Trulioo and One World Identity explain biometric onboarding demand boom
The average consumer transacted with six new brands last year, according to a new report from Trulioo, putting pressure on businesses to make their services available digitally, and generating a wave of demand for biometric remote onboarding. The report launch comes just as a new AML feature has been added to IDnow’s portfolio, and a live biometric video identification service added to HooYu’s. Meanwhile, customer wins have been announced by IDmission and Shufti Pro, and IN-D.ai has joined a major digital marketplace.
Trulioo and OWI report
Many businesses have been thinking about their digital identity strategy in a less-than-optimal way, according to the Trulioo report. Thinking about identity more like a race car, and knowing when to pump the breaks, is the way for organizations to make onboarding more seamless, while reducing fraud exposure.
The ‘Driving Consumer-Centric Digital Identity to Speed Financial Growth’ report, co-presented by Trulioo and One World Identity, suggests a need for organizations to break down data silos held by fraud, security, customer experience and compliance teams, and explores the importance of identity technology orchestration. The benefits of physical and behavioral biometrics are explored for several industry verticals.
The report also discusses the recent integration of biometrics in the ecommerce sector, and the growing pool of data companies can draw upon. It also covers the state of data privacy laws across the U.S. and elsewhere, and urges businesses to transparently explain their data collection practices to raise customer comfort with them.
OWI will host a chat on the report’s findings on July 22.
IDnow has introduced an anti money-laundering (AML) screening feature to its biometric identity verification platform to enable risk assessments and checks against global watchlists.
The AML solution provides checks against databases of politically-exposed persons (PEPs), sanctions lists, global watchlists and adverse media at regular, self-selected intervals.
The integration of AML checks reduces complexity for clients while making know-your-customer (KYC) flows smoother, quicker and more secure, according to the announcement.
“The new streamlined process accelerates the onboarding flow and offers a better user experience”, says Vikas Seth CPO at IDnow. “The addition of AML screening and monitoring is further expanding the IDnow platform and marks another strategic step on our way to become the leading European platform for all identity needs.”
HooYu has launched a live video identification feature with face biometrics, delivered from the web to help its clients meet KYC regulations in Germany and Spain.
The Video-ID interview solution allows businesses to build compliant remote onboarding without requiring customers to download a dedicated app for video verification, which HooYu says contrasts with the approach of incumbents in the space.
The service performs liveness detection, and enables human-led verification of identity documents, HooYu says.
“Several of our European clients have asked if we can power their KYC video process because they are seeing long wait times and an awkward customer journey where the user is forced to download a third-party app to complete the video process,” comments David Pope, HooYu marketing director. “We’ve applied the HooYu approach to UI and UX considerations resulting in a smoother journey with less drop out.”
IDmission will supply its passive biometric liveness detection, deduplication, and enhanced multi-factor authentication (MFA) to Prodigy Ventures subsidiary IDVerifact.
“IDVerifact is proud to add IDmission’s identity proofing and identity lifecycle management solutions to our comprehensive suite of digital identity solutions,” comments IDVerifact SVP of Digital Practices George Colwell. “We are empowering our enterprise clients with leading solutions for improving their customers’ experience, detecting fraud, validating identity, ensuring compliance, and assessing risk.”
Colwell says IDVerifact intends to provide a leading digital identity and digital asset gateway for use cases including fraud detection, complex customer onboarding and lending.
PureFi, which provides AML protocols for decentralized financial services, has selected Shufti Pro to safeguard its Decentralized Finance (DeFi) market against money laundering risk.
Shufti Pro will provide its ID document and selfie biometric checks for AML and KYC verification to minimize risk in the onboarding process. Prospective customers can be checked against criminal watch lists, PEP and global sanctions risks, with a Verifiable Credentials (VCs) certificate issued by PureFi on successful completion. The issued VCs can then be used to allow verifiers using the PureFi protocol to onboard users in real-time, while maintaining end-user anonymity, according to the announcement.
“After observing the rapid evolution of the DeFi market, we decided that now it was the right time to develop a product that will serve as the only legitimate gateway for mass adoption. We are incredibly delighted to become partners with Shufti Pro – it brings us a step closer!” states Slava Demchuk, CEO of PureFi.
Shufti Pro says its global AML databases are updated every 15 minutes, and its digital identity verification accuracy rate is 98.67 percent.
IN-D.ai has launched its Identity Verification suite to the Microsoft Azure Marketplace to enable biometric digital KYC with Aadhaar data masking for customers in India.
Both digital onboarding and video KYC options are now available from the Marketplace. IN-D.ai says the self-learning system can be trained to accept new identity cards with as few as 15 to 20 samples.
“Companies have found it tough to balance a seamless onboarding experience for the customer and foolproof identity verification,” says IN-D.ai Co-founder and Chief Business Officer Rahul Chandra. “The availability of our IN-D Identity and Onboarding solutions in the Microsoft Azure Marketplace enables us to offer a completely automated digital onboarding platform to a wide range of organizations.”