Lemonway, a European payment institution, announces the launch of Online Onboarding, a solution designed to streamline the merchant onboarding process for marketplaces.
As explained in the update, online onboarding eliminates the need for marketplaces to manage new customer onboarding, allowing them “to focus on business growth while staying competitive.”
This solution reportedly offers an automated onboarding process, combining Lemonway’s expertise in payments with Entrust ETSI-certified identity verification “with Qualified Electronic Signature (QES), powered by Entrust’s Onfido Identity Verification solution.”
As a result, marketplaces reportedly rely on Lemonway in order to secure the compliance-driven onboarding journey, “ensuring a secure and efficient experience for their merchants.”
Key Features of Online Onboarding:
- Onboarding Management: Lemonway now handles the entire onboarding process, from document collection to wallet creation, allowing marketplaces to redirect their focus to strategic initiatives and business development.
- “Secure” Onboarding: Identity validation is completed in under two minutes for individuals, with businesses verified within 48 hours.
- “Seamless” and Customizable: Personalized onboarding pages, aligned with marketplace branding, provide a frictionless experience that minimizes drop-offs and boosts conversion rates.
- Fraud Prevention: the Onfido biometric liveness detection and document verification prevents even the most sophisticated fraud attempts.
- Regulatory Compliance: The solution adheres to stringent European KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations, reducing the risk of non-compliance, through ETSI-certified identity verification technology and Qualified Electronic Signature (QES).
- “Scalable” and Future-Ready: Features like document automation, PEP (Politically Exposed Persons) checks, and intuitive dashboards ensure adaptability as businesses expand.
Jeremy Ricordeau, Chief Product Officer and Chief Operating Officer at Lemonway 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 Onfido identity verification tech is at the heart of Online Onboarding, providing “document verification, biometric checks, and fraud detection.”
By automating the verification process, Entrust enhances the security of onboarding, while supporting “stringent regulatory compliance needs across the EU, helping Lemonway’s partners remain competitive in an increasingly demanding market.”
Minh Nguyen, Vice President of Onfido products at Entrust 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.”
As noted in the update, Lemonway is a pan-European payment institution dedicated to marketplaces B2B, B2C, C2C and alternative finance platforms looking “for payment processing, wallet management and third-party payments with adequate anti-money laundering (AML) and customer verification (KYC).”
Lemonway is authorized and regulated by the ACPR (Autorité de Contrôle Prudentiel et de Résolution) and benefits from the “EU financial passport” in 28 countries.
The company is reportedly based in Paris (HQ) and Hamburg.
