Social media footprint now used in financial transactions – money laundering in usa

Until recently you had to use a computer to wire money to your friend for that beer and cinema ticket he paid for. Those days are forever gone with the payfriendz smartphone app that makes it easy for anyone to send money using their mobile phone. To prevent money laundering from becoming a major hassle for the user, payfriendz has teamed up with veridu and will be using the company’s social identification platform to vet the identity of users.

London, march 30th 2015: “peer-to-peer transactions are becoming more frequent by the day. However, trust is a necessary and crucial ingredient when two people are interacting or making a financial transaction. This is where veridu fits in. We bring trust to the internet by making sure every peer in a transaction is identified on the spot,” says rasmus groth, founder and CEO of veridu.

Rasmus groth, who saw an unmet need for quickly and efficiently verifying the identity of users for online services founded veridu ltd in 2014.Money laundering in usa he wanted to eliminate fraud in transactions and thus make it possible for merchants to sell products and services to anyone on the planet without worrying about false identities or fraudulent customers. Veridu has developed comprehensive trust-building authentication tools that are used among a wide variety of P2P-services, online merchants and financial services today. The authentication process is based on the footprint everyone leaves online, and payfriendz is the latest company to have embedded this technology as part of their authentication process.

Prevents whitewashing

Since payfriendz is facilitating the exchange of money, it is a legal requirement that due diligence is performed on every transaction in order to prevent money laundering, which can happen if a user has two unverified accounts and uses them to wire money from one account to another.Money laundering in usa with veridu’s authentication process payfriendz can prevent this kind of money laundering by requiring that every account be authenticated and unique before sending large sums of money. Doing so enables apps like payfriendz to thrive by providing instant and comprehensive identification services that take a few clicks from the user, and meet anti-money laundering requirements.

“we’re helping payfriendz expand their business since our technology makes it possible for them to legally process large financial transactions. Adding a layer of security like this makes it possible for any online service or merchant to expand their business significantly, because they know the true identity of the person in the other end,” says rasmus groth.

The london-based company uses the quality and depth of the users’ online footprint from services like facebook, twitter, and linkedin.Money laundering in usa the more services and different ways the user can identify himself, the more credible he or she is. Using advanced algorithms, veridu then calculates an identity score based on the profile information from the user and can confidently verify his or her identity, in line with legislative requirements. All with just a few clicks from the user.

For further information please contact:

Rasmus groth, veridu CEO at rag@veridu.Com or +45 26 22 86 41, visit http:// www.Veridu.Com or twitter: @veriduhq

Volker breuer, payfriendz CEO at volker@payfriendz.Com or ‪+44 7903 074715, visit https://www.Payfriendz.Com/

About veridu

Veridu is the most accurate, reliable and trustworthy tool to quickly and efficiently verify the identity of users in order to eliminate fraud and unwanted user behavior. Veridu provides both single sign on plugins and more comprehensive authentication tools to give the highest level of protection, with the simplest possible process for both businesses and end users.Money laundering in usa founded in 2012, veridu is headquartered in london with offices in copenhagen, denmark.

About payfriendz

Payfriendz offers a way of sending money to friends or contacts as simple as sending a message using whatsapp. Payfriendz works with veridu and others to ensure the whole interaction and transaction is secure and safe. This makes it possible for payfriendz to quickly and accurately prove the identity of users in order to eliminate fraud and unwanted user behaviour. The whole process of registration, sending money to friends or withdrawing money to a bank account is therefore safe, smooth and secure. Payfriendz was founded in 2013 and is headquartered in london.