Vespia and Mastercard partner to speed up merchant onboarding
Including in the Middle East
Vespia, an Estonian business verification (KYB) solution and Mastercard have partnered to revolutionise the merchant onboarding process.
The collaboration will enable businesses in financial sectors across Latin America and the Caribbean (LAC), Europe, the Middle East, Africa (EEMEA), and Asia-Pacific (AP) regions to onboard merchants up to 90% faster¹ while maintaining compliance with all regulatory standards.
The new partnership leverages Vespia’s cutting-edge verification technology, which will now be integrated into Mastercard’s Merchant Digital Onboarding Platform (MDOP). This will allow financial institutions to rapidly verify merchants, customers, partners, and suppliers, enhancing operational efficiency and accelerating time-to-market for companies worldwide.
The collaboration responds to the growing need for faster and more reliable merchant onboarding processes in regions undergoing rapid economic expansion. As businesses strive to capture emerging market opportunities, secure, compliant, and swift onboarding is more critical than ever.
“In today’s fast-paced digital world, rapid yet secure onboarding is essential for businesses looking to scale and innovate,” said Julia Ront, Co-founder and CEO of Vespia.
“Through our partnership with Mastercard, we enable businesses to streamline their onboarding processes while ensuring compliance with anti-money laundering (AML) regulations. This allows companies to confidently focus on growth, knowing they are meeting global standards efficiently.”
Vespia’s solution provides a fully automated and standardised onboarding process dramatically reducing the time and resources typically required for merchant verification. By integrating Vespia’s advanced verification technology into MDOP, users will benefit from automated AML screening, seamless onboarding flows, business verification, document authentication, and ongoing monitoring.
“Our collaboration with Mastercard allows us to deliver highly efficient and secure verification solutions to global markets, offering scalable and adaptable solutions to local regulatory needs. Our ultimate goal is to make compliance effortless, empowering businesses to focus on their core operations rather than complex onboarding processes.”
The strategic partnership offers significant benefits for all stakeholders involved. Financial institutions will experience a faster time-to-market by onboarding merchants more efficiently, while merchants and consumers will enjoy quicker access to payment platforms, enhancing the overall user experience.
In addition to providing faster onboarding, the collaboration aims to boost the process’s security and compliance, reducing the risks associated with fraud and regulatory non-compliance. This will be particularly important in regions with diverse regulatory environments, as Vespia and Mastercard are committed to helping businesses meet local regulatory requirements without sacrificing speed or efficiency.
Image: The collaboration responds to the growing need for faster and more reliable merchant onboarding processes in regions undergoing rapid economic expansion. Credit: Julio Lopez
Last Updated on 1 day by Arnold Pinto
