Flexible payment provider Pay with Suave has partnered with Lithuania-based iDenfy to automate customer onboarding and improve payment security.
iDenfy’s AI-powered identity verification solution will check that users of the Suave app are legitimate, while its anti-money laundering (AML) services reduce fraudulent transactions taking place.
Pay with Suave, which offers buy now, pay later payment options to customers, will be automatically alerted and receive real-time notifications if any suspicious activity is detected by iDenfy.
“Finding new ways to ensure customer satisfaction during identity verification, while preventing fraudulent payments is vital for any business.
“We’re proud to partner with Pay with Suave and help them ensure the highest level of security and automated compliance,” said Domantas Ciulde, CEO of iDenfy.
Through the partnership, Pay with Suave has improved its customer verification process, which used to take a few steps for customers to complete, with users having to select their document type and issuing country, then upload a photo.
By contrast, iDenfy’s software extracts the data from the ID document “in seconds”.
Last year, research by GoCardless found that among French merchants with a recurring revenue business model, 55% consider payment fraud one of the primary threats their business faces.
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