Payment21® identifies its clients
Swiss law requires financial intermediaries to implement a customer identification program and verify the identities of persons with whom they do business.
CIP (Customer Identification Program) standards require that certain minimum information be obtained prior to establishing a customer account relationship; the financial intermediary may verify through documentary and/or non-documentary means that a person is who he/she claims to be or that an entity exists and the person representing it has authority.
As a third party processor, it is clearly important for our company to know with whom we are conducting business and take prudent action to ensure persons are who they claim to be and have authority to initiate transactions through bank accounts. Besides knowing the company's merchants, Payment21® may verify the identity of consumers as a necessary step in protecting the business from loss and liability.
Identity verification procedures
Payment21® maintains risk-based procedures for verifying the identity of each client to the extent reasonable and practicable. The procedures enable us to form a reasonable belief that we know the true identity of each client. The procedures are based on Payment21®'s assessment of the relevant risks, including those presented by the various types of services provided, the various types of identifying information available, and the company's size, location, and customer base.