Noda Introduces a Range of End-User KYC Solutions for Online Merchants

May 14, 2024 5:53 AM EDT | Source: Naudapay Limited

London, United Kingdom--(Newsfile Corp. - May 14, 2024) - In a move to fortify online transaction security and enhance customer trust, Noda has announced the launch of its advanced range of end-user Know Your Customer (KYC) solutions tailored for online merchants. This innovative suite of tools is designed to streamline the verification process, reduce fraud, and comply with regulatory standards, thus enabling merchants to offer a more secure and efficient customer experience.

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Caption: Noda Introduces KYC Solutions for Online Merchants

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"Identity verification, which is part of KYC, is a valuable fraud prevention tool that can identify an account duplicate and prevent account takeovers," said Lasma Kuhtarska, Noda's co-founder & CSO.

Noda offers a Pay & Go solution, which allows business to onboard their customers with non-ID upload and liveness detection. This feature fully covers the entire process, including onboarding, verification and taking the first deposit.

Noda provides non-doc identity verification and full documental checks, including AML checks based on the customer's full name, address, and date of birth. If Noda is unable to match the data, the customer needs to pass the full verification flow by uploading the ID document.

The solution is based on the open banking infrastructure, where traditional banks share customer data under customer consent via secure application programming interfaces (APIs). "Open banking is a safe and reliable technology by itself, guaranteeing strong bank authentication and transaction protection during the payment," explained Kuhtarska. "However, the payment could not be used as customer identity verification due to the UK and European laws. For most businesses working with customers' personal details, regular identity verification by providing ID documents and a selfie video is needed. Fortunately, open banking allows us to optimise identity verification flow, decreasing customer friction."

About Noda

Noda, a leading global Open Banking platform, is revolutionizing the way online merchants operate. By tackling critical challenges such as end-user KYC, efficient payments processing, LTV forecasting, and UX optimization, Noda provides comprehensive solutions tailored for the digital age. The company's extensive network, partnering with 1,650 banks across 28 countries and encompassing over 30,000 bank branches, ensures that merchants have the support they need to thrive globally.

With Noda's advanced Open Banking API, online businesses can easily integrate direct bank payments, offering their customers a secure payment experience with lower fees. Whether businesses are seeking to enhance customer verification processes, optimize payment systems, forecast long-term value, or refine user experience, Noda serves as a partner in growth.

Darya Lyhach
Noda PR manager
London, United Kingdom

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