Vespia partners with Mastercard to streamline onboarding

Vespia, a provider of business verification solutions, has partnered with Mastercard to accelerate the onboarding process for merchants in Latin America and the Caribbean, Europe, the Middle East, Africa, and the Asia-Pacific region.

This collaboration will integrate Vespia's verification technology into Mastercard's Merchant Digital Onboarding Platform (MDOP). This integration enables financial institutions and businesses to rapidly and effectively verify merchants, customers, partners, and suppliers. The goal is to reduce onboarding times by up to 90%, enhance operational efficiency, and reduce time to market.

The need for more efficient onboarding processes has become a critical issue in many regions undergoing swift economic development. The partnership seeks to address this demand by offering a streamlined approach that does not compromise adherence to Anti-Money Laundering (AML) requirements.

Julia Ront, Co-founder and CEO of Vespia, said, "In today's fast-moving digital landscape, the need for rapid yet secure onboarding is essential. Through our partnership with Mastercard, we're enabling businesses to streamline their onboarding processes while ensuring full AML compliance. By leveraging our KYB technology, companies in evolving markets can focus on rapid growth and innovation with confidence while meeting global standards efficiently."

Vespia offers an automated onboarding process to save time and resources typically needed for merchant verification. With its comprehensive suite of solutions, MDOP users can benefit from features like automated anti-money laundering screening, ongoing monitoring, seamless onboarding flows, document authentication, and business verification.

Anton Vedešin, Co-founder and CTO of Vespia, commented on the technological integration: "At Vespia, we've built our technology to seamlessly integrate with existing systems, ensuring that businesses can quickly adopt our compliance tools without disruption. Our collaboration with Mastercard enables us to bring highly efficient, secure verification solutions to global markets, delivering reliable onboarding processes that are both scalable and adaptable to local regulatory needs."

"Our goal is to make compliance as straightforward as possible, empowering businesses to spend less time on onboarding and focus more on their core operations."

This partnership is expected to benefit everyone: Financial institutions can expect reduced time to market for onboarding merchants, and merchants and consumers can anticipate quicker access to payment services, contributing to an improved overall experience.