iDenfy has unveiled a new partnership with QwikPay, which aims to transform the payment experience for consumers and merchants.
With this collaboration, QwikPay has incorporated iDenfy’s identity verification and Anti-Money Laundering (AML) solutions to facilitate secure, real-time user onboarding while adhering to Australia’s financial payment infrastructure.
QwikPay offers a Scan to Pay app utilising Australia’s PayID and PayTo infrastructure, enabling instant wallet-to-wallet transactions via QR codes, eliminating the need for traditional payment methods. As a rapidly growing fintech startup, QwikPay sought a flexible compliance solution and found iDenfy's combination of global identity coverage, AI biometric verification, and affordable pricing to be the fit for their onboarding and risk management needs.
Real-time identity verification
iDenfy’s identity verification solution quickly validates user identities through document analysis, facial recognition, and NFC chip reading. It accommodates over 3,000 document types from 200+ countries, allowing QwikPay to efficiently onboard users globally. Users upload a government ID and a selfie, while advanced biometric technology conducts 3D passive liveness checks to prevent spoofing. The entire Know Your Customer (KYC) process takes about 30 seconds on average for QwikPay.
Real-time identity verification is important for QwikPay's onboarding. By integrating iDenfy’s SDKs, they have simplified the user sign-up process, decreased drop-off rates and enabled instant account activation. This improvement has replaced slow manual reviews, allowing for rapid processing and supporting QwikPay's growth in Australia's retail, hospitality, and ecommerce sectors.
Compliance and risk management
Furthermore, iDenfy’s automated AML screening solution supports fintech companies like QwikPay to comply with regulations, protecting them from penalties and reputational damage. It monitors users against global sanctions and watchlists in real-time, ensuring continuous screening beyond just onboarding to proactively manage risks and regulatory needs.
