Vespia and Mastercard Team Up to Speed Up Merchant Onboarding

Vespia, an Estonian business verification (KYB) solution, and Mastercard today announced a new partnership to expedite the merchant onboarding process. This collaboration will empower businesses in the financial industries across Latin America and the Caribbean (LAC), Europe, the Middle East, Africa (EEMEA), and Asia-Pacific (AP) regions to verify and onboard merchants up to 90% faster¹ and compliantly.

Vespia’s advanced verification technology will be integrated into Mastercard’s MDOP (Merchant Digital Onboarding Platform), allowing financial institutions and businesses to verify merchants, customers, partners, and suppliers swiftly, enhancing operational efficiency and accelerating time-to-market.

The partnership addresses a pressing need for faster and more reliable onboarding processes in regions experiencing rapid economic growth.

“In today’s fast-moving digital landscape, the need for rapid yet secure onboarding is essential. Through our partnership with Mastercard, we’re enabling businesses to streamline their onboarding processes while ensuring full AML compliance,” said Julia Ront, Co-founder and CEO of Vespia. “By leveraging our KYB technology, companies in evolving markets can focus on rapid growth and innovation with confidence while meeting global standards efficiently.”

Vespia offers a standardized and automated onboarding process that dramatically reduces the time and resources typically required for merchant verification. With Vespia’s comprehensive suite of solutions, MDOP users can benefit from automated anti-money laundering screening and ongoing monitoring, seamless onboarding flows, document authentication, and business verification.

“At Vespia, we’ve built our technology to seamlessly integrate with existing systems, ensuring that businesses can quickly adopt our compliance tools without disruption. Our collaboration with Mastercard enables us to bring highly efficient, secure verification solutions to global markets, delivering reliable onboarding processes that are both scalable and adaptable to local regulatory needs. Our goal is to make compliance as straightforward as possible, empowering businesses to spend less time on onboarding and focus more on their core operations,” said Anton Vedešin, co-founder and CTO of Vespia.

The partnership benefits everyone involved: financial institutions will be able to onboard merchants swiftly, reducing time-to-market, while merchants and consumers will get faster access to payment platforms, improving the overall user experience.