OFX has announced a strategic partnership with Know Your Customer Limited to strengthen its global payment security through enhanced business verification solutions.
The collaboration enables OFX to integrate Know Your Customer’s advanced verification technology into its operations, offering improved compliance processes and heightened security for its users.
As part of the partnership, OFX will utilise Know Your Customer’s technology to simplify and automate its business KYC procedures. The integration offers real-time access to comprehensive business verification data, which includes instant access to official company documents, automated verification of corporate structures, and identification of complex beneficial ownership networks across more than 140 jurisdictions.
By automating key KYC functions, the partnership significantly reduces manual workloads for OFX, increases operational efficiency, and fortifies the company’s ability to manage risk while maintaining platform integrity.
OFX head of operations, EMEA, Jason Sullivan said, “OFX is committed to providing our customers with a secure and efficient global payment experience. By using Know Your Customer’s technology, we’re enhancing our ability to mitigate risks and maintain a high standard of compliance. The real-time access to global registry data, automated documentary evidence, and streamlined processes will strengthen our KYC procedures, reinforcing our commitment to a secure and reliable platform.”
Know Your Customer managing director EMEA, global head of sales, Jamie Anderson said, “We are excited to partner with OFX and equip them with a strategic advantage in the global payments landscape. Our advanced business verification technology will empower OFX to elevate its security posture, streamline and automate compliance workflows, and deliver an unparalleled payment experience to its customers.”
The partnership comes at a time when regulatory requirements are evolving, particularly in Australia where AML/CTF regulations are extending beyond traditional financial services and digital currency exchanges to include designated non-financial businesses and professional sectors. In response, OFX is proactively reinforcing its security systems to ensure compliance with the expanding regulatory framework. Leveraging Know Your Customer’s platform allows OFX to strengthen its due diligence processes and maintain a reliable, compliant global payments platform.
OFX operates as a financial operations company, offering businesses and accounting firms real-time financial control and visibility for cross-border transactions. Its platform facilitates global business accounts, payments in over 30 currencies to 180 countries, and currency risk management solutions. The company also provides corporate cards with spend management, bill payments, vendor management, and integrations with accounting and HRIS software to support businesses worldwide.
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