6 ways Lemonway's KYC fuels marketplace growth

Marketplaces are subject to increasingly strict regulations, particularly regarding KYC (Know Your Customer). This obligation, imposed by regulators, aims to combat fraud, money laundering and terrorist financing. But beyond compliance, KYC is a real growth driver for platforms.

An effective KYC solution simplifies user onboarding, strengthens security and improves the customer experience. This is precisely what Lemonway offers. As a payment specialist for marketplaces, Lemonway offers an optimised KYC solution that combines compliance, seamless processes, and risk protection.

What benefits does this solution truly bring to marketplaces? Discover 6 key benefits Lemonway's KYC solution for accelerating platform growth. 

Why is KYC important for marketplaces?

Marketplaces operating in Europe must comply with strict Know Your Customer (KYC) regulations. Financial authorities, such as the ACPR (Autorité de contrôle prudentiel et de résolution) in France and BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) in Germany, impose precise rules to combat money laundering and terrorist financing (LCB-FT).

These regulations require platforms to verify the identity of sellers, buyers or investors to prevent illicit transactions and ensure traceability of funds. Failure to comply with these obligations can result in heavy fines and even suspension of activities.

Responding to rising fraud

Fraud is on the rise in online commerce, and this has a direct impact on marketplaces. Payment fraud, identity theft and embezzlement are increasing, undermining user confidence.

Without strong user controls, a marketplace is exposed to several risks:

• Regulatory penalties for non-compliance.

• Loss of user trust, resulting in business loss and reputational damage.

• Embezzlement of funds, which could undermine the financial stability of the platform.

6 benefits of Lemonway's KYC to boost a marketplace 

1. A turnkey solution for fast, efficient onboarding 

A smooth onboarding process is essential to attract and retain marketplace users. Lemonway offers a turnkey solution that simplifies KYC integration:

• A direct CTA allows users to submit their documents in just a few clicks.

• An interface hosted and managed by Lemonway, eliminating maintenance constraints for the marketplace. 

• Platform colour customisation, ensuring a smooth and harmonious user experience.

This approach allows marketplaces to focus on their development without worrying about the regulatory and technical complexities of KYC. 

2. An optimised user experience to maximise conversions 

Onboarding is crucial; an overly complex process can drive users away. Lemonway relies on instant identity verification, which reduces friction and the risk of abandonment.

The benefits:

• A simplified process that allows users to sign up in just a few minutes.

• Automatic saving of steps, so you don't have to restart the process if you get interrupted.

• A mobile-optimised process, ensuring maximum accessibility.

Lemonway improves conversion rates and increases user engagement in the marketplace by reducing friction points.

 3. Guaranteed compliance thanks to continuous adaptation to regulations 

Regulations change regularly, and non-compliance can lead to severe penalties. Lemonway guarantees continuous compliance through:

• Updating according to new regulatory requirements (ACPR, BaFin, etc.).

• Flexibility, with the possibility of adding new verification fields according to the market's needs.

4. Advanced fraud protection thanks to hybrid AI technology + human expertise 

Lemonway combines artificial intelligence and human expertise for optimal fraud protection:

• Biometric analysis and liveness detection to prevent identity theft attempts.

• Human intervention in complex cases to ensure reliable validation.

• Real-time screening of sanctions lists (PEP, terrorist financing, etc.) to protect the market from non-compliance risks.

This hybrid model strikes the perfect balance between speed and security, reducing the risk of fraud while maintaining a seamless experience.

5. A risk scoring model for intelligent audit management 

Not all KYC checks require the same level of control. Lemonway offers a risk scoring system that allows us to tailor checks to the activity of the marketplace:

• Automatic risk assessment based on defined criteria.

• Dynamic adaptation of the KYC process, limiting unnecessary checks and speeding up the onboarding of reliable users.

• This intelligent model improves verification efficiency and reduces account activation times.

6. Guaranteed scalability to support growth 

Fast-growing marketplaces need a KYC solution that can adapt to their development. Lemonway guarantees optimal scalability:

• Smooth handling of increasing volumes without affecting performance.

• Flexibility tailored to the needs of B2B and B2C marketplaces, and crowdfunding platforms.

This adaptability means marketplaces and platforms can grow confidently with a robust and scalable KYC infrastructure.

How can Lemonway's KYC course be integrated into a marketplace?

Implementation in a few steps

Lemonway's KYC integration is designed to be fast and seamless. Thanks to an API connection, marketplaces can implement the solution in the shortest possible time without interrupting their business.

The benefits of this integration include:

• A robust, documented API for quick implementation.

• A responsive interface optimised for all media (desktop and mobile), ensuring a consistent user experience.

Dedicated support 

Lemonway offers more than a technical solution: a dedicated support to ensure a smooth integration.

Marketplaces benefit from:

• Responsive technical support to facilitate deployment and resolve potential bottlenecks.

• Regulatory expertise to ensure compliance with current requirements.

• Customised support to tailor the solution to the specific needs of each platform.

Lemonway offers simplified integration, full compliance, and advanced fraud protection with its turnkey KYC solution. Its hybrid approach, combining artificial intelligence and human expertise, ensures efficient and secure onboarding. Choosing Lemonway's KYC means choosing a scalable, reliable solution to accelerate the growth of your marketplace with complete peace of mind.

Contact our experts today to learn more.