Persona expands its identity platform

Friday 1 March 2024 10:59 CET | News

US-based identity platform Persona has announced the launch of a new suite of solutions that aim to support companies in meeting compliance requirements in the EU.

As per the information detailed in the press release, Persona is set to introduce new offerings that automate business onboarding and Know Your Business (KYB) compliance for the company’s European Union (EU) customers. Currently, Persona’s features enable the identity verification needs of Travelex, LinkedIn, Lime, Brex, and other global businesses serving EU users.

US-based identity platform Persona has announced the launch of a new suite of solutions that aim to support companies in meeting compliance requirements in the EU.

Persona’s additional capabilities

Considering the EU’s complex regulatory environment, which presently includes the enforcement of the Digital Services Act (DSA) and DAC7, enterprises are obliged to navigate this landscape on a restrained timeframe and with vaguely defined requirements. Additionally, companies need to ensure their verification solutions remain compliant without overhauling their current process with each new market entry or legislative change. This variability of available data and consumer preferences across the EU results in an increase in difficulties and can lead to a lack of growth opportunities.

According to WeTravel’s officials, Persona’s solutions are set to enable the company to increase accuracy across the geographies it serves, allowing it to integrate automatic KYB capabilities that support the mitigating of human errors. Already leveraged by Discogs and WeTravel, among others, Persona’s latest suite is set to allow companies to onboard and verify their EU customers through simplified KYB-KYC processes. By leveraging Persona’s global platform, customers can:
  • Automate the KYB-KYC processes globally, with Persona being able to digitise end-to-end business verification for any enterprise in 30 countries, including the entire EU, Canada, the UK, and EEA countries, such as Switzerland and Norway. Additionally, the company enables users to automatically verify and screen businesses, collect and classify documents natively, initiate beneficial owner outreach and KYC procedures, and receive standardised real-time decisions in a single, configurable interface;

  • Adapt to new regulations, including DAC7, DSA, and GDPR requirements, with configurations and EU data residency. The platform focuses on simplifying and customising KYB-KYC workflows, offering EU-specific verification methods, such as NFC passport checks, VAT, and local business registry authentications. Moreover, customers can utilise flexible redaction rules and automatic audit trails to ensure constant compliance in the jurisdictions they operate in;

  • Onboard businesses with wider data sources and Contextual Matching enabled by artificial intelligence (AI), with Persona being able to integrate with more than 150 local registries and leverage localised matching and search capabilities to verify a range of businesses with more accuracy. Contextual Matching, powered by a merge of proprietary algorithms and AI, increases the control in KYB checks across the EU, with customers being able to use the right matching framework depending on the input, the end-user, and their compliance needs.

Representatives from Persona underlined that expanding operations across the EU market requires a customised approach that follows the nuances of each nation’s data landscape and privacy preferences. Through its solutions, the company is committed to delivering global verification with localised compliance to support businesses as they navigate these complexities and prioritise an improved customer experience.

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Keywords: KYC, KYB, identity verification, regulation, GDPR, product launch
Categories: Fraud & Financial Crime
Companies: Persona
Countries: Europe
This article is part of category

Fraud & Financial Crime


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