Panini joins identity authentication market as Dwolla integrates Onfido facial biometrics
Italian company Panini has widened its product portfolio with a new focus on solutions for identity and transaction security. Panini has introduced ValidātID, a fraud prevention, identity authentication and data capture platform that improves workflows, the company announced.
“Panini will always be dedicated to innovation and leadership in our core business of check truncation,” says Michael Pratt, CEO, Panini. “But we’re also expanding the company to an exciting new direction focused on security.”
Panini ValidātID was developed for businesses such as financial institutions that require identity authentication and want to automate processes while fighting off fraud attempts. The software uses forensics to check ID authenticity by analyzing multiple sources, including watch lists such as OFAC. Panini claims that their solution acts like a first line of defense that will eliminate manual errors and speed up critical transaction processes without compromising on data security.
“ValidātID is a solution that specifically addresses the massive and growing problem worldwide with identity theft and identity fraud,” adds Pratt. “With ValidātID, you can make sure the identification credentials are authentic and that the person is who they say they are.”
Panini ValidātID is compatible with a number of scanners including ID and passport scanners and the Panini Vision neXt and EverneXt check scanners. The platform was officially launched at ABA Annual Convention in Seattle, Washington, this week.
Elsewhere in digital authentication, U.S.-based eCommerce company Dwolla is the latest to integrate facial biometric technology from Onfido to deliver identity verification for user-onboarding and prevent fraud attempts.
The technology provide by Onfido verifies identity in two stages. Documents are first scanned with a phone or computer and the Onfido Document Verification confirms ID authenticity. If the ID is real, the Biometric Verification feature will match the document to the person making the transaction.
Onfido can currently check over 4,500 types of documents from 195 countries, and claims its identity verification technology is used by over 1,500 companies.
“As the movement of money is increasingly democratized through payment platforms, fraudsters have numerous opportunities to use personal information gained from the Dark Web to strike quickly and efficiently to bolster their own bank accounts,” said Rick Hofmann, Onfido VP Global Partnerships & Alliances. “We are thrilled to be partnering with Dwolla to protect service providers and their clients through AI-powered identity verification. Our partnership will provide a safe, trusted and intuitive user experience that limits friction and delights customers who desire to send or receive payments globally.”
Last week, Onfido released its Global Fraud Index that claims only about 1 percent of $5 trillion a year in global fraud is recovered by authorities, and one in three U.S. adults have been affected by identity theft. At the 2019 Money 20/20 USA, the company is preparing to showcase new machine learning capabilities to monitor the quality of identity document data capture.