Scalapay partners with Fourthline

As a RegTech provider for financial players in Europe, Fourthline provides banks and fintech a range of solutions that enable them to perform Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures automatically and in compliance with local requirements. Its proprietary technology leverages artificial intelligence techniques, including computer vision, biometric data analysis, and optical character recognition.

According to Scalapay’s officials, the partnership allows the company to maintain the standards of regulatory compliance while also pursuing its European growth in the payment industry. Fourthline’s AI-driven solutions enable compliance for the entire lifecycle, from onboarding, verification, and analysis, to investigations and continuous KYC, in all stages of business development. 

Fourthline provides its customers with a suite of services, including identity verification, proof of address, qualified electronic signatures, investigations, and CDD reporting. Moreover, the company offers AML screening, re-KYC, and remediation, anti-financial crime, and account authentication. Fourthline’s automatic data extraction from the Visual Inspector and Machine-Readable zone verifies the documents uploaded by users and then moves to the company’s OCR algorithms. The documents undergo microprint verification, tampering, counterfeit, and paper copy detection, with real-time feedback given to the client in order to improve the quality of the photography.

Back in July 2023, Fourthline partnered with Hawk AI to combine its KYC-compliant customer onboarding with the latter’s transaction monitoring to combat fraud and AML. Through this, the two companies create personalised screening profiles for automated risk monitoring. Fourthline monitors the customer lifecycle for AML and fraud activity, performing screening for natural persons, sanctions, adverse media, and politically exposed persons (PEP).

Moreover, at the beginning of April 2023, Fourthline secured USD 54 million in a funding round to provide its customers with improved ID check services in the finance industry. The company plans to use its AI-based services to enhance the identification and verification procedure of clients while helping businesses comply with AML regulations.

As a payment solution for retailers worldwide, Scalapay offers its customers a Buy Now, Pay Later service, that allows them to pay in three or four interest-free instalments. Currently, 5 million European clients and approximately 5,000 stores and 7,000 physical points of sale use Scalapay. 

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