Paymix Pro simplifies the onboarding process and saves new customers a lot of time
Chief Compliance Officer & MLRO
GetID is a solution that gives value for money
Case and History
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.
Speeding up and reducing the cost of the KYC process
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.
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.
ID documents verification
document validity and authenticity
GetID Administrative Portal
KYC flow builder
Cloud-based verification page
While even more important we have been able to open up new countries as a result of our ability to successfully verify clients from countries where previously we...
Head of Global Compliance at Admirals
GetID’s document verification solution has been seamlessly integrated into our onboarding process for new customers. The extensive capabilities of the API...
Head of Internal Automation Department
The GetID [identity verification] platform has provided us [E. Gulbja Laboratorija] with the functionality that we needed. GetID understood our needs and provided...
Software Developer & IT project manager at E.Gulbja lab
GetID’s interface is simple and straightforward: a good balance of simplicity and complexity. It is great for both the developer and the person who knows very little...
Partner UK Tax Return
GetID is a solution that gives value for money...
Head Chief Compliance Officer & MLRO
GetID has helped us to get rid of potential fraud within our system and create a robust process to ensure that we minimize fraud in our base...
Chief Marketing Officer and Co-founder
This is a service that gives us absolutely what we need. The integration is fantastically fast. GetID is just a great find...
CEO of Telexoo