🧐A New Report from ThePaypers: Focusing on Emerging Technologies and Trends in Identity Verification, KYC, and KYB

🧐A New Report from ThePaypers: Focusing on Emerging Technologies and Trends in Identity Verification, KYC, and KYB

The latest report from ThePaypers analyzes the use of advanced technologies such as artificial intelligence, machine learning, blockchain - and the implementation of global initiatives and standards (eIDAS 2.0, Open Banking, ISO, etc.), which experts say have contributed to sustainable growth.

➡️ The main challenges in the payments sector include rising interest rates, layoffs in the tech industry, geopolitical tensions, and recession, all of which have led to the overall impoverishment of users.

➡️ A double-edged sword: advances in generative artificial intelligence have facilitated fraud automation, resulting in more frequent cases of fraud and cyberattacks.

➡️ In terms of real money, this translates, for example, into losses exceeding 1 million USD (these are the losses suffered by 25% of the financial companies surveyed in 2023).

➡️ Representatives from the company Liminal interviewed reported that 90% of their clients want to use KYB and there is a demand for comprehensive capabilities that go beyond mere compliance.

➡️ Industry trend: "trust wallets". Remember that a trust wallet stores not the cryptocurrencies themselves, but the access keys to them... and only the user has access to these keys.

➡️ Among other solutions to the aforementioned problems, verifiable credentials and generative Artificial inteligence (GenAI) are very popular. On a regional scale, in Europe, for example, the launch of EUDI (unique digital credentials) is eagerly anticipated.

👉 Basic lesson: generally, companies see the solution in attracting more customers and reducing costs.

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