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Kyshi Improves Online Security for Global Payments Using Identitypass

The global cross-border payments market is expected to reach USD$156 trillion in 2022, according to a Visa GME study. In recent years, the introduction of applications that capitalize on instant international payments infrastructure has made it easier for businesses to transact and receive payments from their customers instantly. Real-time payments are becoming increasingly important in the global payments ecosystem. The number of such transactions increased by 41% by 2020, primarily supporting contactless/wallets and e-commerce. An overlooked aspect of international payments is the ease with which individuals can send money to family members and acquaintances in different countries using different currencies.

Expanding the cross-border payment market provides opportunities for fintech companies to address long-standing pain points such as high transaction costs for international payments, inefficiency in operations, accessibility, and speed. Historically, banks dominated the cross-border payment market; however, in recent years, the financial industry has seen an increase in technology-enabled smaller players offering fast and cost-effective payment solutions, disrupting and developing the market.

While individuals expect fast and frictionless cross-border funds transfers, inefficiency and complexity in operations, payment fraud, and data security rank among the top challenges for even the most technologically advanced businesses. In recent years, fintech companies are recognizing the pain points of individuals attempting to engage in international transactions. These challenges include excessive bank rates, the time and stress required to visit a bank for international transactions, and the lengthy process time. These challenges form the foundation for developing innovative solutions to mitigate the risks of transacting internationally online. Kyishi, an African Fintech firm, is a significant player within the global payment space.

In this article, we summarize how Kyishi has been assisting individuals in quickly and securely conducting international transactions and exchanges, as well as how they have been able to safeguard fraud from their system using Identitypass’s AI-powered technology.

About Kyshi

Kyshi provides multi-currency accounts and a money transfer platform with market-leading product features that enable users to send money and swap currencies across borders safely, conveniently, affordably, and quickly. Users of Kyshi can exchange currencies with other users at their desired or negotiated rates, allowing them to beat bank rates and save time by transacting online from the comfort of their own homes. You can send money between GBP, EUR, USD, CAD, and NGN using Kyshi’s “Swap” and “Express” features and take advantage of an ever-active secure marketplace to get the currency you need sent to anyone. You can also create an offer card at your desired rate, accept existing offers that work for you, and provide the beneficiary of the exchanged funds, all while keeping track of your expenses by monitoring all card transactions.

Physical distance or high exchange rates may exist, but using Kyshi, this is no longer an excuse to ask others to send and receive international funds. No matter where you are, Kyshi allows you to open an account and send money quickly. For more information, go to https://www.kyshi.co/.

How Identitypass Helps Kyshi Secure Its Platform

With the increased digitalization, many people and businesses are becoming more concerned about online identity fraud. Since Covid-19, cash usage has decreased significantly worldwide, and demand for digital banking is higher than ever. People can’t meet in person as quickly as they used to — at the bank or to exchange cash — and need alternative ways to send and receive money safely and make international transactions (transfer and accept foreign currencies). To meet this growing consumer demand, Kyshi’s payment model enables users to conduct simple, fast, and secure transactions across the globe. Kyshi connects to any existing debit, credit card, or bank account, but security remains a significant concern.

As new users sign up to Kyshi’s app, Identitypass’s AI-driven security infrastructure checks their identity, enabling Kyshi to meet KYC and AML requirements while preventing identity fraud attempts. As with all online payments and banking platforms/apps, a rapidly growing digital sector, online identity fraud has become a more severe and prevalent concern. Meeting KYC and AML requirements alone will not prevent identity fraud or protect businesses from fraudsters. Identitypass’s identification software, on the other hand, goes a step further with its comprehensive Identity verification technology, which verifies people online and significantly reduces this risk.

Kyshi’s core product is for individuals looking for a quick and secure way to process or exchange international payments while maintaining the flexibility to transact from the comfort of their homes in a relatively short period. This means that the app is available to many people, including fraudsters, as they are active on every online platform. Identitypass verifies Kyshi users’ identities to assist the company in detecting fake identities or fraudsters and, ultimately, preventing fraud on their platform. Furthermore, because Kyshi is an international payment platform, integrating with Identitypass’s AI-Powered ID verification solutions enables the company to meet global KYC and AML requirements from the various countries where it operates, guaranteeing its users’ data privacy.

About Identitypass

Identitypass is Africa’s fastest-growing verification, compliance, and security infrastructure provider. We help businesses better know their customers by verifying and gaining deeper insights that detect and prevent fraudulent activities using AI-powered technology.

Today, Identitypass currently serves hundreds of brands across Africa in Fintech, Insurance, Mobility, E-commerce, HR management, Crypto sector, and many other sectors with multiple service offerings.

With our recently launched Document Verification Endpoint, we can verify individuals across over 30+ African countries and continents, including Europe, Asia, and North and South America.

Our solutions ensure safety from ID thefts and expansion into newer countries and regions by improving African businesses’ verification and customer onboarding (sign up and verification) processes.

Want to expand your business operations across over 30 African countries quickly? Sign up on Identitypass and integrate our new document verification endpoint into your tech stack.

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