In today's rapidly evolving digital world, it is essential for Merchants and Service Providers to confirm the identity of those they are in business with. Not only is it crucial to ensure the security of all those involved, but it is most importantly a regulatory requirement (PCMLTFA).
That is why Bitfy developed Bitfy Secure.
Bitfy Secure securely links the end-user with their financial institution, where they can verify their identity quickly and safely. This verification will facilitate the KYC (Know Your Customer) procedures by reducing the risk of fraud as well as enhancing the AML (Anti Money Laundering) and CFT (Countering the Financing of Terrorism) processes.
This verification process was put in place through the Dual-Process method, which is either:
* referring to information from a reliable source that includes the person's name and address and confirming that the name and address are those of the person;
* referring to information from a reliable source that includes the person's name and date of birth, and confirming that the name and date of birth are those of the person; or
* referring to information that includes the person's name and confirms that they have a deposit account
Furthermore, this integrated service will enable Bitfy to be proactively compliant and engaged with financial regulators such as FINTRAC.
Ultimately, Bitfy Secure will ensure that merchants will receive accurate and trusted information about their end-users, allowing for better, safer, and quicker delivery of services.