WePay Selects Sphonic for Digital KYC/KYB as Part of its Expansion into the UK

    LONDON, ENGLAND, September 23, 2016 /24-7PressRelease/ -- As one of the fastest growing private companies in America, WePay powers payments for the platform economy, enabling a range of fraud prevention and risk management services for its users. Having recently announced its launch into the UK, WePay has selected Sphonic's Workflow Manager (WFM) to provide Know Your Customer (KYC) and Know Your Business (KYB) services in order to meet regulatory requirements for on-boarding new customers.

Sphonic, which was formed in 2012 through its founder Andy Lee, and its core product WFM, was created to be a Context-Broker that leverages data points from over 60 of the world's leading data vendors and risk management services through an intelligent workflow engine. WFM enables access to vendor services through a single RESTful API, removing the complexity of multiple integrations, as well as leveraging the Sphonic flow-control logic within the platform driving real-time insight to detect fraud efficiently as well as identifying genuine consumer behaviour.

Discussing the decision to select Sphonic, Bill Clerico, CEO of WePay said, "We are very excited to be entering the UK market to enable platforms in the UK, US, and Canada to expand their reach into new markets. Sphonic has strong insight and knowledge of what it takes to meet our complex regulatory obligations in particular. We are very excited about the long term relationship between our two organisations."

Riten Gohil CEO of Sphonic added: "It is a real pleasure to work with WePay to assist their launch into the UK with KYB/KYC services through our innovative WFM platform. We understand the challenges of entering into a new market like the UK is for WePay, and we very excited to be able to service their requirements as they look to grow into this market. There is great synergy between the team at WePay and Sphonic and we have been able to support their requirements to launch in the UK way ahead of time. We are also excited to continue working with them as they look to grow further into new markets."

Sphonic's technology is used by a wide range of clients, benefitting from its innovative services supported by a team of industry experts in the digital risk management space. Organisations like Betfair, Paypoint.net (now Pay360), City Index, Zopa, Unshackled.com and a host of others have been benefiting from Sphonic's technology during our short history. Sphonic continues ongoing Research & Development, complementing its suite of products to address the growing demands in areas such Customer on-Boarding, AML, KYC, Fraud Detection & Monitoring as well as authentication.

About WePay
WePay is the payments partner to the platform economy. It processes billions annually for platforms including GoFundMe, Meetup, FreshBooks, and Constant Contact. WePay protects partners from risk and regulatory exposure while supporting seamless payments experiences for their end users. The company was named to the Inc. 500 list of fastest-growing private companies in the U.S. in 2016 and 2015. For more information, visit www.wepay.com. Follow WePay on Twitter @WePay. #DoYouPlatform

About Sphonic

Sphonic is the trading name of Symphonic Solutions Limited which was established in 2012 with backing from private investors to develop and launch its initial product Workflow Manager. With the growth in digital commerce, alongside increasing concerns around customer security, Sphonic has created a suite of products to ensure its clients achieve the right balance in protection and customer experience. Workflow Manager enables access to innovations from market leading vendors in areas such as Global Identity & Verification, Peps & Sanctions Data, Device Fingerprinting, Mobile Profiling, Email Verification, Geo-Location, Behavioural Biometrics and a host of other through its agnostic platform.

For more information visit www.Sphonic.com or contact the team at [email protected]

For more information and further Press Enquiries contact:

Riten Gohil CEO, Sphonic
[email protected]
+447508487179
Twitter @sphonic

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