Allianz Trade pay addresses buyer ID fraud risk for online stores

Allianz Trade has launched a new 'Know Your Buyer' (KYB) feature within its Allianz Trade pay payment solution. The update aims to protect businesses from buyer identity fraud, a growing concern in the B2B e-commerce sector.

The new KYB module integrates with Allianz Trade pay's existing functionalities, including real-time credit risk assessment and trade credit insurance. The service automatically verifies the identity and company details of new buyers, leveraging Allianz Trade's global database of 289 million companies.

"There is a delicate balance to strike between two requirements, but we don’t believe that one has to come at the expense of the other," the company stated. Businesses aim to offer competitive payment terms, but unknown buyers increase the risk of fraud.

While 95% of B2B companies wish to offer credit terms online, only 10% currently do so due to the challenges in risk management. Allianz Trade pay's KYB feature seeks to address this by enabling secure and efficient buyer identification without significantly lengthening customer processes.

Allianz Trade pay allows businesses to build customer trust and focus on growth, while outsourcing the management of fraud risks. The digital platform supports the expansion of B2B e-commerce by providing a competitive solution in a rapidly evolving digital landscape.