XM has clients from all over Europe, Asia, and other parts of the world. That’s why their global reputation is very dear to them. One mistake and they will become the talk of the town. So, like any brokerage, XM adopted some of the best and advanced safety measures for securing their transactions and keeping their clients’ profiles secretive. Paydentity in one of such.
Paydentity, it feels like a fancy word for some science fiction movie. No, it is just a way to say payment identity.
No, I didn’t make up the name. XM, the leading brokerage did. It is their way of verifying the end users.
– But what was the need for it? Wasn’t there any verification method before XM launched Paydentity?
Surely there was.
– Then why did they need to launch it? The previous method worked, right?
I’m going to quote from the movie Black Panther here. The tech genius Shuri points out to his elder brother that if something works that doesn’t mean it can’t be upgraded.
This was XM’s way of upgrading their verification system for good. With the launch of Paydentity, XM ensured the security of their clients’ funds. Not only that, Paydentity made the entire system of verifying end users super-fast.
With this automated payment and identity service incorporating real-time remote verification of XM’s clients, the entire transactional processes will be more transparent and frequent.
The Paydentity solution now includes the followings:
– Remote enhanced due intelligence as per the requirements set in the European Anti-Money laundering Directive, the Joint Money Laundering Steering Group of UK, and Cypriot regulations.
– Verification for payment instrument.
– PCI DSS Version 3.2 Level-one payment gateway in Cloud based computing
– Integration & payment processing to all the multiple card-acquiring institutions from one single API
– Transaction monitoring
Paydentity was developed by the Australian iSignThis company. This company offer varieties of dynamic and digital AML/CFT KYCidentity proofing solutions. By converging identity and payments, this company is delivering regulatory compliance with fully automated customer on-boarding. This protects both the merchants and the customers from identity theft and fraud.
Think of it this way; all the benefits that come with any payment processor, except, there won’t be any fraud.
This KYC or AML payment solution is widely available in the European region now. So all the clients at XM from all over Europecan now get the benefit.
-But what about the rest of the world? Will they be deprived from this security feature?
No, they won’t. For the clients who are living places other than Europe, where a reliable and independent database is limited, Paydentity from iSignThis will provide XM with worldwide reach & access to more than 3.5 billion “Bank verified” potential clients, which will optimize customer on-boarding.
With these measures, XM can now assure their clients that their funds are in safe hands. And when the time comes, they will get their funds after being verified within the least amount of time possible. So far, Paydentity is really working in their favor by keeping transactions safe and clients’ profiles secretive.
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