Through this partnership, MassPay will be able to enhance its identity verification solutions as well as its Know Your Customer (KYC) offerings through its Global Payment Orchestration Platform. In essence, Veriff will expedite MassPay’s identity verification procedure while making sure that the company remains compliant with KYC and know your business (KYB) regulations.
Veriff's AI-driven identity verification technology will integrate with MassPay's Global Payment Orchestration Platform, allowing customers to verify identities while meeting KYC and KYB requirements to ensure compliance quickly and effectively. Veriff offers a KYC verification solution based on video-first technology and provides an extra layer of protection for users through location verification.
The Global Payment Orchestration Platform of MassPay enables customers to make payouts to over 175 countries in over 70 local currencies, including cryptocurrencies. What makes the system stand out is that it allows companies to facilitate global payments that are in line with their payee's local preferences.
In the company press release, MassPay officials emphasised the company’s ability to help organisations with dispersed workforces, partners, contractors, and other business relationships to execute frictionless payouts. They also talked about the role of identity verification in their KYB processes and highlighted that Veriff's identity verification capabilities can help them execute complex procedures with greater efficiency.
Representatives from Veriff talked about the growing trend of the online payments industry and how it led to increasingly strict regulations.
In April 2023, Veriff launched a new Know Your Customer Education Centre, offering a library of KYC articles and guidelines. The educational hub acts as an essential resource for businesses looking to remain compliant with quickly evolving Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations.
The launch was made in the context of increasingly stringent KYC and AML regulations that are being implemented around the globe, forcing many organisations such as law and accounting firms, as well as banks and other credit and financial institutions to navigate various changing requirements in order to achieve compliance.
For instance, in Europe, the European Banking Authority (EBA) recently published new guidelines on remote customer onboarding impacting all credit and financial institutions that fall under the scope of the Anti-Money Laundering Directive (AMLD).
For more information about Veriff, please check out their detailed profile in our dedicated, industry-specific Company Database.
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