Id Pay: The Worldwide Association For Identity Verification & Digital Payment
The main goal of The Digital Identities and Payments Association (IDPAY) is to create a focal point that will enable them to manage risks and drive efficiencies in the new space of identities and digital payments.
IDPAY offers a collective nexus and a central resource for organizations that may not be currently operating under the traditional international regulations, conventions or bodies.
Members of the IDPAY association will give their companies an opportunity to lower costs, improve security and reduce fines. These are some of the problems that are faced in the international payment and remittance industry, and IDPAY has set out to finish them.
IDPAY has a long list of members that work together to ensure that there is a smooth process in the remittance and payments industry. These are the members;
- Money service businesses
- Blockchain systems
- Money transfer operators
- Bitcoin, Mobile money & Digital Payments
- Banks and FinTech
- Global government agencies
- Service companies
- Certification services
- Biometric companies
- Financial crime prevention companies and organizations
Services To The Members
IDPAY association membership presents a myriad of benefits to the members. The most important one is that it acts as a collective voice for information sharing and mutual growth.
It also works in close cooperation with the financial institutions that are members to improve the mutual understanding and lower the risks that may be present in the banking industry.
The law enforcement agencies like the INTERPOL, FBI, FINTRAC, EUROPOL are also brought on board.
The Digital Identities and Payments Association is focused on setting a world-class standards-based approach in an effort of lowering fraud, the threat of crime, and derisking of accounts by the concerned banking institutions. This is an opportunity to give the members a clear chance of serving their clients and reaching the 4.5 billion underbanked and unbanked people all over the globe. For the first time in history, IDPAY brings together digital payments and identity communities. The role of this organization is to ensure that there is a well-regulated, healthy, safe and legal global authentication and payments. This happens just at the moment when Identity Service Providers and Money Service Businesses are swiftly moving to cater for the over four billion underbanked and unbanked people around the world.
The Digital Identities and Payments Association operate under the following practice areas:
The Identity Service Providers are doing a great service in meeting regulatory and legal requirements to the KYC services for financial technology companies.
The IDSP services provided by The Digital Identities and PAYMENTS Association will benefit many money transfer organizations, which do not have the capacity to afford organic fraud management and operations of identity verifications.
Members of the IDPAY will be given a chance to evaluate their IDSP member offerings and capabilities. The plan of this organization is to create an industry trust framework that will upgrade the private and public industry capabilities.
According to the Digital Identities and Payments Association, the current ISO 27001-management standard of information security is another great pillar for trust in the remittance and payments industry.
Industry leaders picked from various companies have suggested that the specific addendum for the remittance industry should be drafted for the standard. This will bring trust and confidence in the industry.
This is one of the challenges that are currently faced in the digital payment industry. Navigating through the seemingly unmarked global regulatory compliance space seems to be a big challenge.
IDPAY is focused on bringing government agencies and the industries together in the form of education of necessary regulations and mutual understanding. It is expected that the government bodies that choose to work with IDPAY stand a great chance of benefiting.
This is because their regulatory and legal systems will keep the pace with the ever-rising technical innovation tempo and even new uses of payments and identity methods.
IDPAY recognizes trust as the cornerstone of the payments business, and customer identity is one of its main pillars. The payments industry is currently affected by several unprecedented challenges that are caused by leading the fight against illicit drug money and financial war on terrorism. One of the most important features of the Anti-money laundering fight is the customer identity.
IDPAY has new and proven techniques that they use to improve the authentication and identity of their customers.
The Digital Identities and Payments Association is focused on creating an awareness of the existing regulation to the customers in the payments industry.
To achieve this, the association brings together money transfer operators, money service businesses, and FinTech companies like Bitcoin, mobile money, the blockchain, and digital payment systems.
IDPAY purposes to work together with various government agencies to enable them lower the harm caused when organizations suffer fines while working under good faith.
Non-compliance or ignorance to the existing regulations can result to heavy fines, and this is one thing that IDPAY is working to eradicate. IDPAY also works to improve the procedures and processes needed for fraud control and compliance.