Paladyum Electronic Money and Payment Services (PeP), a Turkish payment services provider, has partnered W2 to improve digital on-boarding process.

The move comes as the Turkish firm prepares to launch its UK wallet proposition in June 2020.

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Under the collaboration, W2 will assess PeP’s new digital customers in the UK.

W2 technology will help PeP to comply with anti-money laundering (AML) regulations while on-boarding customers, and authenticate them using facial-comparison solutions.

W2 CEO Warren Russell said: “We are very proud to partner with PeP, providing them with all the tools needed to support a smooth, simple and frictionless customer onboarding journey.

“PeP was looking for a partner to help simplify customer onboarding and the subsequent monitoring of customers whilst ensuring they consistently meet their compliance obligations and in W2, they have found just that.”

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PeP board member Artun Kumrulu said: “With the emergence of new methodologies that use machine learning and data analytics, we recognise that the regulatory landscape is becoming more complex and fast-paced than ever before.

“In W2, we have found a partner that is committed to making compliance as simple as it can be.

“Having a reliable digital onboarding process in place that allows us to do better business while protecting our reputation means everything to us.”

PeP offers EMI accounts, cross-border money transfer service and multi-currency wallet to individual and business customers.

The services are integrated with more than ten banks and around 50,000 ATMs.