Compliance firm Fintracking has debuted a “pay-as-you-go” platform for ID verification.
“The new platform provides a flexible and efficient way for businesses to securely verify identities and transactions, ensuring compliance and fraud prevention,” the Toronto-based company said in a news release Thursday (June 6).
Included in the platform are a variety of plans, such as KYC Lite for verifying government-issued photo IDs with advanced AI checks, KYC Full which also verifies addresses, emails and phone numbers, and KYB, designed to verify corporate documentation and beneficial owners.
There are also options analyzing crypto and blockchain transactions, with the platform allowing payments via PayPal or credit card, automated volume discounts.
The launch comes at a time when compliance, “often viewed as a cumbersome necessity, is being reimagined as a strategic asset,” as PYMNTS wrote last month.
“By adhering to stringent regulatory standards and embracing digital solutions that facilitate seamless interaction with tax authorities and ensure adherence to evolving regulatory standards, companies can differentiate themselves in a crowded market.”
But implementing a robust compliance framework isn’t a simple matter, but rather one requiring an understanding of the technical aspects of payment processing and the legal landscape of each market.
With the proper approach, however, compliance can drive efficiency and scalability, helping businesses prevent manual errors and operational costs by using technology to automate compliance checks and streamline reporting.
“Everything’s going more cross-border and getting regulated, so tax compliance regulation is huge for new business models in new markets,” Sovos CEO Kevin Akeroyd told PYMNTS in an interview in April.
“Compliance has traditionally been a cost center designed to avoid risk and ensure compliance,” he added. “It has not been a force for growth — but now, it’s turning that corner and it really can be a force for growth.”
Meanwhile, PYMNTS recently explored the “double-edged sword” of identity verification in a conversation with Bryan Lewis, CEO of Intellicheck, who stressed the importance of using verification solutions that balance security with ease of use.
“We work with them [financial institutions] to provide basically frictionless ways for somebody to prove who they are,” Lewis said.
He pointed to a recent study indicating that 62% of authentication processes require four or more steps, causing substantial drop-off rates.
“People drop out,” Lewis said. “So we work with them [financial institutions] to figure out how to seamlessly integrate identity validation into their process.”