The Flying Merchant selects iSignthis for AML and KYC monitoring

iSignthis and The Flying Merchant (TFM) have entered into a partnership where iSignthis will assist TFM to address Anti-Money Laundering (AML) requirements in regards to their high-risk transaction processing. iSignthis' digital eKYC (Know Your Customer) solution will help to comply with AML rules and mitigate business risks for TFM.

High-Risk Payment Service Provider

The Flying Merchant exclusively serves high risk merchants in the industry sectors gaming, adult, dating, forex, binary and nutraceutical. These merchant segments are known to attract above average fraudulent activity and generate chargebacks (legitimate cardholders reclaiming their money). Working together with iSignthis, The Flying Merchant aims to help reduce some of the payment risk for their high-risk merchants.


iSignthis provides a digital service that helps to remotely check the true identity of the person performing the transaction and is able to perform KYC checks on more than 3 billion customer accounts across more than 200 countries. 

The service aims to retrieve undisputed confirmation that the person who's paying online in fact is the true, legitimate cardholder. iSignthis eKYC solution uses 3 steps to prevent card-not-present fraud from occurring and allowing the merchant to adhere to anti-money laundering requirements.

The eKYC process

The first step in the process is to split the transaction amount into two separate amounts. These amounts will both show up on the issuing bank statement. Nowadays, most cardholders almost instantly can view their billing statement where they can retrieve the two transaction amounts which they need to confirm back to iSignthis later on in the process. That way proof is gained that the actual customer has access to the connected bank account for which the bank already has performed KYC checks. The iSignthis service partly runs on the back of this KYC compliance requirement applicable to issuing banks.

The second step requires the customer to upload a proof of residence which is followed by the third step where the service automatically checks all of the person's information with Publicly Exposed Person lists (PEP), Law enforcement watch lists and performs sanction screening.

Reducing losses and costs

Besides the legal requirement to comply with AML and KYC procedures, another big driver for Payment Service Providers (and acquiring banks) to use services like the eKYC solution of iSignthis, is to mitigate card-not-present fraud and chargebacks. By teaming up with iSignthis, TFM is now able to reduce fraud and the number of chargebacks for their high risk clients, to make their business more profitable and to ensure a long-lasting relationship.

For more information please visit the iSignthis website.


Article sourced from Press Release by iSignthis, July 15th, 2015

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