Persona Expands Identity Platform to Enable Seamless KYB-KYC Verification for European Businesses

Persona's identity verification solution is already used by a number of prominent organizations in Europe, including Travelex, LinkedIn, Dott, and more.

SAN FRANCISCO, Feb. 29, 2024 /PRNewswire/ -- Persona today announced it is launching a new suite of solutions to help companies effortlessly meet complex compliance requirements in the European Union (EU). Built on Persona's experience powering the identity verification needs of Travelex, LinkedIn, Lime, Brex, and other global businesses serving EU end users, Persona's new offerings automate seamless business onboarding and Know Your Business (KYB) compliance for their EU customers.

The EU's stringent regulatory environment, which now includes enforcement of the Digital Services Act (DSA) and DAC7, poses a complex maze for enterprises to navigate. With the EU leading the way in establishing global compliance standards, businesses often find themselves in a race against time to meet vaguely defined requirements under tight deadlines—or face steep regulatory fines. Simultaneously, companies of all sizes must ensure their verification solutions remain compliant without having to overhaul their current process with each new market entry or legislative change. The intricate variability of available data and consumer preferences across the EU amplifies these challenges and can lead to missed growth opportunities.

"Persona allows us to work with incredible accuracy across the geos we serve. Our process was essentially fully manual before. Persona's automated KYB capabilities help massively in removing the chance of error," said Dave Barrett, Risk and Compliance Manager at WeTravel, a Netherlands-based company that completes KYB 100x faster with Persona's new solution.

Already used by Discogs and WeTravel among many others, Persona's latest suite of solutions empowers companies to seamlessly onboard and verify their EU customers through streamlined KYB-KYC processes. Within Persona's comprehensive global platform, customers can:

• Automate KYB-KYC processes globally: In the EU, KYB is integral to business operations, especially under regulations like AMLD6. Persona automates end-to-end business verification for any business in 30 countries today (The entire EU, Canada, UK, and EEA countries including Switzerland and Norway), with support for 100 countries in APAC and LATAM in early access. Rather than toggling between different systems and data sources, customers can automatically verify and screen businesses, collect and classify business documents natively, initiate beneficial owner outreach and KYC procedures, and receive standardized real-time decisions — all within a single, configurable interface. Branch and Discogs are just a few companies using Persona's platform to customize and automate their KYB-KYC processes.
• Adapt quickly to new regulations: With Persona, companies can meet compliance requirements for DAC7, DSA, and GDPR in days, rather than months, with out-of-the-box configurations and EU data residency. The platform streamlines and customizes KYB-KYC workflows, providing a wide array of EU-specific verification methods, from NFC passport checks to VAT and local business registry verifications, all through a single integration. Customers can leverage flexible redaction rules and automatic audit trails to ensure ongoing compliance in whatever jurisdiction they operate in. For instance, the compliance team at a luxury e-commerce marketplace quickly builds and iterates on new business onboarding flows, tailoring them to meet EU or North American requirements with Persona also acting as a centralized PII repository across all of these use cases.
• Onboard more businesses with wider data sources and Contextual Matching powered by AI: Persona seamlessly integrates with 150+ local registries and uses localized matching and search capabilities, known as Contextual Matching, to verify a broader range of businesses with more accuracy. Contextual Matching is a matching engine powered by a combination of proprietary algorithms and AI, enabling greater accuracy and control in KYB checks across the EU. Customers can dynamically leverage the right matching framework, depending on the input, the end-user, or their compliance needs. In early testing with customers, Contextual Matching improved match rates by up to 55% compared to standard matching methods used by other companies.

"Unlocking success in the EU market demands a tailored approach that respects the nuances of each nation's data landscape and privacy preferences," said Rick Song, CEO, Persona. "One-size-fits-all solutions no longer suffice. At Persona, we're committed to delivering global verification with localized compliance to empower businesses as they navigate these complexities and prioritize a seamless customer experience."

ABOUT PERSONA

Persona offers a unified identity platform that gives businesses the building blocks they need to securely collect, verify, manage, and make decisions about individuals' and businesses' identities — along with automation and orchestration tools to streamline the entire process from end to end.

Founded in 2018, Persona is headquartered in San Francisco and is available in 200+ countries and territories and 20 different languages. Persona serves any business that needs to verify its customers online, including retail, fintech, marketplace, delivery services, real estate and hospitality, HR, edtech, legal services, home and childcare services, and more. For additional information, please visit https://withpersona.com/

SOURCE Persona