ABN AMRO has introduced ID & Pay, a ground-breaking solution designed to enable online service providers to seamlessly incorporate user registration and payment management within their own digital platforms. This service allows businesses to maintain their branding while leveraging ABN AMRO’s robust data verification processes. Developed to streamline current client and payment procedures, ID & Pay combines these functions into a single, secure system, simplifying business operations and enhancing user experience.
VanEck Direct, an asset management firm, is the first client to adopt the ID & Pay open infrastructure. This integration allows VanEck Direct users to easily open accounts and make payments with minimal effort. “The integration with ID & Pay has lifted the burden of client and payment administration from VanEck Direct,” says Lies Oudemans, Director of VanEck Direct.
Funds managed through ID & Pay are securely handled and segregated via an advanced cash wallet system, ensuring precise payment processing and safeguarding users’ money under ABN AMRO Clearing Bank N.V.’s deposit guarantee system. By providing a reliable and efficient payment infrastructure, ID & Pay allows businesses to focus on growth and customer satisfaction while ensuring rigorous financial management.
As ID & Pay continues its rollout, more online businesses are expected to embrace this innovative solution, contributing to a more secure and efficient digital financial ecosystem.
