MineSec today announced a partnership with ZOLOZ, a global leading technology service provider of AI-powered Digital Identity Verification Solution, to streamline the Know-Your-Customer (KYC) and Know-Your-Business (KYB) process for merchant onboarding. With ZOLOZ’s robust KYC and KYB identity verification features integrated into MineSec, acquirers and payment service providers (PSPs) do not have to develop their own solutions or manage external providers.
To minimise fraud and protect consumers, KYC/KYB is a regulatory requirement for acquirers, PSPs, and other financial service providers. It is necessary for PSPs and acquirers to establish the identity of the business owner and verify the business’s legal status before they can validate and authorise payments. By combining ZOLOZ’s KYC and KYB solutions with its proprietary Know-Your-Device (KYD) solution, MineSec SoftPOS solution enhances identity security throughout the entire customer journey.
Angus Chiu, Chief Commercial Officer of MineSec said, “With contactless payments on the rise, merchants need to modernise their payment systems in order to remain competitive. MineSec SoftPOS SDK integrates ZOLOZ KYC and KYB features, so payment service providers and acquirers can onboard merchants digitally, and securely, as demand for contactless payment increases.”
“As a result of our collaboration with MineSec, we are able to extend our comprehensive identity verification solutions to the new SoftPOS market. Leveraging our innovative technologies, we’re enabling PSPs and acquirers to build trusted merchant networks to grow their businesses,” said Jidong Chen, General Manager of ZOLOZ.
KYC/KYB has traditionally been a complex and disjointed process. Merchants sign up with acquirers or PSPs by filling out a physical form and providing ID documents, such as passports and photo IDs, to an outside KYC/KYB service provider. Once the identity documents have been verified, the provider informs the acquirer/PSP so they can make an informed decision for onboarding. Lastly, the acquirer/PSP informs the merchant by email or phone. This slow and manual process could take days and even weeks.
The MineSec SoftPOS solution allows acquirers and PSPs to automate the process from registration to activation without unnecessary delays. As soon as a merchant downloads the mobile app, they submit their digital identity documents, and if approved, they can begin using payment services. The adoption of ZOLOZ’s e-KYC solutions helps clients reduce end user authentication time from days to around three minutes, while improving the authentication success rate from 65% to above 90%.