TRAXX Payments is turning to Acuant to update its onboarding procedures. TRAXX offers global payment processing and fraud prevention services, and has previously relied on visual document inspections to fulfill its Know Your Customer obligations.
With Acuant’s help, TRAXX will be able to replace the manual inspection with an automated verification process. The company will specifically be deploying Acuant’s AssureID and FaceID solutions, which combines document recognition with biometric facial recognition backed with secure liveness detection. Together, the solutions are able to verify the authenticity of an identity document, and compare it to a selfie of the owner to make sure they are a match.
According to TRAXX, the Acuant solutions will support a faster and more cost-efficient screening process, especially when compared to its old methodology. The old document inspections were based on physical and digital documents submitted to the company. The new one, on the other hand, is better suited to a fully digital environment.
TRAXX cited the ease of implementation as a key factor when choosing Acuant.
“In this time of increasingly digital transactions and fraud, businesses have to keep up with secure solutions that employ automation,” said Acuant President and CEO Yossi Zekri President. “Our goal is to make this as easy as possible and to provide world-class support.”
“Acuant’s team was quick in responding to our queries and assisted us in resolving any issues” added TRAXX Managing Director Derek Han. “The manual process of visually inspecting documents is not only time consuming but also dependent on the skill of the human inspector. Acuant has afforded us a great convenience by eliminating the need for both parties to be present at the same location.”
Acuant recently joined the Digital ID & Authentication Council of Canada. It has also received a Moderate Provisional Authority to Operate that allows the company to provide cloud services to government agencies in the US, and it brought its Ozone document recognition solution to mobile devices back in October.