Mitek ID verification solution improves Nocks onboarding time by 98 percent
Mitek has announced that European blockchain provider Nocks has improved its customer onboarding time by 98 percent, from 12 hours to five minutes, by utilizing Mitek’s Mobile Verify government ID verification technology.
Mobile Verify has helped Nocks comply with the fourth and fifth EU Anti-Money Laundering (AML) Directives, while its userbase has grown by 214 percent since integrating Mitek’s technology.
Nocks, which uses the Gulden blockchain to orchestrate transactions, can validate the identity of applicants in real time with Mobile Verify’s AI and machine learning algorithms, improving customer conversion rates, according to the announcement. Users take photos of an ID document and their driver’s license with their cellphones, and after Mobile Verify validates the documents as genuine and unaltered, the user is granted access to a range of payment options.
“There is no doubt that blockchain technology will transform the financial services industry,” said Rene Hendrikse, Managing Director for EMEA at Mitek. “By introducing digital Know Your Customer (KYC) checks, innovative fintech companies like Nocks can demonstrate that the blockchain is not only transformational, but safe and secure for customers and the wider industry alike.”
As previously reported, Mitek formed a partnership with Asignio in October to provide a complete identity-as-a-service (IDaaS) solution.