In the wake of the second Payment Services Directive (PSD2), the General Data Protection Regulation (GDPR) updates and Anti-Money Laundering (AML) updates with their regulatory requirements for stronger verification and more rigorous data protection, have current verification methods passed their expiry date?
What new methods can these outdated ones be replaced with, and how best can financial institutions tackle the growing problem of increasingly sophisticated and large-scale attacks?
As payment services companies large and small try to come to grips with knowing their customer to satisfy upcoming regulation, they need to make sure they don’t alienate the customer while creating a compliant onboarding process.
This white paper, produced by Finextra explores these issues and highlights some of the emerging methods financial institutions can deploy to meet compliance obligations while onboarding their customers in a secure, and, most importantly, user-friendly manner.