PanPay is an inclusive financial technology firm that offers multi-currency accounts, e-commerce collections, worldwide payments and currency exchange to individuals and corporations.
he company has earned various other recognitions and awards for meeting the cross-border financial requirements of both individuals and corporates. The company has regional offices in Europe, USA, Hong Kong, and Shanghai.
PanPay's customers are spread worldwide, but many customers trade between China/European Union. These traders gain a lot of benefits from the company's multi-currency accounts and global payment services. They can easily send or receive money from banks in Mainland China in local and foreign currencies.
However, the onboarding of such customers was a big challenge for PanPay. While they have their own identity verification solution for customer identification, their European customers' have to say a random Chinese number to approve their identity. It was quite tricky for non-Chinese customers.
After partnering with iDenfy, they will be able to resolve this issue. iDenfy will help PanPay conduct screening and data checks for customers trading between China and Europe. All the English-speaking customers will be sent to iDenfy's identity verification solution so that they can easily get verified and relish a smooth onboarding experience.
Based in Lithuania, iDenfy is a popular identity verification solution provider offering AI-enabled verification solutions to various renowned brands across the world. The company automates its verification process using technologies like Artificial intelligence (AI), Machine learning (ML), Big data, OCR, Deep Learning, MRZ. Their verification solution combines liveness detection, ID verification, and face recognition to ensure only legit customers are onboarded. iDenfy claims that their document recognition system can identify 1300 types of ID documents from 200 countries. They also have a facial recognition solution to identify and verify a person from a digital image or video frame.
With such a robust identity verification solution, PanPay will surely make its onboarding journey quick and advanced.
"We are delighted to start our cooperation with iDenfy. We found iDenfy solution quality is very good while the user experience is smooth and easy. PanPay believes cooperation with iDenfy will help our business development with EU customers.", says PanPay's CEO, Justas Valentinavicius.
"We firmly believe that our advanced identity verification solutions will help PanPay provide their customers with a great experience when onboarding." He further says, "we will offer all the available identity verification solutions so that they can win the trust of more European e-commerce sellers and traders." states Domantas Ciulde, the CEO of iDenfy.
Both PanPay and iDenfy are looking forward to this partnership and hoping for new opportunities out of it.