KYC and digital ID momentum seen in award, customer wins, new products and partnerships
In an eventful week for digital ID solutions around the world, The Baltic Assembly has awarded iDenfy the Baltic Innovation Prize, Shufti Pro has won two new customers in different verticals, and Trulioo has announced the GlobalGateway Match Rate Challenge. Also, Liquid Avatar introduced its proprietary Passmate services program, Smart Engines is partnering with Argos KYC and TruliUs with TrustBuilder.
iDenfy wins Baltic Assembly’s innovation prize
The identity verification company has been awarded the innovation prize for its “outstanding achievement in innovation and new technologies,” as well as for “the strengthening of cooperation of the Baltic States in innovation and technological development.”
IDenfy specializes in the development of AI-powered identity verification solutions with biometric capabilities.
Founded in 2017, the company today reportedly counts over 300 partners globally and has in the last few months strengthened its position in the market via various partnerships, including with Onfido, Triall, and DoFinance.
Shufti Pro announced two customer wins
Shufti Pro has signed up a pair of new customers for its biometric know your customer (KYC) and anti-money laundering (AML) checks.
Global mobility platform Vengo and rewards-based health and wellness platform NSUR have each chosen automated ID verification services from Shufti Pro.
Vengo provides ride-hailing services in the U.S., South America, Europe and Asia, and will use Shufti Pro real-time digital ID verification solution to validate the identity of drivers and ensure the safety of passengers, while meeting its KYC requirements.
NSUR is using Shufti Pro’s KYC and AML services to mitigate identity theft and money laundering among the platform’s cryptographic token users.
“We are using Shufti Pro to perform KYC and AML on customers who are purchasing protected cryptographic tokens through NSUR’s Value Protection Program,” explains Mark Peters, CEO of NSUR, “This program is one-of-a-kind, it is the first program we have ever seen in the cryptocurrency sphere to protect token holders’ purchase value. In short, through NSUR’s Value Protection Program, holders of protected tokens have peace of mind that the purchase value of their tokens will be protected against loss for two years.”
“Shufti Pro is committed to creating a marketplace where businesses can expand without the risk of digital identity fraud,” comments Shufti Pro CEO Victor Fredung. “Our AI-powered KYC solution validates the identity of individuals in seconds with an accuracy rate of 98.67 percent, making the onboarding process swift and reliable.”
Liquid Avatar announces Passmate services program
The new program aims to increase identity verification and validation opportunities for business, industry, and government via payment terminals and Point of Sale (POS) systems available at most commercial facilities.
In other words, the Software as a Service (SaaS), subscription-based service makes data sharing and proof of identity more secure while enabling businesses to retain their existing payments infrastructures.
Passmate was developed in conjunction with Dynamics and Indicio. Its release fits into Liquid Avatar’s wider goal of delivering a quick and reliable digitally verifiable identity that can be easily scaled depending on companies’ or governments’ needs.
“Secure, private, digital verification reduces fraud and increases certainty between parties while no personally identifiable information is revealed without permission,” states Liquid Avatar CEO David Lucatch.
“This type of easy to use, trustworthy digital identity is more timely, relevant and is more powerful than ever before,” he adds.
Passmate will reportedly be part of pilot programs in early 2022 as part of the recently announced Smart Age program supported by the Ontario Convenience Stores Association (OCSA).
The technology will be first introduced to Dynamics’s customers and then be made available through the company’s and Liquid Avatar Technologies’ to other transaction processors.
Smart Engines partners with Argos KYC
Following the beginning of the partnership, Argos KYC will integrate Smart Engines’ software for intellectual data extraction of ID cards, passports, and driving licenses within its infrastructure.
The technology can reportedly extract data from documents in more than 100 languages, and its SDK minimizes CPU energy consumption and carbon footprint by using a framework of low-bit pipelines for deep neural network inference.
“We are proud that our OCR performs exceptionally well for the Korean language,” says Nikita Arlazarov, CFO at Smart Engines.
“Our partnership with Argos KYC not only corresponds to the needs of their business but will help it to get in the head place among its competitors,” he concludes.
The collaboration follows the deployment of Smart Engines’s technology in Kazakhstan, designed to facilitate border control checks.
Trulioo launches GlobalGateway Match Rate Challenge
The initiative aims to spur businesses to compare their chosen identity verification solutions with Trulioo GlobalGateway, in order to select the one with the best possible identity verification match rates.
Trulioo’s technology works via a single-API integration that provides real-time verification of roughly five billion consumers worldwide.
According to the digital ID solutions provider, customers switching to GlobalGateway have witnessed a 40 percent increase in their verification rates.
The Match Rate Challenge is free to enter and participating companies will be provided with an end-to-end batch test in order to easily quantify and compare performance.
The initiative comes days after Trulioo hired Shradha Mittal as senior vice president of People and Culture to renew the company’s talent acquisition strategy.
TruliUs and TrustBuilder join forces on business identity management
This will enable TrustBuilder customers to more easily verify the business credentials of users as well as their authorizations and privileges.
From a technical standpoint, TruliUs issues secured and validated business passports for onboarding and completing business transactions online via a single login.
Thanks to the new partnership, TrustBuilder will now leverage TruliUs technologies to offer even more Identity Providers (IdP) to its customers, specifically for business-to-business applications.