Mexican Neobank albo Integrates Acuant’s Trusted Identity Platform

Mexican neobank albo has integrated Acuant’s Trusted Identity Platform to offer a digital know your customer (KYC) experience for clients and to attain compliance with anti-money laundering (AML) rules set by the Mexican authorities, according to a Tuesday (March 23) press release emailed to PYMNTS.

“Without compromising its AML/KYC needs, addressing regulatory compliance was a significant obstacle we have helped albo overcome, and we are delighted with the result,” Acuant President and CEO Yossi Zekri said in the release. “In the modern digital world, compliance and fraud prevention cannot be neglected to make way for efficiency — it needs to be all-encompassing to provide customers a trusted service.”

The integration of Acuant Compliance technology lets albo simplify KYC by looking at information collected for all clients without infringing on their privacy. Moreover, the additional security gives clients the confidence to make trusted transactions globally securely while maintaining their overall digital experiences. Also, albo can better contend with fraud as it keeps reshaping the banking industry in Latin America, according to the release.

Albo offers a digital bank account to clients that lets them get or transfer money in addition to offering personal finance.

“Our partnership with Acuant means we can provide each client with a process that will keep their information safe while complying with Mexican law and regulation requirements in the most accurate way,” Oscar Cruz Hernández, compliance officer at albo, said in the release.

The pandemic has impacted nearly every industry in every business vertical. Even though some sectors such as eateries and physical retail have slowed or even stalled, other areas, such as online commerce, have blossomed. In observing verticals that have flourished, the common thread has been the digital-first mentality. And with that mindset come new rules and a new urgency to ensure that the digital-first client is who they say they are.

That intersection has been a focus for Acuant. Kevin Courtney, vice president of product, previously told PYMNTS that his company, which serves all major verticals, has seen the most outsized negative impacts on verticals where crowds collect for leisure and commerce.