Payments giant Mastercard is teaming up with Vespia, an Estonian business verification (KYB) solution provider, with an aim to expedite the merchant onboarding process for financial firms across Latin America and the Caribbean (LAC), Europe, the Middle East, Africa (EEMEA), and Asia-Pacific (AP) regions.
Through the partnership, Vespia will integrate its verification technology into the Mastercard Merchant Digital Onboarding Platform (MDOP), enabling businesses in the financial industry to verify and onboard merchants up to 90 per cent faster, while remaining compliant.
The partnership addresses a pressing need for faster and more reliable onboarding processes in regions experiencing rapid economic growth. Following the partnership, financial institutions and businesses will be able to verify merchants, customers, partners, and suppliers swiftly, enhancing operational efficiency and accelerating time-to-market.
“In today’s fast-moving digital landscape, the need for rapid yet secure onboarding is essential. Through our partnership with Mastercard, we’re enabling businesses to streamline their onboarding processes while ensuring full AML compliance,” explained Julia Ront, co-founder and CEO of Vespia. “By leveraging our KYB technology, companies in evolving markets can focus on rapid growth and innovation with confidence while meeting global standards efficiently.”
Vespia offers a standardised and automated onboarding process that reduces the time and resources typically required for merchant verification. With Vespia’s comprehensive suite of solutions, MDOP users can benefit from automated anti-money laundering screening and ongoing monitoring, seamless onboarding flows, document authentication, and business verification.
Simplifying compliance
Mastercard and Vespia believe the partnership will prove beneficial to all parties. They say that financial institutions will be able to onboard merchants swiftly, reducing time-to-market, while merchants and consumers will get faster access to payment platforms, improving the overall user experience.
“At Vespia, we’ve built our technology to seamlessly integrate with existing systems, ensuring that businesses can quickly adopt our compliance tools without disruption,” added Anton Vedešin, co-founder and CTO of Vespia. “Our collaboration with Mastercard enables us to bring highly efficient, secure verification solutions to global markets, delivering reliable onboarding processes that are both scalable and adaptable to local regulatory needs.
“Our goal is to make compliance as straightforward as possible, empowering businesses to spend less time on onboarding and focus more on their core operations.”
