TrustPay strengthens security with enhanced verification process

Focusing on efficient and smooth onboarding, TrustPay has unveiled a new identity verification process. 

The system looks to maintain security, while also elevating the speed and agility of the process, subsequently maximising user engagement. 

David Rintel, CEO of TrustPay, commented on the new technological advancement: “Remote verification tools such as ours are the ideal compromise between security and necessary levels of compliance on one side and convenience of the customer on the other. We believe this app will provide our new clients with the desired comfort during the onboarding process.” 

The entire user verification takes place online, with no more than two to three minutes to complete. It requires a smartphone with a camera, as during the process the user is requested to take a short video of himself/herself and snap a picture of an identity document such as ID or passport.

Being fully remote and digital, the process engages the user with guided steps, as it looks to increase simplicity and ensure a seamless experience. 

It builds on a successful period for TrustPay with the firm also recently agreeing on a new collaboration with MuchBetter, which married electronic wallets together with conventional banking flows. 

The partnership laid out ambitions to allow customers to create individual, single-purpose IBANs within the MuchBetter ewallet, enabling outbound and inbound payment flows to designated recipients. 

Expert Analysis: Uniting security and seamlessness continues to be a key focus for firms when it comes to the verification process. Therefore, the latest launch for TrustPay is in a strong position to boost the firm’s already growing status within the payment sector.