Noda launches end-user KYC solutions for online merchants

UK-based Open Banking payment provider Noda has launched a selection of end-user KYC solutions for online merchants.

 

Noda’s ‘Pay & Go,’ solution facilitates customer onboarding through non-ID upload and liveness detection, covering the entire process from onboarding to verification and initial deposit. Know Your Customer (KYC) technology serves as a fundamental method for verifying end-customer identities, crucial for regulatory compliance and anti-money laundering endeavours. Various industries, including cryptocurrency and investment platforms, mandate KYC implementation as a prerequisite for client onboarding. 

Noda’s offerings encompass non-documentary identity verification and comprehensive document checks, incorporating Anti-Money Laundering (AML) screenings based on customer-provided information such as full name, address, and date of birth. If data matching fails, customers are required to undergo full verification by submitting ID documents. 

Using an Open Banking infrastructure, Noda leverages customer consent to access data shared by traditional banks via secure APIs. According to Noda, while Open Banking ensures robust bank authentication and transaction security, it cannot substitute for customer identity verification, necessitating adherence to UK and European laws mandating traditional identity verification methods. 

By integrating registration, instant deposit, and identity verification into a unified flow, solutions such as Noda’s Pay & Go aim to enhance merchant onboarding conversion rates. Additionally, enabling bank account ownership verification improves payout security with streamlined identity confirmation processes thus reducing fraudulent activities through detection of suspicious and duplicate accounts. 

Noda’s solutions address critical challenges faced by online merchants, including KYC compliance, payment processing efficiency, long-term value forecasting, and user experience optimisation. Through Noda’s advanced Open Banking API, online businesses can seamlessly integrate direct bank payments, offering customers secure payment experiences with reduced fees.

 

 

Other developments from Noda 

In February 2024, Noda collaborated with Wargaming to bring Open Banking payment solutions to online gamers. This strategic collaboration aimed to introduce Open Banking payment solutions to online gamers in Lithuania, Latvia, and Estonia. Having served as a payment facilitator for Wargaming in markets such as Germany, the UK, and France for over a year, Noda extended its services to the growing gaming markets in the Baltic States, including Lithuania. This expansion signified a significant move towards meeting the specific requirements of the Baltic gaming community.

In September 2023, Noda teamed up with Tickets Travel Network to enable simplified travel payments. Through this collaboration, Tickets Travel Network could integrate Noda’s Open Banking platform, facilitating secure and direct account-to-account (A2A) payments, which resulted in an improved payment experience for travellers.