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Industry: Fintech, E-Money

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Corporate Customer onboarding is concluded online within 24h

(subject to the provision of all requested documentation)

Noel Bartolo
Chief Compliance Officer & MLRO

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Case and History


Speeding up and reducing the cost of the KYC process

Paymix Pro, a Finance Incorporated Limited brand, develops and implements modern financial solutions for businesses. The main objective is to make payments and transfers faster, more convenient and secure for all parties involved through digital ideas.

The company specialises in electronic money and is a core member of MasterCard Europe. Paymix Pro offers its customers a unique service that connects card issuance and e-wallet. Corporate users around the world manage their accounts with an e-wallet application, receive acquiring services, fast cross-border payments, transfers and more.

The company’s operations are under the scrutiny of three regulators: MFSA (Malta Financial Services Authority), Central Bank of Malta, FIAU (Financial Intelligence Analysis Unit). PaymixPro operates in highly regulated jurisdictions with separate lines of business risks set by the Board of Directors. All transactions are rigorously monitored and scrutinised.

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The Paymix team are experienced bankers and financiers with a strong focus on AML/CFT risk protection. But the security rules should not make the registration and onboarding process too difficult for new clients. During the search process for a suitable identity verification solution the company developed an interest in GetID.

Process and Results

Part of the KYC customer registration process includes mandatory biometric identification, a Liveness test. For the end user, it should be a quick, simple and reliable procedure. And for the compliance officer, it should be a handy tool that generates a report with a file confirming that the person who took the selfies is alive.

Also, as the company works with high-risk countries potentially prone to document forgery, the software solution should focus on the validity and authenticity of ID documents.

Previously, Paymix used to directly correspond with the customer. To do this, the person had to have the Identity documents certified before sending them over to Paymix. For example, the customer would first go to a notary or equivalent to have copies of the documents certified/notarised, and then send original certifications in paper form. The operator would then check and enter the data into the system manually. This process slowed down the speed of opening new accounts. The problem worsened during the Covid, when it became more difficult to certify documents offline.

This cumbersome task has fallen away with the GetID verification process:

  • For the regulator, verification of ID document, face match and Liveness meets the verification requirements
  • For the company, this has brought significant savings in staff time previously spent on manual verification
  • For customers, a smoother and faster registration

The entire testing and integration process took about two weeks, from introduction to the service to final testing.


Company has setup a compliant and cost-efficient KYC process

In conclusion, Finance Incorporated Limited, together with GetID, implemented a modern technological solution which resulted in a win-win situation. Customers got an easy and reliable way to register, while the company fulfilled the KYC obligations in line with the specified technological standards, saved money and freed all participants in the process from manual routines.


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