The fiat-crypto payment solutions provider, Alchemy Pay (ACH) has partnered with BASIS ID for comprehensive, global Know-Your-Customer and Anti-Money-Laundering verifications. This partnership will further empower Alchemy Pay to directly offer retail investors access to cryptocurrency investment services, enabling them to purchase crypto with credit and debit cards, mobile wallets and bank transfers. The service is expected to launch in Q2 of 2022.
The BASIS ID service is part of the ZignSec Group of companies, an innovative one-stop-shop that automates, streamlines, and ensures the processes involved in onboarding customers for organisations worldwide. ZignSec aggregates the world’s best solutions for identification and compliance and offers them as a single endpoint for businesses. BASIS ID, together with ZignSec, verifies over 9000 government documents from more than 190 countries. The solutions from BASIS ID will ensure smooth cross-border compliance for Alchemy Pay to comply with each region’s regulations for KYC & AML.
The partnership enhances Alchemy Pay’s fiat payment offerings to its enterprise clients such as crypto exchanges and services, as well as blockchain-hosted decentralized applications (DApps) such as DeFi protocols, NFT platforms and metaverse virtual worlds. The performance of the service Alchemy Pay provides will be improved by mitigating chargeback losses that arise from identity theft and by reducing user loss due to poor and slow KYC experience.
Alchemy Pay is a specialist in providing mainstream-friendly payments for seamless movement between crypto and fiat economies, and has become increasingly important in the blockchain space as a bridging service for the industry.
KYC and AML procedures are considered a necessary part of cryptocurrency’s adoption by the mainstream. Governmental and financial bodies around the world insist on these measures in order to build a full regulatory framework. With legal requirements continually evolving, implementing robust KYC and AML policies put companies ahead of the curve. By demonstrating due diligence in this area, companies reduce their risk of legal challenges or regulatory penalties.
Alchemy Pay CEO, John Tan, stated, “This partnership will allow our clients to target users around the globe while ensuring regulatory compliance thanks to BASIS ID’s up-to-date KYC and AML verification standards. Operational compliance is integral to every step of Alchemy Pay’s expansion – this is not something we compromise on.”
BASIS ID leverages artificial intelligence for digitised and automated Know-Your-Customer and Anti-Money-Laundering checks, age verification, fraud detection, and onboarding. It provides cost-optimized KYC and AML software to verify documents in multiple languages automatically. In 95% of cases, user verification is accepted on the first try and with less than one second average decision time. BASIS ID works with clients in the financial, cryptocurrency, gaming, and telecommunications sectors.