Payza partners Intelligent ID to enhance identity verification of UK members

Enhancing real-time identity verification

Payza, an e-commerce, corporate disbursement and remittance platform, is partnering with Intelligent ID (IID), a user activity management system, in a bid to enhance its real-time identity verification of UK members (view press release).

“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 out Financial Services Authority (FSA) compliance strategy in that region.”

The FSA in the UK requires ‘two-plus-two’ verification, meaning the company must obtain two points of verification including name, address and DOB from two independent sources. Sources can include government data such as electoral rolls, agencies that oversee passports and drivers’ licenses or credit reference agencies and utility organisations. Anti-impersonation and anti-money laundering checks must also be conducted to ensure that Payza is engaging with the right person, and that they have not previously been exposed to sanctions or corruption. IID screens all applicants using global sanctions, law enforcement and regulatory watch lists.

When someone submits a request for a membership, Payza informs that applicant that IID will verify their background. After the verification IID provides a real-time report authenticating the status of the individual it needs to remain FSA compliant.

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