Payment service providers (PSPs) are accelerating the
adoption of AI-powered onboarding systems in response to increasing regulatory
pressure and rising fraud risks.
Speaking during a panel on payments and regulation,
Anthony Migui Njagi, Head of Strategic Alliance & Growth at Virtual Pay,
said machine learning could significantly improve onboarding processes.
“Automation, from the onboarding perspective, will
benefit very highly from machine learning—because then it’s able to project
things that may be missed from the beginning,” Njagi said.
AI Expected to Cut Fraud Losses by Billions
He added that integrating AI into compliance
frameworks provides more than just operational efficiency. “Another benefit is
that it allows us to sleep more because we are covered from a global
perspective,” he noted.
Njagi’s comments were part of a discussion titled “Can
Payments Keep Up with Regulation?” The panel also featured executives from Korapay, LetKnow Pay, and Visa Direct and addressed how the payments
industry can remain innovative while navigating increasingly complex regulatory
environments.
The payments sector faces growing expectations to
strengthen AML and KYC systems amid rising cross-border transaction volumes. As
regulators increase oversight, firms that fail to comply face financial
penalties and reputational damage.
Read more: iFX EXPO International 2025 Final Day: “Traditional Prop Firms Often Don’t Even Have B2C Marketing”
AI and automation are now seen as critical components
in reducing human error, speeding up due diligence, and enabling real-time
fraud detection. For PSPs aiming to maintain global reach while managing local
regulatory risks, automated onboarding is quickly becoming a strategic
necessity.
With compliance requirements tightening across
jurisdictions, payment firms are re-evaluating their infrastructure. The rapid
adoption of RegTech solutions suggests the industry is preparing for a future
where regulatory resilience depends on technology.
Recent Partnerships
Recently, Tickmill integrated Sumsub’s digital identity verification tools into its onboarding system, aiming to reduce account
activation times and improve the user experience for new traders. The move
comes as online brokers increasingly turn to automation to balance regulatory
compliance with seamless access to trading platforms.
The integration allows users in select regions to complete
verification and begin trading more quickly. Sumsub’s technology suite includes
facial biometric checks, proof of address verification, identity document
authentication, and AML screening.
In the prop trading space, Axcera, a technology provider for
proprietary trading firms, most recently collaborated with Solitics, a company
that offers customer engagement and marketing automation solutions.
The integration aimed to provide prop firms with a platform
that combines trading infrastructure with real-time communication and
personalization tools.
Payment service providers (PSPs) are accelerating the
adoption of AI-powered onboarding systems in response to increasing regulatory
pressure and rising fraud risks.
Speaking during a panel on payments and regulation,
Anthony Migui Njagi, Head of Strategic Alliance & Growth at Virtual Pay,
said machine learning could significantly improve onboarding processes.
“Automation, from the onboarding perspective, will
benefit very highly from machine learning—because then it’s able to project
things that may be missed from the beginning,” Njagi said.
AI Expected to Cut Fraud Losses by Billions
He added that integrating AI into compliance
frameworks provides more than just operational efficiency. “Another benefit is
that it allows us to sleep more because we are covered from a global
perspective,” he noted.
Njagi’s comments were part of a discussion titled “Can
Payments Keep Up with Regulation?” The panel also featured executives from Korapay, LetKnow Pay, and Visa Direct and addressed how the payments
industry can remain innovative while navigating increasingly complex regulatory
environments.
The payments sector faces growing expectations to
strengthen AML and KYC systems amid rising cross-border transaction volumes. As
regulators increase oversight, firms that fail to comply face financial
penalties and reputational damage.
Read more: iFX EXPO International 2025 Final Day: “Traditional Prop Firms Often Don’t Even Have B2C Marketing”
AI and automation are now seen as critical components
in reducing human error, speeding up due diligence, and enabling real-time
fraud detection. For PSPs aiming to maintain global reach while managing local
regulatory risks, automated onboarding is quickly becoming a strategic
necessity.
With compliance requirements tightening across
jurisdictions, payment firms are re-evaluating their infrastructure. The rapid
adoption of RegTech solutions suggests the industry is preparing for a future
where regulatory resilience depends on technology.
Recent Partnerships
Recently, Tickmill integrated Sumsub’s digital identity verification tools into its onboarding system, aiming to reduce account
activation times and improve the user experience for new traders. The move
comes as online brokers increasingly turn to automation to balance regulatory
compliance with seamless access to trading platforms.
The integration allows users in select regions to complete
verification and begin trading more quickly. Sumsub’s technology suite includes
facial biometric checks, proof of address verification, identity document
authentication, and AML screening.
In the prop trading space, Axcera, a technology provider for
proprietary trading firms, most recently collaborated with Solitics, a company
that offers customer engagement and marketing automation solutions.
The integration aimed to provide prop firms with a platform
that combines trading infrastructure with real-time communication and
personalization tools.
This post is originally published on FINANCEMAGNATES.
