iDenfy joins forces with QwikPay, bolstering real-time payment security in Australia
In a groundbreaking move, iDenfy, a leading identity verification and Anti-Money Laundering (AML) solutions provider, has partnered with QwikPay, a fintech startup revolutionising Australia's digital economy. This strategic alliance is set to significantly enhance the security of digital transactions and real-time payments in Australia.
The partnership sees iDenfy's identity verification and AML solutions integrated into QwikPay's platform, ensuring secure and compliant user onboarding. This collaboration reduces the risk of fraudulent activities and helps QwikPay maintain compliance with Australia's financial regulations.
iDenfy's real-time AML screening solution is instrumental in managing risks associated with real-time transactions, ensuring a secure environment for both consumers and merchants. The partnership supports continuous AML screening, which is crucial for maintaining security in the digital age.
QwikPay's Scan to Pay app, powered by PayID and PayTo, enables instant wallet-to-wallet transactions through QR code scanning. This innovative feature eliminates the need for traditional payment methods like cards or terminals, offering a seamless and efficient payment experience for users.
By offering real-time payments without additional fees, QwikPay enhances the payment experience for users and reduces costs for merchants, making digital transactions more efficient and cost-effective.
The collaboration between iDenfy and QwikPay is not just about security and efficiency; it's about driving innovation in digital finance. As a fintech startup, QwikPay's partnership with iDenfy supports its rapid scaling while maintaining high standards of security and compliance. This collaboration fosters innovation in Australia's digital payment landscape, pushing towards more secure and efficient transaction processes.
"We are proud to support QwikPay as they lead Australia into the next chapter of digital finance," said Domantas Ciulde, CEO of iDenfy. The partnership sets a new standard for real-time payments in Australia's real-time economy.
iDenfy's identity verification solution validates user identities in seconds using document analysis, facial recognition, and NFC chip reading. The verification team adds an additional layer of accuracy, reducing false positives and increasing completion rates to over 99.99%.
The flexible pricing structure allows early-stage fintechs like QwikPay to operate efficiently without sacrificing quality or compliance. QwikPay's compliance officers can view all decisions, take action on alerts, and maintain full transparency during user onboarding audits.
Nik Bavisetti, CEO of QwikPay, stated that iDenfy accelerated their onboarding process and gave them peace of mind regarding fraud and regulatory risks. QwikPay has fully integrated iDenfy's identity verification directly into its user sign-up flow, reducing drop-offs and enabling instant account activation.
In conclusion, the iDenfy-QwikPay collaboration is pivotal in enhancing Australia's digital transaction security through robust identity verification and AML solutions, while also driving advancements in real-time payments and compliance in the digital finance ecosystem. This strategic alliance is set to redefine the digital payment landscape in Australia, making transactions safer, more efficient, and more compliant.
- The partnership between iDenfy and QwikPay, as reported on ffnews.com, has integrated iDenfy's business solutions, including identity verification and Anti-Money Laundering (AML) services, into QwikPay's platform, thereby fostering innovation in digital finance and technology.
- To ensure secure and compliant user onboarding, QwikPay, a fintech startup revolutionising Australia's digital economy, has adopted iDenfy's technology, helping it maintain compliance with Australia's financial regulations and reducing the risk of fraudulent activities.
