Payments are a key ingredient of online business. Dwolla works with a wide variety of companies to quickly enable them to collect and disperse payments online. However, doing business online requires being able to identify and verify your customers, and possibly meet additional compliance requirements. Online business also comes with increased fraud including the use of synthetic identities, account takeover and ultimately conducting transaction fraud.
Establishing trust in online marketplaces is paramount to growing business. Buyers and sellers who do not know each other need to trust their marketplace platform to conduct their transactions. Marketplaces already using Dwolla for payments now have additional options to build trust around their business.
IdentityMind (now Acuant Compliance) offers a wide range of fraud prevention and compliance solutions across KYC and KYB, sanctions screening, transaction monitoring as well as document verification, SSN and name/address verification, biometrics, IP, device, geo location and behavioral authentication. These solutions streamline onboarding processes by reducing friction for trusted users and increasing it for suspicious users.
“Companies are realizing the benefits of offering an online payment option, from both the customer and employee perspective. But as these companies go through a digital transformation, they need to feel protected against malicious activity,” says Brady Harris, CEO of Dwolla. “This partnership provides this protection by adding automation to support a traditionally manual aspect of business.”
For online lenders or other fintech companies, understanding which prospective customers to trust is a matter of both fraud and compliance. Verifying identity and understanding the risk that that person poses is an important part of the onboarding process and a key part of the ongoing monitoring process.
The ability to run compliance processes and document the results of compliance efforts is also important and something that is complicated by growing volumes and manual processes. We offer a real time solution for both, and the combination of those services is greatly simplified for Dwolla clients.