ComplyCube reports 500 percent growth of biometric KYC business
Artificial intelligence-powered identity verification form ComplyCube has reported year-on-year growth of over 500 percent as it experienced unprecedented demand for its selfie biometrics in the first quarter of 2021.
According to the firm, the growth was spurred on by the increasingly substantial global push towards digitalization caused by the pandemic.
From a technical standpoint, ComplyCube’s Software as Service (SaaS) platform utilizes a hybrid human-based pipeline which includes super-recognizers.
The biometric solution is GDPR-compliant, and provides global coverage meeting data residency and processing requirements of some jurisdictions with Amazon Web Services (AWS), Google’s Cloud Platform (GCP), and Microsoft’s Azure cloud infrastructure.
ComplyCube currently operates in a variety of sectors, including telecoms, banking, financial and healthcare.
The firm has recently launched a cloud-based, know-your-customer (KYC) solution called Flow, designed to mitigate AML compliance and fraud risk while also reducing the need for specialized and expensive resources.
Biometric remote onboarding is expected to drive the digital identity verification market to $16.7 billion in the next five years.