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The Green Sheet Online Edition

August 22, 2022 • Issue 22:08:02

New Products

Achieve AML, KYC with advanced compliance, ID verification

Product: Passbase policy system
Company: Passbase

Passbase, an identity verification infrastructure company, created the Passbase policy system, describing it as a compliance and identity verification solution with verification flows that clients can customize in accordance with their KYC and AML policies. The solution supports numerous industries, geographies, and risk profiles, helping all types of businesses stay ahead of anti-money laundering (AML) schemes and aligned with know your customer (KYC) compliance, the company stated.

Dave McGibbon, CEO and co-founder at Passbase, affirmed the company's mission of providing a privacy-first, security-first online experience, stating, "[T]hat's why we've designed our platform to be easy for businesses and end users to use while adhering to the strictest cybersecurity guidelines." The Passbase policy system complements the company's technology suite while simplifying KYC policy management, McGibbon noted, adding that it helps companies understand and implement compliance across different markets.

Simple, easy integration

Passbase representatives pointed out that Passbase's policy system and identity verification solutions are easy to integrate into businesses' existing infrastructures. The platform can be set up and customized across multiple devices and operating systems in less than a day without coding, they stated.

Passbase, founded by cryptocurrency entrepreneurs, has a deep understanding of web3 infrastructures and offers security services for fintech, crypto, gaming/gambling, and other platforms, the company noted. Describing Passbase's policy system as a comprehensive platform, Passbase said it holistically manages all aspects of compliance while providing the following features and benefits:

  • Scale your business fast: Passbase clients can implement solutions without worrying about KYC. The company works with regulators and compliance officers to help alleviate the burden from client teams.
  • Reduce complexity Passbase clients can focus on business priorities while Passbase stays ahead of the ever-moving target of compliance.
  • Use up-to-date tech: Passbase clients can stay up to date with evolving global compliance requirements using solutions that Passbase crypto, regulatory and compliance experts continuously vet and update.

Advanced, intuitive technology

Passbase said its identity verification technology authenticates a user's identity by requiring them to upload government-issued ID, and then take a video selfie that matches their face with the face on the user's ID while simultaneously using liveness detection to confirm they are physically present when seeking account access, the company stated. Passbase representatives pointed out that the Passbase platform includes an intuitive self-service dashboard to help clients simplify compliance, and the platform is easy to manage, which enables businesses of all kinds to expand into jurisdictions that require different AML procedures. In addition, they added, the company's advanced technologies are continuously updated in response to ever-changing threats and AML regulatory trends.

Passbase emphasized that its cybersecurity platform makes it easy for clients to become and remain AML compliant in a constantly changing regulatory environment, as the company keeps a close eye on the AML regulations and actively works to keep companies' security procedures aligned with standards.

Partnership opportunities

Passbase works with ISOs and sales channel partners, the company noted, helping them build trust with their customers. While an increasingly digitized financial sector offers consumers huge benefits by increasing the speed and efficiency of transactions, the higher risk of fraud causes many individuals to hesitate before making purchases, the company noted.

Robust security practices are key to securing consumers' trust, and establishing trust will make merchants more likely to take advantage of other services offered by ISOs and sales channel partners, McGibbon stated.

"We aim to build trust with our clients so that they can, in turn, build trust with theirs," McGibbon said. "The stronger this shared sense of trust, the sooner we will see massive positive changes to the way we conduct business online." end of article

Website: www.passbase.com Contact: sales@passbase.com

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