The Anti-Money Laundering directive requires all ﬁnancial companies to perform Customer Due Diligence (CDD) before all high-amount transactions or transfer of funds. The rules include customer ID veriﬁcation for both collection and pay-outs. Generally, insurers either outsource this service to third-party providers, which comes with additional integration costs, or create their own back-oﬃce operations that require high investments in infrastructure and personnel.
How do we solve it?
Imburse is developing a CDD service that enables our clients to integrate ID veriﬁcation before pay-out transactions, using their existing connection with us. Our new feature makes it easier and quicker to verify your customers’ identity and comply with regulations, all whilst saving time, money and resources.
This functionality is fully customisable, so you will be able to set up a value range, currency and country for each pay-out scheme. If a transaction meets the set criteria, your customers will automatically be requested to verify their identity, in a seamless and straightforward process.
The ID veriﬁcation process is GDPR-compliant, so all your customers’ data is protected and safeguarded. The ID veriﬁcation process is fully automated, and you can create thresholds to determine in which cases you would like to manually verify your customers.