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In a recent report, financial associations in the European Union (EU) have voiced their request for traditional payment methods to be exempted from the eIDAS regulation, which focuses on secure electronic transactions and identities. The aim is to prevent unnecessary burdens on traditional payment methods, such as cash and checks, while maintaining robust security measures for digital transactions.

As this development unfolds, FACEKI, a leading provider of Know Your Customer (KYC), Know Your Business (KYB), and Know Your Transaction (KYT) solutions, offers a comprehensive suite of tools to address the compliance challenges highlighted in the report.

Addressing the concerns for eIDAS regulation:

The financial associations argue that traditional payment methods differ significantly from their digital counterparts and already have established security measures in place. By excluding them from eIDAS regulation, these associations believe that the efficiency and functionality of traditional payment instruments, which remain widely used in various sectors, can be preserved.

FACEKI’s advanced KYC/KYB/KYT solutions play a crucial role in addressing the concerns raised by financial associations. By implementing FACEKI’s robust solutions, businesses can ensure compliance with regulatory requirements and enhance security measures without compromising the seamless operation of traditional payment methods.

KYC Solutions for Compliance:

FACEKI’s KYC solutions enable businesses to verify the identities of individuals involved in financial transactions. By leveraging facial recognition, document verification, and biometric authentication, FACEKI ensures reliable identification, mitigating the risk of fraud and money laundering. This supports the argument put forth by financial associations that traditional payment methods already have effective security measures in place.

KYB Solutions for Streamlined Business Verification:

With FACEKI’s KYB solutions, businesses can easily verify the identities of counterparties and organizations involved in financial transactions. By leveraging a vast database of company information, including beneficial ownership and corporate records, FACEKI empowers businesses to conduct thorough due diligence, streamlining the verification process for traditional payment methods.

KYT Solutions for Real-Time Transaction Monitoring:

FACEKI’s KYT solutions enable businesses to monitor transactions in real-time, detecting suspicious activities and potential fraud. By integrating AI-powered algorithms, anomaly detection, and risk scoring capabilities, FACEKI’s solution complements the security measures already in place for traditional payment methods. This ensures that businesses can maintain compliance with AML regulations while minimizing disruptions to their operations.

eIDAS Regulation Compliance: FACEKI’s Solutions Safeguard Traditional Payments

As financial associations in the EU advocate for the exemption of traditional payments from eIDAS regulation, FACEKI’s advanced KYC/KYB/KYT solutions provide a robust framework for addressing compliance challenges.

By seamlessly integrating with traditional payment methods, FACEKI ensures that businesses can uphold security measures, meet regulatory requirements, and mitigate financial risks. As the financial landscape continues to evolve, FACEKI remains committed to empowering businesses with cutting-edge solutions that bridge the gap between compliance and operational efficiency.

For more information on FACEKI’s KYC/KYB/KYT solutions, visit our website by clicking here.