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Ixaris to remotely verify UBOs via iSignthis

02 November 2016  |  1787 views  |  0 Source: iSignthis

iSignthis Ltd (ASX : ISX) is pleased to announce the commencement of their ‘key controller’ digital KYC service, with global payments expert, Ixaris.

iSignthis has adapted its consumer facing Digital KYC service to verify the natural persons who are the merchant’s key controllers, including Ultimate Beneficial Owners (UBOs), directors, officers and other stakeholders.

The key controller/UBO service for Ixaris is now live and transacting, providing Ixaris a means to verify the key controllers of merchants, including travel agents and other partners, that use, resell or promote the Ixaris payment services.

iSignthis CEO, John Karantzis commented, “We are delighted to have launched with Ixaris. Together, we have revolutionized the way merchants can now be on-boarded to payment services, by automating the verification of key controllers. PSP’s no longer have to depend on time consuming and expensive manual processes, as iSignthis can now
automate and fast track the verification of 3rd party identified key controllers, through our Digital KYC service. This is a massive step forward in automating the back office for the payments industry.”

Industry Overview

iSignthis’ Paydentity® solution offers Payment Service Providers (PSP’s) a fast and efficient way to verify key controllers of merchants with legal structures including corporates, trusts, clubs and associations, leading to significantly faster and simplified on-boarding of the merchant.

PSP’s are obligated under AML regulation to identify and verify not only the corporate structure of merchant entities to whom they intend to provide services, but also identify and verify the natural persons who are key controllers associated with that merchant. Key controllers are usually identified as part of a conventional database search on the merchant, either through a data broker, or direct with the registrar of companies in each jurisdiction. The past difficulty has then been in verifying the natural persons who have been identified under a database search as being key controllers.

Typically, PSP’s, including credit/debit card acquirers, card issuers and eWallets, have manually conducted KYC verification of key controllers via notarized or certified documents, or face to face interviews. This process can typically take between 15 to 28 working days, or sometimes much longer, potentially causing huge delays in the remote verification of key controllers, and thus leading to delays in the on-boarding of the merchant to the PSP service. 

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