IDology and Smile Identity biometrics tapped for financial KYC, onboarding, authentication
Hydrogen has integrated its fintech platform with GBG subsidiary IDology to provide its clients with technology to run KYC checks on their end-users, reduce integration costs and time-to-market, the company announced.
Dubbed ExpectID, IDology’s platform provides KYC and identity solutions and helps prevent digital fraud through layered identity attributes and AI.
“Today, speed to market with advanced and proven identity technologies is essential to thrive for FinTech’s,” said Chris Luttrell, COO of IDology, in a prepared statement. “We are excited to join Hydrogen in offering innovative fintech firms an easy, seamless way of maintaining compliance and verifying identities in this dynamic market landscape.”
Hydrogen’s API offering helps companies deliver fintech solutions and products for seamless and frictionless onboarding, with no coding or development experience necessary, according to the announcement.
“Our exciting partnership with IDology amplifies our efforts to orchestrate a multitude of API-based solutions, allowing our clients to deploy new fintech products and components faster and cheaper, thus giving them a competitive advantage,” said Evy Natan, Integrations Partnership Manager at Hydrogen, in a prepared statement.
Microtraction chooses Smile Identity biometrics for KYC services
Investment firm Microtraction has partnered with Smile Identity to provide its customers with 3,000 to 5,000 free KYC services for user onboarding and authentication to prevent money laundering and fraud, the company announced.
Smile Identity is a digital platform established in 2016, which consists in a team of 16 specialists from the U.S. and six African countries. It leverages a mix of biometric facial recognition and liveness checks with government ID validation to deliver digital KYC solutions in Africa.
The platform can process more than 250 million identity records such as national IDs, passports, driver’s licenses and dates of birth across African countries, including Nigeria, Kenya and South Africa. The tool can also verify addresses and bank accounts, and comes with tax and business confirmation capabilities. Smile ID currently processes more than 200,000 KYC checks per month in five African countries, each in less than seven seconds. If human intervention is necessary, the process takes less than a minute.
“In the midst of the current global crisis, every business needs to adopt fully digital onboarding. The challenge is how to do that without sacrificing the trust and security that comes from meeting a customer in person,” said Mark Straub, Smile Identity co-founder and CEO, in a prepared statement. “Smile Identity has spent years preparing for this moment — our tools enable high trust onboarding with face recognition optimized for Africans, unparalleled digital ID validation coverage, and algorithmic liveness checks backed by human review in Africa.”
Smile ID’s biometric facial recognition can be used for authentication and deduplication, and can be merged with web and mobile channels.