JostPay has launched a new feature jostKYC (Know Your Customer), a screening solutions platform that helps businesses verify identities of customers.
The Nigerian payment startup launched in 2014 offers APIs to businesses allowing them to accept payment via a variety of means.
Jostpay is a Digital Payment Solutions Company that has vast expertise in the Virtual Currency Technology and Payment Gateway Application Programming Interface (API). Also, Jostpay connects her users with her Partners, who are Virtual Currency Merchants all over the world, thereby making it possible to exchange Virtual Currencies, such as Bitcoin, PM, Okpay, Payeer, Epay etc. to cash in any Country.
The new feature helps businesses screen customers via email authentication, bank name verification, driver’s licence verification, live face capture and live identification capture.
Founder and chief executive officer (CEO) Olubowale Obayomi disclosed that the familiar processes used over the internet in terms of KYC were flawed and had left room for fraudsters and cybercriminals to flourish.
Speaking further on the innovation, Obayomi said, “An online platform collects information from registering customers, so as to enable these customers to use the platform. The popular sign-up form is not developed to be able to filter false information from what is real.
“A fraudster could access an online business platform by supplying false names, fake identification cards and much more. The success of fraudsters on your platform could have a damaging impact on the business. Businesses have suffered financial and even personal losses due to KYC negligence.”
According to Abayomi JostKYC has been well received which has been “encouraging”, coupled with the company having received numerous enquiries from businesses.
“We believe as soon as we finish developing plugins for CMS based platforms, user uptake will increase,” he said.
The startup is currently only operating in Nigeria, but has started making plans to offer its services to international organisations doing business with people living in Nigeria via their digital platforms. It has adopted a fee-for-service revenue model for JostKYC, allowing clients to pay per customer screened.
JostPay plans to offer unrivalled services and also become Africa’s Number One Payment Solutions & Virtual Currency Company in the process.