Know Your Customer and MineSec team up to take payment platform security to the next level

Know Your Customer, a leading RegTech provider specialised in next-generation digital onboarding and Know Your Business (KYB) automation solutions for fintech firms and financial institutions, has partnered with MineSec, a white-label SoftPOS solution provider, to enhance the onboarding experience of its SoftPOS solution

The partnership will enable MineSec and their customers to leverage Know Your Customer’s innovative modular compliance technology to verify onboarding merchants in real-time, obtaining accurate company documentation to identify their ownership structure and unravel ultimate beneficial owners (UBO) instantly. By partnering with Know Your Customer, MineSec can now offer a more robust and reliable solution to its customers, which will help maintain a safe and secure ecosystem for users on the platform.

“We are thrilled to partner with Know Your Customer to enhance the security and compliance capabilities of our SoftPOS solution,” said Damien Chow, Chief Product Officer of MineSec. “With the integration of their technology on our SoftPOS app, our customers can now streamline the onboarding process, reduce fraud, and minimise risk, all while ensuring that we comply with the latest regulations. We believe that this partnership will be a game-changer for us and our customers, who will be able to access the highest level of anti-money laundering security without sacrificing on seamless customer experiences.”

With regulations around financial crime becoming stricter and more complex, a robust KYB process is essential to help payment providers comply with the relevant requirements and avoid hefty penalties or legal issues. By integrating automated KYB checks within the merchant onboarding process, payment platforms can efficiently ensure that businesses using their platform are legitimate and trustworthy and activate their services quickly. This can lead to a reduction in drop-off rate during onboarding and, overall, a better user experience for new customers and merchants.

“We’re thrilled to partner with MineSec to support their innovative vision for payment enablement.” said Claus Christensen, CEO of Know Your Customer. “Their unique technology is bridging the gap between the needs of merchants in both the digital and physical world, while also meeting the ever-growing compliance requirements in the Fintech space. With our combined expertise, we can make contactless payments more secure and accessible for everyone.”