European payment institution Lemonway has introduced Online Onboarding, a new solution aimed at streamlining the merchant onboarding process for marketplaces.
The solution automates the traditionally complex onboarding journey, allowing marketplaces to focus on business growth and strategic initiatives.
By integrating Lemonway’s payment expertise with Entrust’s ETSI-certified identity verification and qualified electronic signature (QES), powered by Onfido’s identity verification technology, the service offers a secure and efficient experience for merchants.
The Online Onboarding solution manages the entire process, including document collection and wallet creation. This enables marketplaces to reduce operational burdens while ensuring rapid and secure onboarding.
Individual identity verification is completed in under two minutes, while businesses can be onboarded within 48 hours.
The process is customisable, allowing marketplaces to personalise onboarding pages in line with their branding, improving conversion rates and minimising drop-offs.
Advanced fraud prevention is built into the system, with biometric liveness detection and document verification protecting against sophisticated fraud attempts.
The solution adheres to stringent European Know Your Customer (KYC) and anti-money laundering (AML) regulations, ensuring compliance through ETSI-certified identity verification technology and QES.
Features like automated document handling, politically exposed persons (PEP) checks, and intuitive dashboards allow the solution to be scalable and adaptable to meet the needs of businesses as they expand.
Lemonway chief product officer and chief operating officer Jeremy Ricordeau said: “With Online Onboarding, Lemonway takes the operational burden off the shoulders of marketplaces, empowering them to concentrate on strategy, growth, and delivering value to their partners.
“Our solution, powered by world-class Onfido identity verification from Entrust, ensures compliance, security, and an exceptional user experience for merchants.”
The Online Onboarding platform also leverages Entrust’s identity-centric security solutions and Onfido’s advanced verification technology to provide seamless integration for marketplaces.
By automating verification processes, the service enhances both the speed and security of onboarding while ensuring compliance with regulatory standards across the EU.
Entrust Onfido products vice president Minh Nguyen said: “Lemonway has been a foundational partner as we have built our Compliance Suite offering to support their strategic needs in the EU through ETSI-certified identity verification and QES technology.
“This collaboration enables marketplaces to deliver a seamless onboarding experience while meeting compliance requirements and maintaining their focus on core business objectives.”
