iSignthis, a company specialising in dynamic, digital AML/CTF KYC identity proofing, today announced the commencement of its 'Key Controller' digital KYC service, in partnership with global Payments provider Ixaris.
iSignthis has adapted its consumer facing Digital KYC service so that it can verify users who are the merchant’s key controllers, including Ultimate Beneficial Owners (UBOs), directors, officers and other stakeholders.
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Verification of Key Controllers
The key controller/UBO service for Ixaris is now live, providing Ixaris with the means to verify the key controllers of merchants and other partners that use, resell or promote Ixaris payment services.
PSP’s no longer have to depend on time consuming and expensive manual processes.
iSignthis CEO John Karantzis commented: “We are delighted to have launched with Ixaris. Together, we have revolutionized the way merchants can now be on-boarded to payment services, by automating the verification of key controllers. PSP’s no longer have to depend on time consuming and expensive manual processes, as iSignthis can now automate and fast track the verification of 3rd party identified key controllers, through our Digital KYC service. This is a massive step forward in automating the back office for the payments industry.”
Background
iSignthis’ Paydentity solution offers Payment Service Providers (PSP) an effective way to verify key controllers of merchants with legal structures, leading to significantly faster and simplified on-boarding of the merchant.
PSP’s are obligated under AML regulation to identify and verify not only the corporate structure of merchant entities to whom they intend to provide services, but also to identify and verify the natural persons who are key controllers associated with that merchant.
Key controllers are usually identified as part of a conventional database search on the merchant, either through a data broker, or direct with the registrar of companies in each jurisdiction. The past difficulty has then been in verifying the natural persons who have been identified under a database search as being key controllers.
PSPs have typically manually conducted KYC verification of key controllers via notarized or certified documents, or face to face interviews, a process which can take between 15 to 28 working days, potentially causing huge delays in the remote verification of key controllers, and thus leading to delays in the on-boarding of the merchant to the PSP service.
Finance Magnates last reported on iSignthis in July after the company signed an agreement with XM.COM, a leading player in the online Forex and CFD trading industry to deliver its enhanced due diligence Digital KYC service.
