Building a Secure Verification Strategy in Payments
Keep Pace with the Rapidly Growing Industry While Ensuring Compliance and Security
Verification in the Growing Payments Landscape
The payments landscape is expanding at breakneck speed, creating significant challenges for organizations onboarding new customers.
Cross-border payments had a total addressable market of $194.6 trillion in 2024 and is forecast to reach $320.2 trillion by 2032, according to FXC Intelligence. Nonwholesale cross-border payments totaled $39.9 trillion in 2024 and are set to grow 62% to $64.5 trillion in 2032.
While AI and machine learning can help expedite the payment onboarding process, companies are still striving to ensure their verification strategy is compliant and secure wherever they do business. Is your organization ready?
Overall cross-border payments global market size over time
Wholesale and retail cross-border payments market size
Source: FXC Intelligence market sizing data and forecasts.
The State of the Growing
Payments Market
The payments landscape encompasses diverse methods of money movement, from cash and credit cards to digital wallets and cryptocurrency. It’s an evolving ecosystem that prioritizes convenience, security and efficiency across various platforms and channels.
A wide array of payment options, catering to different customer preferences and transaction needs
New technologies, trends and customer demands
Focus on making transactions fast and easy for customers and businesses
Various regulatory measures and security protocols to maintain the integrity of the financial system
Entities such as issuing banks, acquiring banks, payment processors, payment gateways and payment networks
Challenges and Experiences Facing Payment Organizations
With the rapid growth of payment transactions, quickly verifying new customers while maintaining data security and compliance is a major challenge. That becomes even more difficult when organizations work with customers across borders, where regulations, verification processes and strategies differ.
A manual approach to onboarding business customers can be a slow and costly process that’s open to human error. It can take three to four months to onboard and verify a new business customer, and the process can be open to fraud.
Fraud Alerts
Compliance professionals need to work through a vast array of reports and data sets from around the world. That data can be old, inaccurate or in different formats that are hard to reconcile. Additionally, each company’s structure is different and can change, making it difficult to collect and interpret data.
A traditional, resource-intensive, manual approach can be challenging. But automated Know Your Business (KYB) and Know Your Customer (KYC) processes can give organizations a competitive edge, particularly when business and person verification are combined in a single workflow to rapidly identify and verify UBOs.
Solutions for Payment Security and Compliance
Solutions exist for compliant, secure verification in payments.
An integrated identity platform can combine multiple verification capabilities and apply data intelligence around the world to quickly onboard good business customers, manage fraud and maintain compliance. With the power of cutting-edge AI and machine learning models, onboarding workflows can retrieve business data in real time, coordinate responses and flag cases for manual review.
When the KYB process identifies UBOs, an automated workflow can waterfall into KYC identity verification or watchlist screening. An integrated approach to business customer onboarding can help organizations quickly adjust to regulatory changes and accelerate their go-to-market strategies. Business verification with automation helps simplify company onboarding and strengthen due diligence to provide a fast, secure customer experience.
KYB verification during onboarding assesses a company’s background, owners, records and financial activities to identify risk.
Verify business documentation
Analyze the business profile
Perform a risk assessment
Determine ownership and control
Implement enhanced due diligence
Conduct ongoing KYB
Look to the Future
AI-driven systems handle KYC verification by cross-referencing information with databases and detecting discrepancies. The automation speeds up the onboarding process and supports compliance with regulations while decreasing the chances of fraud and identity theft.
Organizations are increasingly turning to AI and machine learning during verification for fraud detection, predictive analytics, accelerated onboarding and tailored user experiences. The algorithmic machine learning approach helps payments enterprises minimize risk and catalyze operational efficiency.
Fraud
detection
Open
banking
Stronger
security
Local payment
improvements
Accelerated
transactions
Real-time
payments
PSD3
compliance
Contactless
payments
Cross-border
compliance
Digital
wallets
Trulioo is the world’s identity platform, trusted by leading companies for their verification needs. The Trulioo integrated, automated platform provides unparalleled global coverage for business and person verification and a comprehensive suite of in-house capabilities.
Combining its state-of-the-art technology with expertise across diverse markets, Trulioo enables the highest verification assurance levels, optimizing onboarding costs and fostering trust and security in the global digital economy.