Payza, one of the largest payment platforms for e-commerce, corporate disbursement and remittances, announced today that it has partnered with Intelligent ID (IID), a powerful user activity management system, which will further enhance Payza's ability to perform real-time identity verification of its members in the United Kingdom.
"We receive thousands of new members each month in the UK," said Mohammad Hashemi, director of product strategy for Payza. "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."
Hashemi explained that the FSA in the UK requires a minimum "two-plus-two" verification, which means the company must obtain at least two points of verification -- including name, address and date of birth -- from two independent sources. These sources can include government data such as electoral rolls, agencies that oversee passports and drivers' licenses as well as credit reference agencies and utility organizations.
It is also a critical requirement to conduct anti-impersonation and anti money laundering (AML) checks to ensure Payza is engaging with the "true" individual and that the individual has not previously been exposed to sanctions or corruption. IID utilizes global sanctions, law enforcement and regulatory watch lists to screen all applicants.
According to Hashemi, when someone submits a request for membership, Payza informs the applicant that IID will access those services to verify their backgrounds. Once the verification has been performed, IID provides Payza with a real-time report authenticating the status of the individual it needs to avert risk and ensure it remains in FSA compliance.
"Failure to monitor and manage user behavior has real and painful consequences for any organization," said Martin Pashley, managing director at IID. "We are 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."