MiFinity has announced the integration of Veriff’s automated Proof of Address solution in order to strengthen its KYC process across the world.
Following this announcement, the initiative is expected to optimise MiFinity’s Know Your Customer (KYC) process through the use of efficient and improved fraud prevention and compliance technology.
In addition, this latest development builds on MiFinity’s two-year partnership with Veriff for Proof of Identity (POI) checks. Through the process of integrating automated POA, MiFinity is set to deliver a streamlined, highly effective KYC experience that combines POI and POA verification in real time. For customers, this strategy will provide faster onboarding, instant account-level upgrades upon completion, as well as a frictionless journey. For merchants, the initiative will give them the possibility to strengthen MiFinity’s ability to support genuine customers globally while mitigating fraud risks across the value chain as well.
More information on the MiFinity x Veriff partnership
According to the official press release, the Veriff solution leverages AI and machine learning in order to verify documents, detect manipulation, and identify fraudulent activity in real-time. This strategy is expected to ensure that only legitimate customers gain access, while reducing manual intervention for MiFinity’s KYC team. The outcome of this process is a faster, more secure, and scalable onboarding process that protects merchants, boosts compliance, and supports long-term growth.
The integration will also enable MiFinity to remain committed to implementing optimised technologies. At the same time, through the process of reducing friction for legitimate users while also blocking bad actors, MiFinity aims to ensure higher customer satisfaction, improved trust in its platform, as well as added value for its network of global merchant brands.
Furthermore, through this collaboration, MiFinity and Veriff will accelerate the development of digital onboarding in fintech, where security, speed, and compliance focus on driving growth across sectors such as ecommerce, travel, or Forex. Both companies will focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
