Fall 2022 products release

Launch of Check, a new Pay dashboard and internationalization of our products

The start of autumn is marked by the launch of our new automated bank identity control product, Check. At the same time, we are enriching our Pay and Wealth products, as well as the Webview and the Console. Connectivity with the main British and German banks for Bank (AIS) and Pay (PIS) will be available from October.

Check: automate the control of users’ bank identity using Open Banking.

As the number of bank identity fraud attempts explodes*, merchants, large companies, and credit and investment platforms face a dilemma: how to strengthen KYC procedures while keeping the customer onboarding experience as smooth as possible?

Based on our Open Banking technologies, Check automatically retrieves the identity of the holder of one or more current accounts, whether an individual or a company. As a regulated player, we collect information directly from the holder’s bank, which guarantees the absence of false bank account details. The risk of fraud is thus greatly reduced. In addition, being a 100% API-based solution, Check eliminates a significant share of the manual processing involved.

The journey is simple:

• On the customer interface, users click on a “Check my IBAN” type button
• They are redirected to the Powens Webview and select their bank
• They then choose the bank account(s) concerned
• The bank identity is retrieved via a JSON and forwarded instantly to the customer

Check thus makes it possible to gain greater operational efficiency and more secure transactions without compromising the user experience.

This new product mainly concerns three use cases:

• Check the identity of merchants. Most marketplaces collect the turnover generated by merchants and pay them afterward. To make these payments, a bank identity check is often necessary. With Check, marketplaces can easily ensure that the merchant’s bank account details are reliable, improving KYB.
• Add a new supplier. Medium-sized and large companies regularly need to verify the bank identity of new suppliers. This process also applies when existing suppliers change bank identity to eliminate the risk of fraud. Check can be easily integrated into purchasing and management software, strengthening and streamlining this procedure considerably.
• Check the identity of individuals. For online banks, investment and gaming platforms, or credit institutions, Check makes account opening reliable by authenticating the bank account details from new customers’ main banks while being fully integrated into an online journey.

The Check product can be subscribed to on a stand-alone basis. Contact our sales teams to learn more.

Available for the French market, Check will be available across Europe in the coming months.