app users be ‘hassle-free’. 

With the collaboration, iDenfy focuses on maintaining a simple, user-friendly interface for those in need of verification, with Pay with Suave’s customers currently having to go through a few steps to have the verification completed. The user needs to select their document type and issuing country and upload a photo, with iDenfy’s software extracting the data from the ID document in a matter of seconds, which helps leave behind fraudulent users with fake or stolen documents. 

Pay with Suave representatives have stated that the partnership enables them to accept more applicants in a shorter time span, while simultaneously minimising the rate of fraudulent transactions. iDenfy officials believe it vital for businesses to find ways for ensuring customer satisfaction during the identity verification process, while also preventing fraudulent payments. By partnering with Pay with Suave, the company aims to help them have a high level of security ensured and compliance automated.

For more information about iDenfy, please check out their detailed profile in our dedicated, industry-specific Company Database.