The benefits of verifying customers before processing payments Verifying customers before processing payments is crucial in today’s digital world, where security threats and financial fraud are rampant. This verification process, which typically involves confirming a customer’s identity through various means (such as KYC—Know Your Customer procedures), helps businesses mitigate fraud, reduce chargebacks, and ensure compliance with […]
Is open banking safe?
Open banking refers to the practice of using open APIs (Application Programming Interfaces) that enable third-party developers to build applications and services around the financial institution. This means that with customer consent, banks can share financial data securely with trusted third-party providers, fostering innovation and competition in the financial services industry. For customers, open banking […]