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Know Your Customer & MineSec team up to secure payments platform

By Gloria Mathias

August 08, 2023

  • APAC news
  • Compliance Technology
  • Contactless Payment Solution
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Know Your Customers, MinSec, Payment Platforms, Secure Payments, Singapore, Payments, FinTechKnow Your Customer, a RegTech provider, 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 instantly unravel ultimate beneficial owners (UBO).

By partnering with Know Your Customer, MineSec can now offer its customers a more robust and reliable solution, 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. With their technology integration on our SoftPOS app, our customers can streamline the onboarding process, reduce fraud, and minimise risk, all while ensuring that we comply with the latest regulations. We believe this partnership will be a game-changer for us and our customers, who can access the highest level of anti-money laundering security without sacrificing seamless customer experiences,” stated Damien Chow, Chief Product Officer of MineSec.

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 reduce the drop-off rate during onboarding and, overall, a better user experience for new customers and merchants.

Claus Christensen, CEO of Know Your Customer said, “We’re very pleased to be partnering with MineSec to support their innovative vision for payment enablement. 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.

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