MasterCard has worked with Smile IDan African provider of digital knowledge of your customer, to streamline the merchant onboarding process for businesses in Africa.
The partnership will see Mastercard provide Smile ID with it Merchant Digital Onboarding Program (MDOP).
This offers third party providers a secure and automated experience for acquiring partners such as banks, mobile network operators and payment facilitators.
Digging deeper
The integration of Smile ID technology into MDOP enables acquisition partners to digitally onboard merchants quickly and efficiently, streamlining verification and improving the customer experience.
According to Mastercard, the process will enable acquisition partners to digitally integrate with merchants in more than 50 African countries within minutes.
What They Say
“Traditional integration methods are often plagued by inefficiency, high cost, and vulnerabilities to fraud,” he says Sekai Demangasenior vice president, head of emerging markets, global acceptance group at Mastercard.
“Our partnership with Smile ID marks a significant advance in the merchant onboarding process, setting a new standard for speed, security and user experience.”
“Our combined offering enables banks and payment intermediaries to offer customers locally optimized enrollment services while maintaining world-class speeds and security“, he comments Mark StraubCEO of Smile ID.
The Big Picture
A Mastercard report states that it takes three to four days for a traditional buyer to onboard a merchant, on average. Consequently, banks are streamlining these processes by automating the collection of public data, leveraging existing customer data and eliminating duplicate data elements.
Source: ITWeb
Stay up to date with news and other items on our WhatsApp Community Page, Twitter/Xand subscribe to our weekly newsletter to make sure you don’t miss any news.
Related
