QwikPay, the Australian paytech, is bettering its real-time consumer onboarding whereas sustaining compliance with monetary rules in Australia, following a brand new partnership with iDenfy, the id verification and fraud prevention know-how supplier.
In a extremely regulated and fast-moving business, QwikPay recognised the necessity for a versatile, dependable and cost-effective compliance answer. Providing a Scan to Pay app, powered by PayID and PayTo, QwikPay allows prompt wallet-to-wallet transactions by scanning a QR code. Whereas the answer removes the necessity for playing cards, fee terminals, and outdated checkout flows, it wants assist to make sure there may be an ample threat administration course of in place, in addition to end-to-end onboarding: cue iDenfy.
In accordance with QwikPay, iDenfy has a mixture of worldwide id protection, AI-enhanced biometric verification, and steady AML screening mixed with startup-friendly pricing, which makes it a pretty accomplice in the case of regulatory compliance know-how.
“We would have liked a compliance accomplice that would scale with us whereas sustaining consumer belief. iDenfy not solely accelerated our onboarding course of but additionally gave us peace of thoughts that we’re protected against fraud and regulatory dangers,” stated Nik Bavisetti, the CEO of QwikPay.
How iDenfy will work with QwikPay
iDenfy’s id verification answer is designed to validate consumer identities in seconds utilizing doc evaluation, facial recognition, and NFC chip studying. It helps over 3,000 doc varieties from greater than 200 international locations and territories, enabling QwikPay to onboard international customers shortly and precisely, no matter their nation.
The best way the ID verification works is that customers add a government-issued ID and take a selfie. Superior biometric know-how then performs 3D passive liveness checks to substantiate the individual’s presence and forestall spoofing. In accordance with iDenfy, the entire Know Your Buyer (KYC) verify will take about 30 seconds on common for QwikPay.
This real-time verification functionality is essential for QwikPay, whose buyer expertise will depend on quick, hassle-free onboarding. With iDenfy’s embeddable internet and cellular SDKs, QwikPay has totally built-in id verification instantly into its consumer sign-up move, lowering drop-offs and enabling prompt account activation. The method, as soon as liable to delays and handbook critiques, now takes seconds, permitting it to assist the corporate’s ambition to scale effectively throughout Australia’s retail, hospitality, and e-commerce sectors.
Domantas Ciulde, the CEO of iDenfy, added: “Actual-time, frictionless funds are the long run and with that comes a heightened want for safety and compliance that doesn’t sluggish issues down. We’re proud to assist QwikPay as they lead Australia into this subsequent chapter of digital finance.”
In keeping with AML legal guidelines
Moreover, iDenfy’s automated AML screening answer helps adjust to AML legal guidelines, defending the fintech enterprise towards extreme penalties and reputational injury. That is vital, as QwikPay wanted an answer that would monitor customers towards international sanctions lists equivalent to Interpol, World Financial institution, watchlists equivalent to Europol, FBI, and hostile media in real-time.
iDenfy’s AML answer screens customers constantly, not simply at onboarding, to make sure QwikPay all the time stays forward of evolving threat profiles and regulatory calls for.
In contrast to many static screening instruments, iDenfy’s answer updates the data day by day and consists of audit trails and case administration instruments. This implies QwikPay’s compliance officers can view all selections, take motion on alerts, and keep full transparency throughout consumer onboarding audits. The automation of this course of dramatically reduces operational overhead and permits the crew to concentrate on strategic progress, moderately than handbook verification duties.
The pricing mannequin was one other deciding issue. iDenfy’s pay-per-successful-verification method helped QwikPay decrease prices considerably in comparison with competing distributors who cost per try. This versatile construction permits early-stage fintechs like QwikPay to function effectively with out sacrificing high quality or compliance.
It’s value mentioning that apart from the AI, iDenfy has an skilled verification crew, which provides a further layer of accuracy, lowering false positives and growing completion charges to over 99.99 per cent.
