Fourthline announces record KYC and digital ID growth and says OCR outperforms Google
KYC and digital identity provider Fourthline has announced record growth during calendar 2020, with its annual recurring revenue doubling over the course of the year and a major fourth-quarter surge. Fourthline is the fastest-growing KYC and digital ID solutions provider in Europe, according to the announcement.
The company also claims its OCR models outperform Google’s, after it developed a range of AI algorithms for optimizing image quality for automated document recognition, analysis and processing. Fourthline also upgraded its proprietary ‘ex post’ monitoring for a 20 to 30 percent increase in fraud cases identified.
The fast-growing digital identity and document verification market was forecast even pre-pandemic by Goode Intelligence to reach $15 billion by 2024.
Highlights over the past year for Fourthline include signing up a healthy number of neobanks, online brokers, insurers and fintechs to its digital ID solutions for fraud prevention and compliance. The company also says it was able to meet 100 percent of all client SLAs (service level agreements) despite the growth coinciding with the COVID-19 pandemic and related lockdowns.
New KYC clients signed up by Fourthline in 2020 include Nationale-Nederlanden, Solarisbank, flatex, DEGIRO, KPN, Trade Republic, Bol.com, Xapo, Vivid Money, and Wish.com. Several of those clients themselves experienced major milestones or rapid growth, and Fourthline processes millions of verifications, according to the announcement.
Fourthline’s KYC app for iOS and Android devices was launched in September, and in March the company rolled out a new KYC dashboard to help give clients full control of their customers’ onboarding experiences, along with real-time insights into the customer journey.
The company was recognized during the year for KYC innovation by the Digital Top 50 Awards, Banking Tech Awards, Deloitte Technology Fast 50, and RegTech100.