FinTech firm PayU has partnered with identity management company AU10TIX to help streamline its screening and onboarding process.
According to PayU, its partnership with AU10TIX will streamline the merchant onboarding processing by leveraging AI and automation in order to rapidly authenticate identities. The service will also be utilised to verify the identities of individuals or business representatives connecting to PayU directly or via PayU-powered marketplaces.
The firm also noted that its partnership with AU10TIX means identities can be validated in seconds – which will enable PayU to maintain its ‘reliable and efficient’ merchant onboarding and re-verification processes.
PayU mentioned that with the risk of criminals using online platforms to conduct illicit activities climbs, this recent alliance with AU10TIX will ensure that its processes remain streamlined and secure for both merchants and shoppers alike. The company mentioned that it will also be able to continuously optimise its services to ensure more accurate identity verification, increased automation levels and greater fraud security through AU10TIX’s technology.
AU10TIX’s deep learning algorithm is able to know when an identity is manipulated, a feature that PayU believes will allow it to ‘overcome the growing threat of synthetic identities’.
The AU10TIX integration with PayU has been initially introduced in Poland and Czech Republic, and has plans to be introduced across Europe, the Middle East, Africa and Latin America in the near future.
PayU chief operations officer Andrzej Bassara said, “The number of international merchants cooperating with PayU is growing exponentially, necessitating collaboration with companies like AU10TIX, a market leader in identity verification, to offer our clients the most efficient on-boarding and re-verification process.”
“AU10TIX is meeting our customers’ expectations around security by offering an automated solution that utilises advanced AI to accurately authenticate identities without the need for a human agent to review. An automated ID authentication process will rely upon an algorithm which will allow for customers’ identities to be confirmed in real time, making PayU’s processes more streamlined and secure.”
AU10TIX CEO Carey O’Connor Kolaja added, “Preventing identity fraud is at the core of what we do at Au10tix, and we are delighted to support PayU in their efforts to automate the merchant onboarding process.
“Our collaboration will ensure that PayU can continuously offer their users a safe and secure experience, while increasing the efficiency and pace of the processes to confidently verify identities.”
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