Global payments provider Paysafe has strengthened its digital Know Your Customer (KYC) services by partnering with Sphonic.
The London-based RegTech supplies customer on-boarding, anti-money laundering, know your customer, fraud detection and monitoring as well as authentication.
Paysafe, which provides payment services for consumers and business around the world, said Sphonic’s platform will enable real-time digital Know Your Customer (KYC) for its digital wallet brands.
With the payments sector facing increased regulation over recent years Paysafe began the search for a technology partner that could support ‘its multi-product, global requirements’. After a rigorous selection exercise the FinTech concluded that Sphonic was best suited to meet its requirements for its digital wallet services due to ‘its flexibility, global reach and ability to enable access to new innovations in the market with minimal technology impact’.
Andy Lee, founder of Sphonic, added: “We are very excited to discuss the Paysafe partnership at Money2020 this year and our selection as a trusted partner for their regulatory and digital risk management requirements for the group’s digital wallets.
“Our ability to support an international business challenge in a real-time digital environment makes Sphonic and WFM an ideal solution for Paysafe along with many other leading brands in the Banking, Gaming, Fintech and payments space. We see great opportunities for the Paysafe partnership over the coming years and look forward to continued innovation in this critical area for the business.”
Sphonic was formed in 2012 when its core product Workflow Manager (WFM), a Data Contextualisation solution that leverages data points from over 75 data vendors and risk management services, was created.
The RegTech claims to help onboard new customers in line with PSD2 and the 4th Anti-Money Laundering Directive by accessing and using only appropriate data required for decisioning following the principle of economy of data. It deploys advanced technology and industry expertise in Fraud, Risk Management, Compliance and Vendor Data Modelling to help focus tech teams on business growth.
Its regulatory compliance technology allows users to simplify complex technical and operational challenges such as client onboarding and new customer growth, KYC requirements, AML, fraud & risk prevention and detection—with the aim of enabling rapid business growth. Sphonic’s technology is used by a wide range of clients including Funding Circle, Safecharge, Betfair, Capita Pay360, City Index and Zopa.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
