UK: Payza inks contract with Intelligent ID for identity verification

As a result, IID will enable Payza to do their due diligence on new customers by granting access to data provided by credit bureaus and other agencies and verify the people making those requests.

The FSA in the UK requires a minimum “two-plus-two” verification, which means the company must obtain at least two points of verification, including name, address and date of birth, from two independent sources. These sources can include government data such as electoral rolls, agencies that oversee passports and drivers’ licenses as well as credit reference agencies and utility organizations. It is also important to conduct anti-impersonation and anti-money laundering (AML) checks to ensure Payza is engaging with the “true” individual and that the individual has not previously been exposed to sanctions or corruption. IID uses global sanctions, law enforcement and regulatory watch lists to screen all applicants.

When someone submits a request for membership, Payza informs the applicant that IID will access those services to verify their backgrounds. Once the verification has been performed, IID provides Payza with a report authenticating the status of the individual it needs to avert risk and ensure it remains in FSA compliance.

Payza is a payment platform for e-commerce, corporate disbursements and remittances, which will enable worldwide international payment transfers for individuals and businesses.