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Veriff Partners with Joompay To Instill Trust and Added Identity Verification for Mobile Payments in Europe

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With Veriff, Joompay users can feel more confident sending and receiving money with anyone, instantly and for free

Veriff, a global identity verification provider is partnering with Joompay, a social finance app enabling money transfers in Europe. The Joompay app allows people to send and receive money from anyone in an easy and fun way. The app makes opening an account in Europe more straightforward and safer than ever, and with this partnership, Veriff adds an extra layer of safety and security. 

Veriff verifies the identity of Joompay users to help the company meet the KYC and AML requirements, while also preventing identity fraud. As a result of COVID-19 pandemic, cash usage has decreased significantly across the globe while the demands for digital banking are higher than ever. People cannot meet in person – at the bank or to exchange cash – as easily as they once could and need alternative ways to send and receive money safely. To meet this growing demand from consumers, Joompay’s P2P payments model provides users with the ability to make simple, fast, and secure transactions across Europe. 

According to Janer Gorohhov, Veriff co-founder and CPO, as businesses move online, people also expect their services to be frictionless, intuitive, and fast. “Innovative fintech companies like Joompay make financial services easily accessible to more people online and provide the great user experience we’ve all come to expect from digital brands today. We are glad to provide a reliable and secure identity verification service to prevent online identity fraud as Joompay’s customer base continues to grow around the world.” 

“Veriff provides a critical component as we look to instill trust among our customers so they can send and receive money with confidence,” Yuri Alekseev, CEO and co-founder of Joompay said in a statement. “Veriff’s commitment to providing the highest quality identity verification solution gave us great trust in partnering with them.”

Joompay app users can make transactions, regardless of whether the transfer recipient is Joompay users or not — you only need to know their email or phone number. Joompay connects to any existing debit, credit card, or bank account. Recently Joompay announced its attainment of Visa Principal Member Status, driving the rollout of its new cards across Europe.

With accelerated digitalization, online identity fraud has become a more serious concern for many people and businesses. Meeting KYC and AML requirements do not prevent identity fraud or protect companies from fraudsters. According to Veriff’s recent Fraud Report, the most prevalent type of fraud in fintech is identity fraud where fraudsters try and take the identity of another person. The highest fraud rates in the fintech sector are seen in Europe with Romania taking the lead, followed by the United Kingdom and Spain.

About Joompay

Joompay is a social finance app enabling seamless, secure, and lightning-fast money transfers in Europe. With Joompay, people can send and receive money from anyone – in an easy and fun way. The app makes opening an account in Europe more straightforward and safer than ever: the process takes less than 5 minutes.  It also provides its users with a European IBAN and an optional free JoomPay card.  Joompay is headquartered in Luxembourg; it is developed by the people who created Joom, the feature-rich and reliable shopping app with more than 150 million installations in Europe.

About Veriff

Veriff is a global online identity verification company that enables organizations to build trust with their customers through intelligent, accurate and automated online IDV.  The largest database on the market, Veriff’s intelligent decision engine can analyse thousands of technological and behavioural variables in seconds, matching people to more than 9,000 government-issued IDs from over 190 countries. Founded in 2015, Veriff serves a global portfolio of organizations across fintech, crypto and mobility sectors.

This article is syndicated from Threat.Technology.

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