OFX and Know Your Customer Limited Collaborate to Secure Global Payments with Enhanced Business Verification

OFX, a leading financial operations company, announced a  collaboration with Know Your Customer Limited, the global leader in business verification solutions.  This collaboration will enable Know Your Customer’s advanced verification technology to be used  by OFX, enhancing security and streamlining compliance for OFX users. This strategic move aims to set a new benchmark in global business payment security, helping businesses conduct cross-border transactions with greater confidence and compliance.

Through this collaboration, OFX will leverage Know Your Customer’s capabilities to simplify and  automate its business Know Your Customer (KYC) processes. This will provide OFX with real-time  access to comprehensive business verification data, including seamless corporate structure  verification, instant access to official company documents, and automatic identification of complex  beneficial ownership structures across over 140 jurisdictions.  

This process automates key business KYC processes, significantly reducing manual effort and  improving efficiency for OFX users, further strengthening OFX’s ability to manage risk and maintain  the integrity of its platform. 

Jason Sullivan, Head of Operations, EMEA at OFX, added, “OFX is committed to providing our  customers with a secure and efficient global payment experience. By using Know Your Customer’s  technology, we’re enhancing our ability to mitigate risks and maintain a high standard of  compliance. The real-time access to global registry data, automated documentary evidence, and  streamlined processes will strengthen our KYC procedures, reinforcing our commitment to a secure  and reliable platform.” 

“We are excited to partner with OFX and equip them with a strategic advantage in the global  payments landscape. Our advanced business verification technology will empower OFX to elevate  its security posture, streamline and automate compliance workflows, and deliver an unparalleled  payment experience to its customers,” says Jamie Anderson, Managing Director EMEA, Global Head of Sales. 

Recognising the importance of a robust and secure global payment environment, and in light of  Australia’s expansion of AML/CTF regulations from sectors like financial services and digital  currency exchanges to designated non-financial businesses and professional sectors, OFX is  proactively strengthening its security infrastructure through this collaboration. By utilising Know Your  Customer’s technology, OFX will enhance its due diligence capabilities, ensuring compliance with  evolving regulations, providing a secure, reliable platform for global payments. 

This collaboration reinforces both OFX’s and Know Your Customer’s commitment to innovation,  security, and adherence to evolving compliance regulations in the global financial landscape.