It’s been almost a week since we landed back in Austin following The Payments Canada Summit 2019 in Toronto, and we had an incredible time!
We had the opportunity to speak to some fantastic Canadian payments businesses to showcase our brand new identity verification solutions and, with our interactive demos, allow them to see in real-time how our solutions can enhance their processes.
What did we take away from the event? Take a look below.
Throughout the 3 day event, there was a huge theme around transactions taking place in real-time, whether that be customers making purchases and paying in real-time, businesses receiving payments in real-time, identity verification in real-time or money transfers in real-time – you name it, it was a hot topic at The Summit.
The need for real-time solutions became obvious to us very quickly at the event, with a big emphasis on modernization and innovation due to the next generation of customers being tech-savvy and expecting everything to be digitized.
Identity Verification Processes
Payments companies, as well as the Canadian financial institutions in general, are learning that it is becoming more and more difficult for customers to produce two pieces of identification (such as proof of address, passport or driver’s license) for identity verification purposes. Currently, FINTRAC require these two pieces of identification to pass a customer through an identity verification check – but is this becoming something of the past?
The world is now international and becoming unbanked, with new-to-country customers having an extremely difficult time gaining access to the financial services that they require.
Financial institutions should be looking to implement solutions that are global, robust and focused on the user experience.
Lack of Regulations
As of right now, it would seem there is no clear guidance in regulations which is resulting in FinTech businesses going above and beyond to leverage alternative data.
With no true government punishment or prosecution for fraudsters in Canada, businesses are having to implement more secure fraud detection and prevention technology in order to protect their customers and their accounts.
How Hello Soda can help
Innovation is the core of what we do here at Hello Soda.
Our identity verification & fraud prevention solutions provide a complete 360 KYC solution for your business leveraging alternative data for automated and enhanced verification processes.
Get in touch today to find out more about our identity verification solutions and how we can help your business to stay one step ahead in the digital age.