4 eKYC platforms safeguarding digital payments in Europe

By Gloria Methri

Electronic Know Your Customer or eKYC, is a digital procedure for identity verification that allows financial institutions and other businesses, to conduct customer due diligence. A digital counterpart to traditional KYC processes, eKYC helps streamline customer onboarding, minimize fraud risk, and enhance regulatory compliance.

eKYC has made it possible to open bank accounts in minutes. It has enabled FinTech companies to make financial services more accessible and user-friendly.

E-commerce platforms are particularly leveraging eKYC to strengthen their customer verification processes. With a surge in online transactions, eKYC has played a crucial role in maintaining user trust and ensuring secure transactions. Employing eKYC adds an extra layer of security to online payments, further enhancing consumer confidence.

Listed are 4 software vendors offering eKYC services to ensure secure transactions in Europe:

• Fenergo 

Fenergo, is a provider of digital solutions for Know Your Customer (KYC) and Client Lifecycle Management (CLM). Its Software as a Service CLM and transaction monitoring solution enables payment service providers to consolidate real-time client KYC and AML data in one platform. It allows PayTechs to manage a digital diligence process, which further streamlines their internal operations and allows faster onboarding of clients.

• Owlin 

Owlin is an AI-driven platform that helps firms structure news and integrate risk and market insights that may affect a business into daily workflows. The company recently launched Owlin for KYC, which offers Payment Service Providers (PSPs) a single solution for onboarding, monitoring, and offboarding merchants. Owlin for KYC enables PSPs to screen their merchants against multiple data sources, including Adverse Media, Sanctions, Politically Exposed Persons, and Customer Reviews.

• Sumsub

Sumsub is a verification platform that helps secure the whole user journey. With Sumsub’s customizable KYC, KYB, transaction monitoring, and fraud prevention solutions, businesses can orchestrate their verification process, onboard more customers worldwide, meet compliance requirements, reduce costs, and protect their business. The company has over 2,000 clients across the FinTech, crypto, transportation, trading, and gaming industries including Mercuryo, Bybit, Huobi, Unlimint, DiDi, Poppy, and TransferGo.

• ThetaRay 

ThetaRay is the provider of SONAR, the AI-powered AML transaction monitoring solution that allows payment FinTechs and banks to grow revenues through cross-border and domestic payments. ThetaRay’s technology is a cloud-native SaaS offering that analyzes SWIFT traffic, risk indicators, and client/payer/payee data to detect anomalies indicating money laundering and sanctions violations activity across complex, cross-border transaction paths in a single unified platform.

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