IDPAY’s Role and Services
IDPAY provides the following specific services to its members:
- IDPAY is committed to providing knowledge and facilitating relationships to minimize the risk of de-risking and fraud on the payments industry.
- IDPAY helps its members navigate and understand the often-unmarked world of global regulatory compliance.
- IDPAY works with members to implement new technical innovations and new uses of financial systems while helping to ensure regulatory and legal compliance.
- IDPAY provides a forum for best practices and guidelines on the establishment of capable identity and other fraud control and compliance capabilities.
- IDPAY provides self-audit services and partners with companies offering audits of systems and procedures as part of an ISO 27001-based certification required for full membership.
- IDPAY assists governments in updating and addressing deficiencies in their legal and regulatory systems, serving as the bridge in a public-private partnership that spans the globe for enhanced security for all involved.
- IDPAY reports on money laundering and threat finance risk, particularly with an eye to supporting Money Services Business and related companies as they battle these common industry problems.
- IDPAY links members, such as Identity Service Providers (IDSPs), who provide critical support and Know Your Customer (KYC) services to MSBs and FINTECHS, including the many that lack the scale to afford sufficient management and identity verification operations.
Globally, IDPAY combines the payment and identity communities for the first time. As MSBs and IDSPs increasingly move to meet the needs of the 4 billion unbanked and underbanked people around the world the organization’s role is emerging as a critical component in ensuring healthy, well-regulated, legal and safe global payments and authentication.
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TRUST: Trust is the foundation of the payments business and a cornerstone of trust is customer identity. Our industry is faced with an unprecedented challenge of being on the front lines of fighting the financial war on terrorism and illicit drug money while at the same time trying to serve the 4.5 billion unbanked and underbanked around the world. Customer identity is clearly an important element of the Anti-Money Laundering fight. The association identifies new and proven methods to improve customer identity and authentication to benefit our members.
REGULATION: Another industry challenge is navigating the often-unmarked world of global regulatory compliance. The association plans to bring industry and government together for mutual understanding and education of relevant regulations. We expect that government agencies who join the association will benefit as their legal and regulatory systems try to keep pace with the increasing tempo of technical innovation and new uses of identity and payment systems.
COMPLIANCE: The IDPAY Association will bring together Money Service Businesses, Money Transfer Operators, and FinTech companies (mobile money, bitcoin, digital payment systems, and blockchain) to increase awareness of existing regulations. As you know, ignorance and/or non-compliance with existing regulations can result in stiff fines. As a collective voice, we plan to work with government agencies to reduce the harm caused when companies, working in good faith, suffer fines regardless of their compliance efforts. We also recognize that many companies lack the scale to field sufficiently capable fraud control/compliance offices and together we will work to improve processes and procedures to streamline these efforts reducing cost.
IDENTITY: A rapidly evolving service is being performed by Identity Service Providers (IDSPs) in meeting legal and regulatory requirements to Know Your Customer (KYC) for FinTech companies. Many MSB/MTOs that lack the scale to afford organic fraud management/identity verification operations will benefit from IDSP services. Larger organizations may find these services are less expensive in some areas of the world than their internal services. As a member you will have an opportunity to evaluate IDSP member capabilities and offerings. IDPAY plans to develop an industry Trust Framework which will improve public/private industry capabilities.
CERTIFICATION: The IDPAY Association believes the current ISO 27001 Information security management standard and related certification is another cornerstone for trust in the payments and remittance industry. A number of industry leaders have recommended that a remittance industry specific addendum be drafted for the standard. This addendum as part of certification would instill new confidence and trust in the certified company with their corresponding banks and government agencies.