BNPL Firm Twisto Taps Veriff for AI-Powered Identity Verificationby Fintechnews Baltic July 4, 2022
Veriff, a global identity verification provider, announced its partnership with Twisto, a Zip-acquired buy now, pay later (BNPL) platform, to provide identity verification services for online merchants.
With this partnership, Veriff expedites the identity verification process for Twisto customers, while ensuring compliance with know your customer (KYC) regulations.
Veriff’s AI-powered identity verification technology is now available on Twisto’s platform, enabling consumers to quickly and seamlessly verify their identities.
The company provides KYC verification with its video-first technology and offers an extra layer of protection for users through location verification.
Since integrating Veriff’s technology, Twisto said that it has experienced a customer conversion rate increase of almost 15 percentage points.
The BNPL platform has also almost fully eliminated verification application returns due to Veriff’s streamlined identity verification process and ability to identify and flag low-quality or incomplete pictures submitted to the verification process.
“The BNPL payments market is highly regulated, and as a business in this space we need to ensure that we comply with KYC and anti-money laundering (AML) regulations which require us to verify the identity of our customers.
The biggest challenge we faced was balancing the tradeoff between the customer friction and the reliability of data we gather in the IDV process. Veriff enables a seamless and quick IDV flow that also provides the customer data and information we need to ensure compliance.”
said Pavel Prucek, Head of Product at Twisto, a Zip company.
“The last two years spurred a dramatic evolution within the financial services and online payments industry, resulting in a rise in stringent regulations to address growing fintech fraud rates.
It’s never been more critical for payments companies to remain a few steps ahead of these fraudsters while maintaining regulatory compliance. We’re thrilled to partner with Twisto to ease the verification and compliance process for them and their customers.”
said Raul Liive, Head of Product at Veriff.
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