Ant International, Visa and Mastercard to develop 'Know-Your-Agent' framework

Major global payment players Ant International, Visa, and Mastercard are joining forces to build a new 'Know-Your-Agent' (KYA) framework. For retail operators and merchants using third-party agents or global digital wallets to process consumer financing, this means the onboarding process is about to get much faster and more secure. Currently, identifying and verifying agents across different platforms like Visa and Mastercard is fragmented and slow. This new interoperable standard aims to fix that by creating a shared way to verify the identity of agents who facilitate payments and financing. For your business, this translates to reduced friction when setting up new payment methods or financing portals. If you rely on digital wallet ecosystems to reach customers, this framework ensures that the intermediaries handling those transactions are properly vetted without the usual administrative headaches. It strengthens the security of the entire payment chain. By standardizing identification, these card networks are making it easier for merchants to adopt new financial technologies across borders and platforms. You can expect more streamlined backend operations and a more reliable infrastructure for the digital financing tools you offer your customers.

Source: Finextra — Lending

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