trustshare, who are revolutionising escrow payments by empowering brands that consumers trust to go live with a fully branded escrow solution in 5 lines of code, work with Passbase to verify users safely and securely using its KYC solution.
NEW YORK and LONDON, November 30, 2020 /24-7PressRelease/ — Starting today, trustshare will strengthen its user verification program using Passbase’s document and identity verification. The London based company is registered with the Financial Conduct Authority – the financial regulatory body in the UK – and helps service marketplaces, gig economy and classified brands integrate an escrow offering with just five lines of code and completely customise it in terms of branding and fees.
Founded with the mission of revolutionizing how consumers pay online, trustshare aims to increase trust of an online transaction by holding the money until a purchase has been completed and verified from both parties. Offline payments are a big pain for marketplaces that aim to be transactional, especially when it comes to long sales cycles and/or big value transactions.
Escrow is the safest way to pay for B2B and C2C marketplaces, tradespeople platforms, luxury goods, freelancers portals and much more. Gig economy and service marketplaces have most of their business squandered by buyers and sellers transacting directly and avoiding commission fees. trustshare maximises these platforms’ revenues whilst protecting all parties, by securing payment on booking.
Passbase helps the FinTech perform KYC and watchlist checks for customers in over 190 countries and fulfill compliance requirements that are essential for financial service companies. Users can onboard to trustshare by taking a photo of their government issued ID – such as a passport or a national identity card – and a quick selfie.
Passbase then checks that the document is genuine and belongs to the individual running the verification. Liveness detection ensures that the user is physically present and not a photo representation. Furthermore, Passbase’s AML compliance solution enables the FinTech to perform watchlist, politically exposed persons (PEP) and adverse media checks to meet financial regulatory requirements. As the novel escrow company scales, Passbase’s identity verification solution – already available in more than 14 languages – will be further leveraged across different countries.
CEO and co-founder of trustshare, Nick Fulton said – “Passbase’s team are aligned with ours in many ways: they are approachable, developer friendly, offer a really straightforward painless integration and place trust and security at the heart of everything that they do.”
“trustshare shares our philosophy of creating trust online and we’re thrilled to work with them and help them scale,” – said Mathias Klenk, CEO and co-founder of Passbase. “The ability of trustshare to present new payment options for online businesses will be vital to help many businesses around the world digitize and create more value.”
Passbase is an identity verification solution that makes ID verification, AML compliance, and age verification accessible through a suite of flexible developer tools and pay as you go pricing. A zero-knowledge architecture ensures that companies using Passbase can securely verify users from over 190 countries without having to store their data. Built for developers, it can be integrated with just a few lines of code on iOS, Android, and Web.
trustshare is a fully regulated escrow solution that partners with brands that consumers trust to offer the safest way to pay and protect their buyers and sellers. These brands have full control over their branding and pricing.
To learn more, please contact us at [email protected] or join our slack community by signing up to become a partner on our website.
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