Accuity Lands Extra Mobile Payments Protection in Safe Banking Systems

Security has been an issue in mobile payments pretty much since its inception, and a wide range of tools have come into play to better provide that security. From biometrics to multi-factor authentication, we’re seeing a lot more protection available for our mobile payments options. Know Your Customer (KYC) is one of the biggest new advances of recent years, and Accuity recently made a big step forward on this front by acquiring Safe Banking Systems (SBS).

SBS is well-known in the field as a provider of KYC services, as well as protections against money laundering operations that make it much easier for financial institutions to track and identify money laundering attempts in progress. This is particularly helpful for Accuity, which offers payment services and accompanying data and software that helps manage risk and ensure compliance.

This isn’t the first time that SBS and Accuity have been spotted together; the duo currently share several mutual customers, and SBS was actually a partner with Fircosoft, which was an Accuity business. With the two together, Accuity can expand SBS’ potential market to the customers that they didn’t already share, as well as potentially open up new deals with the SBS customers that Accuity didn’t already have a connection in.

SBS CEO David Schiffer noted “Accuity is the natural home for SBS and affords us the opportunity to build on our existing partnership and success to date, grow our investments in our business, and expand globally. Bringing our expertise and teams together will enable us to accelerate the development of innovative approaches to managing risk through advanced entity resolution and reducing false positives.”

The two fit well here together, and with good reason. Knowing that they’ve already worked together draws clear attention to potential motive. With demand for KYC systems likely to increase—we’ve already seen it balloon in India, and some suggest that cryptocurrency can only go mainstream with KYC backing—Accuity has formed a fairly natural bond that will likely be well-received and give Accuity plenty of new business to boot.

Accuity may be in an excellent position to supply one of the biggest new security moves the payments market can bring to bear, and that bodes well for the company and relevant shareholders.