{"id":32598,"date":"2023-04-06T18:28:18","date_gmt":"2023-04-06T18:28:18","guid":{"rendered":"https:\/\/www.trulioo.com\/blog\/"},"modified":"2023-07-26T23:33:54","modified_gmt":"2023-07-26T23:33:54","slug":"identity-payments","status":"publish","type":"post","link":"https:\/\/www.trulioo.com\/blog\/payments\/identity-payments","title":{"rendered":"Identity Forms the Foundation for Payments Success"},"content":{"rendered":"\n<p>Payment service providers face a complex global market of shifting regulations, emerging fraud threats and customers who expect speed and convenience.<\/p>\n\n\n\n<p>The constant challenge of balancing those competing priorities highlights the need for sophisticated, agile identity verification. When the technology rises to that challenge, <a href=\"https:\/\/www.trulioo.com\/industries\/payments-identity-verification\">payment service providers<\/a> can enhance the onboarding experience, meet their go-to-market goals, boost customer acquisition rates and minimize fraud losses.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-unravel-global-payment-complexity\">Unravel Global Payment Complexity<\/h2>\n\n\n\n<p>Payment service providers generally face strict licensing and<a href=\"https:\/\/www.trulioo.com\/industries\/payments-identity-verification\/compliance\"> compliance requirements<\/a>. Regulatory compliance often varies based on a payment\u2019s origination, destination, amount, method, network and purpose.<\/p>\n\n\n\n<p>There are also local payment standards, systems, risk factors, vendors and nuances for global payment companies to integrate and manage. The complications multiply when payment organizations have to rely on a combination of regional point solutions for identity verification.&nbsp;<\/p>\n\n\n\n<p>Each requires a contract, integration and operational oversight. On top of that, the payments organization has to find a way for all the tools to work together.<\/p>\n\n\n\n<p>A single global identity platform with local coverage around the world through one contract and one integration can simplify and streamline verification, compliance and risk mitigation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-overcome-the-challenge-of-business-verification\">Overcome the Challenge of Business Verification<\/h2>\n\n\n\n<p>Verifying payment accounts for businesses presents more complex challenges than verifying a person.<\/p>\n\n\n\n<p>Business accounts can shield money laundering, fraud and other financial crime through higher transaction volume and value. That risk often necessitates<a href=\"https:\/\/www.trulioo.com\/blog\/enhanced-due-diligence\"> additional due diligence<\/a>.<\/p>\n\n\n\n<p>Businesses can have convoluted structures that make it difficult to identify beneficial owners. When those businesses operate across borders, payment service providers often have to gather information from disparate sources and in different formats and languages.<\/p>\n\n\n\n<p>Business verification, though, doesn\u2019t have to be manual, costly and time-consuming. Payment service providers don\u2019t have to struggle to comply with strict<a href=\"https:\/\/www.trulioo.com\/blog\/business-verification\/know-your-business\"> Know Your Business<\/a> regulations.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-build-a-global-payments-platform-on-a-solid-foundation\">Build a Global Payments Platform on a Solid Foundation<\/h2>\n\n\n\n<p>The Trulioo global identity platform provides nimble <a href=\"https:\/\/www.trulioo.com\/solutions\/identity-verification\">individual<\/a> and <a href=\"https:\/\/www.trulioo.com\/solutions\/business-verification\">business verification<\/a> that helps payment service providers keep pace with regulatory changes while applying the right friction for customer onboarding.<\/p>\n\n\n\n<p>Payment companies can verify people and businesses across countries and markets through one integrated platform. The platform\u2019s layered verification capabilities help companies quickly adjust to evolving compliance, risk and customer onboarding needs.<\/p>\n\n\n\n<p>Those capabilities include personally identifiable information matching, Identity Document Verification, Utility Data for proof of address, Business Verification, watchlist screening and ongoing monitoring, and anti-fraud services. Companies also can easily integrate third-party services, such as DocuSign and Salesforce.<\/p>\n\n\n\n<p>Companies can quickly <a href=\"https:\/\/www.trulioo.com\/blog\/identity-verification\/workflow-studio\">build, launch and optimize<\/a> verification workflows through a drag-and-drop, no-code interface to meet onboarding and compliance requirements. Payment service providers can focus on expanding their global growth without draining development resources.<\/p>\n\n\n\n<p>With Trulioo, payment service providers can ensure swift business and customer onboarding through comprehensive verification that protects the organization and customers.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"not-post \">\n\t\t<a href=\"https:\/\/www.trulioo.com\/lp\/payment-service-providers\" class=\"block bg-brown-100 md:relative md:flex md:flex-row\"  rel=\"noopener noreferrer\" target=\"_blank\" >\n\t\t<div class=\"md:w-64 md:flex-shrink-0\"><\/div>\n\t\t<div class=\"md:relative md:h-fit md:w-full md:self-stretch\">\n\t\t\t\t\t\t\t<div class=\"md:absolute md:top-0 md:-left-64 md:h-full md:w-64\">\n\t\t\t\t\t<picture>\n\t\t\t\t\t\t<source media=\"(max-width: 480px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/is-payment-service-providers-thumbnail-468x263.jpg\">\n\t\t\t\t\t\t<source media=\"(max-width: 768px)\" srcset=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/is-payment-service-providers-thumbnail-608x342.jpg\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trulioo.com\/wp-content\/uploads\/2023\/01\/is-payment-service-providers-thumbnail-304x171.jpg\" width=\"304\" height=\"171\" itemprop=\"image\" alt=\"Industry sheet - Payment Service Providers: Accelerate Customer Acquisition\" class=\"md:h-full w-full object-cover\">\n\t\t\t\t\t<\/picture>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"pt-4 p-6 lg:pt-6\">\n\t\t\t\t<p class=\"p-sm md:p-xxs subheading md:subheading text-red-500 mb-4\">Read the payment service providers sheet<\/p>\n\t\t\t\t<h4 class=\" mb-1 text-green-900\" >Get Bank-Grade Risk Management With Low Friction<\/h4>\t\t\t\t<p class=\"p-sm md:p-xs text-green-900\">Learn how payment service providers can leverage digital identity verification and enhance the customer experience.<\/p>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/a>\n<\/div>","protected":false},"excerpt":{"rendered":"Payment service providers face a complex global market of shifting regulations, emerging fraud threats and&#8230;","protected":false},"author":8,"featured_media":32635,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[318],"post-types":[148],"post-topics":[366,73],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.1 (Yoast SEO v22.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Identity Forms the Foundation for Payments Success<\/title>\n<meta name=\"description\" content=\"Agile identity verification helps payment service providers enhance the onboarding experience, boost customer acquisition rates and minimize fraud losses.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.trulioo.com\/blog\/payments\/identity-payments\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Identity Forms the Foundation for Payments Success\" \/>\n<meta property=\"og:description\" content=\"Agile identity verification helps payment service providers enhance the onboarding experience, boost customer acquisition rates and minimize fraud losses.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.trulioo.com\/blog\/payments\/identity-payments\" \/>\n<meta property=\"og:site_name\" content=\"Trulioo\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/trulioo\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-06T18:28:18+00:00\" 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