Veriff to provide IDV services to Twisto

With this partnership, Veriff will be expediting the IDV process for Twisto customers, while ensuring compliance with KYC regulations. Veriff’s identity verification technology is now available through Twisto’s platform, enabling consumers to verify their identities. Veriff provides KYC verification with its video-first technology and offers an extra layer of protection for users through location verification.

Pavel Prucek, Head of Product at Twisto has stated in the company press release that the BNPL payments market is highly regulated. Businesses need to ensure that they comply with KYC and anti-money laundering (AML) regulations which require companies like Veriff to check the identity of their customers. The Twisto official further explained that the biggest challenge they faced was balancing the tradeoff between the customer friction and the reliability of data gathered in the IDV process. Veriff enables a quick IDV flow that also provides the customer data and information Twisto needs to ensure compliance.

Since integrating Veriff’s technology, Twisto has almost fully eliminated verification application returns due to Veriff’s IDV process and ability to identify and flag low-quality or incomplete pictures submitted to the verification process.

Veriff and recent company developments

Veriff has been on a partnerships journey in H1 2022, counting Trustpilot and identity decisioning platform Alloy.

In January 2022, Veriff raised USD 100 million in Series C financing to accelerate Veriff’s global growth and invest in R&D, particularly to advance product expansion. The company is also in the process of using the funds to grow its sales and marketing teams to onboard more global clients and build on recent customer programmes.

Global Identity verification market from MarketsandMarkets study

IDV market is on the rise

A MarketsandMarkets study forecasts that the digital identity verification technology will register a 16.6% compound annual growth rate leading to a value of USD 18.6 billion by 2026. Biometrics are expected to gain ground within that market on non-biometric solutions.

The same study sees Asia-Pacific as having the highest growth rate during the upcoming five years, and large enterprises are expected to continue leading the adoption wave.

To learn more about Veriff, please check out the company profile in The Paypers Company Database.

Veriff to provide IDV services to Twisto's BNPL clients

Veriff and recent company developments

IDV market is on the rise