Through this partnership, Vespia and Mastercard plan to enable businesses in the financial industries across Latin America and the Caribbean (LAC), Europe, the Middle East, Africa (EEMEA), and Asia-Pacific regions to verify and onboard merchants more efficiently and compliantly. Vespia’s verification technology is set to be embedded into Mastercard’s Merchant Digital Onboarding Platform (MDOP), enabling financial institutions and businesses to authenticate merchants, customers, partners, and suppliers. Through this, the two companies aim to scale operational efficiency and speed up time-to-market.
The initiative comes just a few days after Mastercard teamed up with ING Belgium to introduce Click to Pay, a payment solution designed to accelerate and optimise online payments. The two organisations intended to allow online shoppers to make payments securely without being required to manually enter their card details. Upon completing the registration process in Click to Pay, all payment information was set to be centralised in a single profile, in turn delivering augmented management of payment methods.
The partnership between Vespia and Mastercard focuses on addressing the need for faster and more reliable onboarding processes in regions experiencing scaled economic growth. Commenting on the news, representatives from Vespia mentioned that the collaboration with Mastercard allows their company to support businesses in simplifying their onboarding processes while ensuring Anti-Money Laundering (AML) compliance. Utilising Vespia’s Know Your Business (KYB) technology assists companies in evolving markets to centre their efforts on developments while meeting global standards.
Furthermore, the alliance is set to provide benefits to financial institutions, allowing them to onboard merchants more effectively, as well as merchants and consumers, who can obtain faster access to payment platforms, in turn augmenting the overall user experience. Vespia highlighted its commitment to optimising compliance and minimising the time spent by companies on onboarding, enabling them to focus more on their core operations.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now