Acuant closes IdentityMind acquisition and combines platforms for full digital ID lifecycle management
Acuant has completed its acquisition of IdentityMind and is combining its Trusted Identity Platform with IdentityMind’s orchestration layer to expand its reach across the full identity lifecycle, according to a company announcement.
The integration creates a best-in-class identity platform for building, proofing, verifying, and maintaining digital identities, and provides the broadest global coverage of an AI-powered identity platform with API integration for omnichannel transactions, Acuant says.
IdentityMind brings access to data, risk modeling and scoring, all in a single API. The company has traditionally been focused on SMBs, fintech, cryptocurrency and regulatory compliance, industries which Acuant also counts among its customer base, but Acuant President and CEO Yossi Zekri told Biometric Update in an email that his company expects “to solve for identity verification in any industries at the SMB, enterprise and government level.”
“We believe there is a new standard in identity verification solutions,” Zekri writes in the email. “It is not just about choosing one pain point to solve (doc auth, biometric, etc.) — in light of growing and sophisticated fraud, organizations must choose a platform that allows access to many solutions, data points and the ability to adjust accordingly. This is what the Acuant Trusted Identity Platform provides.”
Acuant recently added passive liveness checks to its facial biometrics, and Zekri says that customers have been “extremely pleased with the functionality and security” of the new offering, being both “a much more straight-forward process for the user and more robust for the entity to thwart fraud.”
“As digital transactions continue to see massive growth, understanding who’s on the other end of the transaction is key to reducing fraud, managing risk and complying with regulations,” said Trace Fooshee, Senior Analyst with Aite Group in a press release. “This evolution of the Acuant Trusted Identity Platform with IdentityMind positions them well in the dynamic market for identity orchestration platforms.”
Between them, Acuant and IdentityMind have won dozens of industry awards, and they hold ISO 27001, Privacy Shield, SOC 2, and PCI DSS 3.2 certifications, as well as compliance with major regulations and adherence to NIST and ICAO specifications.