Problem Summary
Payment processors must onboard merchants quickly while ensuring they are legitimate and not linked to high-risk activities. Incomplete KYB checks expose acquirers to fraud rings, shell entities, illegal operations, and onboarding of businesses with hidden risk.
How Verafye Solves It
Verafye performs deep KYB verification—including UBO identification, sanctions/PEP screening, adverse media checks, and business presence validation. It automatically flags suspicious merchants or inconsistencies in submitted documents, preventing onboarding of fraudulent or high-risk entities.
Key Capabilities Used
- KYB validation with UBO discovery
- Sanctions/PEP & adverse media screening
- Document verification & anomaly detection
- Business existence checks
- Case management for merchant review
Business Impact
- Safe, compliant merchant onboarding
- Prevention of fake merchant accounts and fraud rings
- Lower exposure to illegal or high-risk merchant activity
- Faster onboarding cycles with fewer manual checks
- Stronger regulatory adherence for PayFac/PSP models