Coinify, a Denmark-based blockchain currency payment provider, has partnered with iSignthis Ltd., a remote identification and payment authentication service provider, to offer a new service connecting blockchain payments, identity verification and credit cards.
The companies claim that for the first time, user identity will link to transactions to meet anti-money laundering (AML) requirements.
iSignthis supports compliance with AML regulations through a secure and convenient process that preserves customer privacy.
The service also verifies ownership of a payment card to prevent fraud associated with mobile wallets. The service can extend to electronic know your customer (KYC), spanning more than 200 countries.
As a result of the partnership, Coinify will begin accepting VISA and MasterCard credit cards issued outside the Single Euro Payments Area (SEPA), including those not supporting 3D Secure, (an additional security layer for online payment card transactions), said Mark Højgaard, CEO and co-founder of Coinify.
“Using iSignthis’ services, we get a stronger customer authentication and a smooth KYC process that ties cards to a specific user,” said Hamed Sattari, Coinify CTO. “This provides us a secure token that can be used onwards for making instant purchases with extended security and PIN code.”
Coinify, which processes 17 blockchain currencies, is the only blockchain currency company iSignthis is working with, said CEO N.J. Karantzis. “Coinfiy brings a solid understanding of the KYC requirements to bring digital currency to industry at large, employed on the highest standards, together with a very effective anti-money laundering program,” he said.
Højgaard said his company can offer a stronger product, both in terms of accessibility and usability. “I can see a lot of opportunities coming from the expansion of trade services beyond the SEPA space, meaning that now, both the payment processing and the trading parts of our platform are globally available,” he said.
Coinify also recently partnered with a Hong Kong payment service called iPayDNA International to offer blockchain payments to merchants in Asia, allowing merchants to accept 17 blockchain-based currencies, CCN.com reported.