Acuant partners on biometric security and regulatory compliance for digital asset exchanges
Acuant is partnering with Scalable Solutions to support the secure exchange of digital assets with an integrated biometric anti money-laundering (AML) and know you customer (KYC) platform for streamlined compliant onboarding by banks and other financial service providers.
Scalable Solutions describes itself as a white label digital asset exchange provider, and also provides tokenization services.
The partnership addresses the challenges financial institutions face in trading digital currencies and developing products and services around them, the companies say. Scalable Solutions brings its experience in blockchain and traditional financial services, and chose Acuant to provide assurance to institutions in the form of its Trusted Identity Platform.
The Acuant Trusted Identity Platform provides identity verification with face biometrics, risk scoring, transaction monitoring and regulatory compliance capabilities and omnichannel deployment options, the combined strength of which motivated Scalable Solutions’ decision, according to the announcement. The company also added AML expertise through its IdentityMind acquisition last year.
“We know how difficult it can be for financial institutions to ensure that all systems are in place to comply with regulations and prevent fraud, especially in our ever-changing regulatory environment,” comments Mark Berger, founder of Scalable Solutions. “Our partnership with Acuant helps financial institutions and exchanges to seamlessly integrate AML/KYC compliance, digital identity verification and benefit from secure automation.”
Scalable Solutions plans to use Acuant’s complete identity verification with selfie biometrics, regulatory compliance and digital identity solutions for automatic approval or denial of prospective end-users and automated transaction monitoring. The integration will increase efficiency and enable fraud teams to analyze specific identities for risk, the companies say.
“It is imperative that solutions are built with an understanding of the concerns and challenges that banks, exchanges and other businesses face,” says Acuant President and CEO Yossi Zekri. “We are thrilled to partner with Scalable Solution’s team of experts to provide banks with a frictionless solution for securing digital exchanges.”