QwikPay, the Australian paytech, is improving its real-time user onboarding while maintaining compliance with financial regulations in Australia, following a new partnership with iDenfy, the identity verification and fraud prevention technology provider.
In a highly regulated and fast-moving industry, QwikPay recognised the need for a flexible, reliable and cost-effective compliance solution. Offering a Scan to Pay app, powered by PayID and PayTo, QwikPay enables instant wallet-to-wallet transactions by scanning a QR code. While the solution removes the need for cards, payment terminals, and outdated checkout flows, it needs support to ensure there is an adequate risk management process in place, as well as end-to-end onboarding: cue iDenfy.
According to QwikPay, iDenfy has a combination of global identity coverage, AI-enhanced biometric verification, and continuous AML screening combined with startup-friendly pricing, which makes it an attractive partner when it comes to regulatory compliance technology.
“We needed a compliance partner that could scale with us while maintaining user trust. iDenfy not only accelerated our onboarding process but also gave us peace of mind that we’re protected from fraud and regulatory risks,” said Nik Bavisetti, the CEO of QwikPay.
How iDenfy will work with QwikPay
iDenfy’s identity verification solution is designed to validate user identities in seconds using document analysis, facial recognition, and NFC chip reading. It supports over 3,000 document types from more than 200 countries and territories, enabling QwikPay to onboard global users quickly and accurately, regardless of their country.
The way the ID verification works is that users upload a government-issued ID and take a selfie. Advanced biometric technology then performs 3D passive liveness checks to confirm the person’s presence and prevent spoofing. According to iDenfy, the whole Know Your Customer (KYC) check will take about 30 seconds on average for QwikPay.
This real-time verification capability is crucial for QwikPay, whose customer experience depends on fast, hassle-free onboarding. With iDenfy’s embeddable web and mobile SDKs, QwikPay has fully integrated identity verification directly into its user sign-up flow, reducing drop-offs and enabling instant account activation. The process, once prone to delays and manual reviews, now takes seconds, allowing it to support the company’s ambition to scale efficiently across Australia’s retail, hospitality, and e-commerce sectors.
Domantas Ciulde, the CEO of iDenfy, added: “Real-time, frictionless payments are the future and with that comes a heightened need for security and compliance that doesn’t slow things down. We’re proud to support QwikPay as they lead Australia into this next chapter of digital finance.”
In line with AML laws
Additionally, iDenfy’s automated AML screening solution helps comply with AML laws, protecting the fintech business against severe penalties and reputational damage. This is important, as QwikPay needed a solution that could monitor users against global sanctions lists such as Interpol, World Bank, watchlists such as Europol, FBI, and adverse media in real-time.
iDenfy’s AML solution screens users continuously, not just at onboarding, to ensure QwikPay always stays ahead of evolving risk profiles and regulatory demands.
Unlike many static screening tools, iDenfy’s solution updates the information daily and includes audit trails and case management tools. This means QwikPay’s compliance officers can view all decisions, take action on alerts, and maintain full transparency during user onboarding audits. The automation of this process dramatically reduces operational overhead and allows the team to focus on strategic growth, rather than manual verification tasks.
The pricing model was another deciding factor. iDenfy’s pay-per-successful-verification approach helped QwikPay lower costs significantly compared to competing vendors who charge per attempt. This flexible structure allows early-stage fintechs like QwikPay to operate efficiently without sacrificing quality or compliance.
It is worth mentioning that besides the AI, iDenfy has an experienced verification team, which adds an additional layer of accuracy, reducing false positives and increasing completion rates to over 99.99 per cent.
