The past few years have seen an accelerated growth of the ecommerce industry. As more businesses moved online in response to the global pandemic, the marketplace saw a rise in online payments. According to Statista, ecommerce reached a threshold of 20% of all retail transactions last year, and with this, larger fraud numbers came into the picture. As a result, some businesses were classified as high-risk, which led them to losing their payment providers.

In addition to fraud, the ecommerce sector faces many other challenges. Businesses must collect payments from clients in different currencies and regions or issue international payments for operational expenses, advertising, and staff. Payset’s goal is to help companies to solve these issues.

Payset is an elite payments platform that provides multi-currency accounts, prepaid cards, and currency exchange services. The company offers its services to various industry players, such as ecommerce businesses, startups, and entrepreneurs, allowing them to reach global markets much more easily.

Payset’s client base demands robust security measures – a demand which led the company to partner with iDenfy. In Payset’s search for a reliable ID verification provider, iDenfy met its key requirements of affordable pricing, easy implementation, and quality reputation.

Whilst it is mandatory to follow Know Your Customer (KYC) regulations, the increasing number of transactions and alarming fraud risks are pushing even more companies to look for secure remote identity verification solutions. As global KYC experts, iDenfy is best known for its AI-powered, four-step identity verification. The solution has an integrated biometric recognition service that helps detect face masks, spoofing, and deepfake technology.

iDenfy tested 5 million different facial data and found that its algorithm has a 98.4% success rate. To guarantee these accurate results, iDenfy’s in-house expert team manually reviews each verification's results. According to Payset, a huge piece in successful customer onboarding is offering a secure and swift ID verification procedure.

Payset fully automated the KYC process and handed the administrative work over to iDenfy.

“As identity verification is a highly important aspect of our business, we needed a partner that could quickly and reliably provide this service. With iDenfy, we now have a strong understanding of our customers. The user-friendly interface helps us onboard more clients in less time leading to a better customer experience.” Explained Perry Asforis, CEO of Payset.

Domantas Ciulde, CEO of iDenfy added that: “Having a consistent approach to actually knowing your customers is essential in today’s world. Many businesses are quickly expanding their customer bases, which calls for greater security measures, such as identity verification.”