Identity Verification and KYC Compliance for Payment Firms

Streamline onboarding, reduce fraud and maintain AML compliance

In the fast-paced world of payment providers, you face the challenges of expediting onboarding while being cautious of fraudsters and having to strictly adhere to anti-money laundering (AML) compliance regulations. Critical to overcoming these challenges is finding the best way to manage the mandatory processes of identity verification and know your customer (KYC) compliance.

You need a solution that allows you to know exactly who you are conducting business with so that your payments firm remains compliant and risk-averse.

Designed specifically for the payments sector, Alessa’s identity verification and KYC solution seamlessly integrates with your existing systems to provide in-depth, real-time insights. By leveraging third-party data and risk intelligence from renowned sources, Alessa equips payment businesses to:

Efficiently conduct comprehensive Know Your Customer (KYC) and Know Your Business (KYB) screenings
Seamlessly adapt to changing regulatory requirements with scalable solutions
Minimize the risk of financial crimes through enhanced due diligence

Why Payment Firms Choose Alessa for Identity Verification and KYC Compliance

Accelerate Client Onboarding With Real-Time Identity Verification

Alessa streamlines the onboarding process for payment firms, ensuring you know exactly with whom you are conducting business.

Risk Intelligence You Can Trust

Data is everything for effective identity verification. By leveraging Alessa’s vast data sources as well as third-party data sources, you get detailed background information on clients, allowing you to complete a thorough risk assessment that is, crucial for compliance and fraud prevention.

Verify Client Identities On-Demand and Conduct Ongoing and Periodic CDD

Alessa supports ongoing and periodic customer due diligence (CDD) efforts for KYC compliance to best inform your compliance team through the entirety of client relationships. Additionally, if needed, with Alessa, you can easily conduct on-demand identity verification.

Automation of Tedious Processes

Manually completing identity verification is time-consuming and puts your business at risk. Automating your identity verification process removes the element of human error, helps to ensure your organization is not taking money from bad actors and allows your compliance team to focus on tasks that require their critical expertise.

Seamless Integration With Onboarding Systems

Our platform integrates smoothly with your onboarding and sign-up systems, enhancing data access for comprehensive risk assessment. With Alessa, you can easily import relevant PII data points (name, date of birth, SSN, addresses, etc.) to ensure your business utilizes up-to-date, accurate data.

Ongoing Support and Expertise

With Alessa, payment firms benefit from continuous expert guidance and ongoing support. Our Support Team and risk experts are available to helps to ensure your lending and financing firm’s AML program remains robust and compliant.

Simplify Identity Verification:
The Power of KYC/KYB Tools

Alessa integrates with your payment firm’s onboarding system to verify identities in real-time which means you can complete due diligence in minutes, validate customers faster and protect your organization.

Industries We Serve

An Integrated AML Solution for Payments

Alessa empowers payment firms to streamline identity verification and KYC processes, ensuring compliance and building a secure foundation for business operations. While effective on its own, combining our identity verification and KYC module with other Alessa modules, or implementing our fully integrated AML compliance solution, helps to streamline and fortify all aspects of compliance. With Alessa, payment firms can meet their AML obligations more efficiently and effectively.

Integrated AML Software for Payments

A complete AML compliance solution for payment firms on one integrated platform,. Alessa provides seamless compliance functionality – from the first red flag to the final regulatory report.

A 360° View of
Each Client

Alessa offers a holistic risk profile of clients and highlights customer whose risk scores have surpassed your establishment’s risk threshold in the last 24 hours.

Transaction Monitoring

With the high volume of transactions in the payments sector, it is vital to have a powerful transaction monitoring system in place that provides timely insights. Alessa allows your organization to conduct real-time, periodic and event-based transaction monitoring and screening.

Watchlist, PEP & Sanctions Screening

Alessa helps to safeguard payment firms from reputational damage by screening against global watchlists efficiently. Our modern screening solution allows you to only pay for the data you utilize and drastically reduces your false positives with our proprietary PEP scoring model.

Risk Scoring

Customizable risk scoring models in Alessa empower your business to prioritize and manage client risks effectively based on your risk appetite and your unique CDD and KYC requirements.

Automated Regulatory Reporting

Automated, accurate reporting by Alessa ensures your organization meets regulatory demands with confidence and ease. Alessa auto-populates, validates, and submits regulatory reports, including reports for FinCEN, FINTRAC, and numerous other regulatory environments.

Enhanced Due Diligence (EDD)

A solution that streamlines EDD reporting. With Alessa, order EDD reports directly from the application, receiving them in ⅓ of the time at ⅓ of the average industry price.

Case Management

Alessa simplifies case resolution, enhancing your firm’s ability to address compliance issues efficiently throughout the investigative process.

Schedule a Free Demo

Create a more comprehensive client profile for better risk management with Alessa.

Book your complimentary demo of our IDV, CID and KYC solution for payments today.

Call us at 844-265-2508

Email us at
connect@alessa.com

Latest Insights

Excellent tool for fraud prevention and risk management

I have worked with Alessa for years because of how useful it is to thoroughly analyze transactions and identify suspicious operations

– Jane Doe, Company ABC

Identity Verification and KYC Compliance for Payment Firms

Streamline onboarding, reduce fraud and maintain AML compliance