Salt Edge to streamline KYC and onboarding for Paysafe and its customers
Salt Edge, a pioneer in open banking, today announced its partnership with Paysafe (NYSE: PSFE), a leading specialised payments platform, to implement instant validation of bank account ownership and streamline the onboarding process for the company’s customers in the UK and the EU.
In supporting Paysafe, a market leader with over 20 years of experience in payments, Salt Edge had a clear objective to streamline the company’s customer experience when connecting a bank account with a merchant payment processing or digital wallet account. Given the vital importance of onboarding to the overall customer experience, Salt Edge’s solution will accelerate onboarding for Paysafe and alleviate the pressure of the traditional manual efforts while mitigating fraud risk. Salt Edge’s open banking-powered Account Information API will offer secure access to accounts in banks across the EU and the UK, assuring Paysafe a quick way to connect and instantly verify bank accounts.
Using Salt Edge Account Information solution, Paysafe will enable its EU acquiring and digital wallet customers to confirm their bank accounts. This will allow Paysafe to automatically validate bank account ownership and will eliminate the need for customers to submit documentation showing proof of bank account ownership. The collaboration will enable Paysafe to further improve the robustness of their entry point fraud controls, by ensuring the bank account details submitted are legitimate and they link to the applicant.
We know all too well how time-consuming it can be to set up financial services or products. Here at Salt Edge, we believe that consumers deserve the best experience when they’re accessing financial services and we are delighted to support Paysafe in their journey to offer simple and friction-free UX. Through Salt Edge, Paysafe can implement open banking-enabled onboarding that increases conversion and takes just minutes. Moreover, instant access to data from users’ banks grants protection against account fraud and boosts operational efficiency.
About Salt Edge
Salt Edge – a financial API platform with PSD2 and open banking solutions. The company has two main vectors of activity: enabling third parties to get access to bank channels via a unified gateway, and developing the technology necessary for banks to become compliant with the directive’s requirements. ISO 27001 certified and AISP licensed under PSD2, the company employs the highest international security measures to ensure stable and reliable connections between financial institutions and their customers. The company is integrated with 5000+ financial institutions in 50+ countries.
Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading specialised payments platform. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. With over 20 years of online payment experience, an annualised transactional volume of US $100 billion in 2020, and approximately 3,400 employees located in 12+ global locations, Paysafe connects businesses and consumers across 70 payment types in over 40 currencies around the world. Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments.
More information: www.paysafe.com