Know Your Customer , a regtech company that offers KYB automation solutions, has partnered with MineSec , a white-label SoftPOS solution provider, to enhance the onboarding experience of its SoftPOS solution. The partnership will allow MineSec and its client base to utilize Know Your Customer's modular compliance technology to verify onboarding merchants in real-time.

This ensures accurate company documentation to identify their ownership structure and unravel ultimate beneficial owners (UBO). Through partnering with Know Your Customer, MineSec will now offer a more dependable and reliable solution to its customers, which will help to contribute to a safe and secure ecosystem for its users on the platform. In a time where regulations around financial crime are becoming increasingly stringent and complex, a strong KYB process presents to be essential to assist payment providers adhere to the relevant requirements and avoid penalties or other legal issues.

By integrating automated KYB checks within the merchant onboarding process, payment platforms will be able to verify the legitimacy of the businesses using their platform and activate their services quickly. This is considered to generate a reduction in drop-off rate during the onboarding process as well as provide an improved user experience for new customers and merchants. Benefits of SoftPOS for merchants of various sizes and markets The growing availability of SoftPOS not only enhances user payment experience but also opens new business opportunities for merchants of all sizes.

No matter the industry or size of the company in the market, SoftPOS is able to integrate into the business model. For instance, SoftPOS makes it possible to increase the number of payment terminals in a retail shop in order to reduce the checkout time. Moreover, it can be offered in a restaurant as a contactless payment option with the same device used to take the order. Transportation workers can also sell tickets and collect fines with the same device used to control the passengers.

The use cases can be varied as well as plentiful. The Payment Card Industry Data Security Standard (PCI DSS) has strict rules to protect sensitive cardholder information. SoftPOS solutions are also specifically designed to meet these standards ensuring secure transactions and protecting customer data.

This compliance gives assurance to merchants as well as introduces confidence in customers, fostering trust and loyalty whenever making transactions. More about MineSec and Know Your Customer Founded in 2019, MineSec is a Singapore-based company aimed at helping its customer base with secure and seamless contactless payment solutions globally. They offer local market and industry expertise to help simplify the complexities of innovation and accelerate time to market.

The white-label SoftPOS solution provides easy integration as well as customisation for diverse business needs, enabling customers to scale and meet the industry market's evolving needs. Based in China and founded in 2015, Know Your Customer is a regtech company specialised in digital onboarding solutions for financial institutions and regulated organisations around the world. The company aims to promote global transparency and make regulations less inconvenient for both suppliers and customers of financial services.

Know Your Customer provides a modular compliance solution that combines a digital workspace with registry data, seamless integrations, and smart automation. The products’ modular design enables efficient customisation, as clients can select and implement only the functionalities they really need. Know Your Customer has a global presence, with offices in Hong Kong, UK, and Singapore.

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