Acuant to provide document and biometric verification for onboarding provider Veridate

Financial services onboarding provider Veridate Financial has selected biometric and document verification technology from Acuant to integrate with its end-to-end digital client onboarding application COBA.

COBA will integrate Acuant’s AcuFill digital ID capture product, AssureID for document verification, and Acuant Facial Recognition Match (FRM) for identity verification. Veridate will offer COBA to the cryptocurrency market, in which exchanges can have thousands of new accounts opened per day, putting strain on typical onboarding processes, which it says are manual and paper-intensive.

“Our goal is to dramatically reduce the time and effort it takes for the user to onboard and with Acuant, we can deliver on that promise,” said Peter Hatz, co-founder and chief marketing officer at Veridate. “At the same, our solutions can help these self-regulated industries demonstrate compliance with regulations such as KYC, AML and Proof of Life. With Acuant, we can provide full compliance reports in less than two minutes. Acuant’s technology is fast, effective and easy to use – it’s been a game-changer for us.”

Acuant’s technology will perform up to 50 different authentication tests for identity documents in seconds, and validate the identity of the user by comparing facial biometrics from a selfie with liveness detection to the identity document.

“Veridate has built a unique solution that addresses some key challenges for the cryptocurrency market,” said Yossi Zekri, President and CEO of Acuant. “We are pleased to help them solve these challenges by providing the fastest and most accurate identity verification solutions to ensure a seamless user experience coupled with a high level of security.”

Acuant’s AssureID was also recently chosen by fintech firm Domus Semo Sancus (DSS) to help it meet KYC requirements.

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