Payza, a payment platform for disbursements and remittances, announced that it will work together with Intelligent ID (IID) user activity management system to improve its real-time identity verification ability.
“We receive thousands of new members each month in the U.K. IID will allow us to do our due diligence on these customers more efficiently by granting us access to data provided by credit bureaus and other agencies and verify the people making those requests. This will further bolster our Financial Services Authority (FSA) compliance strategy in that region”, said Mohammad Hashemi, director of product strategy for Payza, in a statement.
IID explained that its IID authenticate delivers an intuitive, configurable user interface portal for online verification of individual’s identity, age and status. All users have to do is simply populate the data fields relevant to their specific requirements then submit and IID authenticate will return an immediate result providing accurate informative validation.
FSA in the United Kingdom demands a minimum of ‘two-plus-two’ verification, so Payza had to acquire at least two points of verification including name, address and date of birth – from two independent sources that can be government data such as electoral rolls, agencies that oversee passports and drivers' licenses as well as credit reference agencies and utility organizations.
It was Payza’s job to ensure it is not dealing with an anti-impersonation and anti-money laundering (AML) racket and is actually dealing with the true individual who has not previously exposed to sanctions or corruption. It will leverage IID’s solutions to screen individuals via global sanctions, law enforcement and regulatory watch lists. IID is capable of delivering Payza with a real-time report authenticating the status of the individual it needs to avert risk and ensure it remains in FSA compliance.
IID claimed that its system is renowned for quick response times which are usually measured from data submitted to results returned in fractions of a second and it is delighted to be working with Payza to detect and prevent potential risks to their business and to support them in offering the best customer experience possible.
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