Paladyum Electronic Money and Payment Services (PeP), a Turkish payment services provider, has partnered W2 to improve digital on-boarding process.
The move comes as the Turkish firm prepares to launch its UK wallet proposition in June 2020.
Under the collaboration, W2 will assess PeP’s new digital customers in the UK.
W2 technology will help PeP to comply with anti-money laundering (AML) regulations while on-boarding customers, and authenticate them using facial-comparison solutions.
W2 CEO Warren Russell said: “We are very proud to partner with PeP, providing them with all the tools needed to support a smooth, simple and frictionless customer onboarding journey.
“PeP was looking for a partner to help simplify customer onboarding and the subsequent monitoring of customers whilst ensuring they consistently meet their compliance obligations and in W2, they have found just that.”
PeP board member Artun Kumrulu said: “With the emergence of new methodologies that use machine learning and data analytics, we recognise that the regulatory landscape is becoming more complex and fast-paced than ever before.
“In W2, we have found a partner that is committed to making compliance as simple as it can be.
“Having a reliable digital onboarding process in place that allows us to do better business while protecting our reputation means everything to us.”
PeP offers EMI accounts, cross-border money transfer service and multi-currency wallet to individual and business customers.
The services are integrated with more than ten banks and around 50,000 ATMs.