ID-Pal signs deal with e-money solution provider Lerex Technology

Irish online verification company ID-Pal has teamed up with e-money solutions provider Lerex Technology to support the company’s identity verification, e-verification, anti-money laundering (AML) and know your customer (KYC) requirements.

ID-Pal will support the company’s AML compliance and the onboarding of new customers across multiple European markets.

Lerex Technology helps businesses offer next-generation payment systems to their customers, with services covering prepaid cards, digital accounts solutions and access to Faster Payments and Sepa.

“We needed an identity verification solution that augmented our focus on advanced technologies and delivering the best experience for our customers,” said Richard Ney, chief executive of Lerex Technology. “Using ID-Pal makes the compliance and onboarding process seamless for Lerex and our end clients. The results and reports are detailed and clear, allowing us to turn applications around in a timely manner and onboard customers smoothly.”

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ID-Pal’s solution includes document verification, facial matching, liveness testing and address e-verification in real-time, with General Data Protection Regulation (GDPR) compliance built in.

Lerex and its clients will be able to prevent fraud at source and verify identities in any language or jurisdiction.

“Our partnership with Lerex is very strong and delivers significant benefits to their clients,” said Colum Lyons, chief executive and founder of ID-Pal. “Our businesses are aligned in the mission to make it easier for businesses to balance meeting compliance requirements with providing a positive experience for customers.”

ID-Pal, founded by Mr Lyons in 2016, provides solutions for businesses to ensure compliance with regulatory identity requirements. The software-as-a-service developer uses mobile technology to allow clients to facilitate verification of their customers’ identities quickly and easily. It enables document verification, facial matching, liveness testing and address e-verification in real time.

In July it raised €7 million in a Series A funding round that will help grow the company as it seeks to expand into new markets. ID-Pal said this would allow it to grow its global sales and marketing operations and meet growing demand for its product. The Dublin-based company launched officially in the UK earlier this year.