Biometrics to lead IDV market’s $10B growth by 2026
The global market for digital identity verification technology is forecast for rapid growth, with MarketsandMarkets estimating a 16.6 percent compound annual growth rate to reach $18.6 billion by 2026. Biometrics are expected to gain ground within that market on non-biometric solutions.
The ‘Global Identity Verification Market…’ report starts with a 2021 revenue estimate for IDV of $8.6 billion in 2021.
The Asia-Pacific region is forecast for the highest growth rate during the next five years, and large enterprises are expected to continue leading the adoption wave.
The vigor of the market for ID document and selfie biometrics for remote ID verification is demonstrated by a series of customer wins, a market-entry partnership and a technology integration deal.
Jumio, Ondato, iDenfy and Sumsub score customer wins
Nationwide Building Society, a UK-based mutual building society, has selected Jumio’s selfie biometrics and identity document-scanning technologies for remote user onboarding, as well as age verification for youth accounts.
The integration of Jumio’s API enables Nationwide to provide an end-to-end digital process for its customers, according to the announcement.
“We are proud to partner with Nationwide as they help more than 15 million members save and prosper,” states Mark Reeves, Jumio’s VP of EMEA. “By using Jumio’s AI-powered solutions, Nationwide is able to provide a seamless digital onboarding experience to customers of all ages.”
Ondato’s suite of biometrics and compliance tools has been selected by European electronic money institution (EMI) Satchel to strengthen its compliance with know your customer (KYC), anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.
Satchel also provides Ondato with a trusted environment for rapidly developing new solutions through the deal, according to the announcement.
“Ondato’s solution turns compliance — often considered a brake on business — into a business benefit, with greater agility, customer protection and operational efficiency,” says Liudas Kanapienis, CEO and co-founder of Ondato. “Satchel is acknowledged as one of the world’s centers of innovation in financial services and by partnering with Ondato its customer documents and biometrics will be verified using the most advanced recognition technologies, and checked against the relevant national and international registries and databases. Ondato gives Satchel complete confidence it is operating in full compliance with personal data protection laws, KYC, AML, CFT and online security regulations.”
The company boosted its compliance offerings with customer identity lifecycle monitoring.
European Merchant Bank has chosen iDenfy to provide remote ID verification technology.
The digital bank will use iDenfy’s selfie biometrics and related services to ensure compliance and security while maintaining fast and user-friendly remote banking experiences, the companies say.
iDenfy says fake personal ID documents were found in 2 percent more attempted registrations in 2020 than the previous year, while deepfake attempts rose from 0.5 percent in 2019 to 6 percent in 2020.
Sumsub’s ID document and biometric liveness checks are being adopted by social crypto exchange BingX to meet its compliance obligations, build trust and accelerate its global expansion,
“One of BingX’s overarching objectives this year is to make its services more easily accessible,” explains Elvisco Carrington Communication and Partnership manager at BingX. “At times, the KYC and compliance requirements can be tiring and could dissuade new users from completing registration. We want our users to have the best experience from start to finish. What better way to start the year, than making our KYC steps for our users easier to complete. This partnership between Sumsub and BingX will serve as a strategic move that will simplify the KYC process; attracting more users to our platform while giving us a competitive edge in the crypto market space.”
Unissey and ZignSec partner for end-to-end biometric onboarding solution
ZignSec ID document verification technology is being integrated with Unissey’s face biometrics to create a complete digital KYC solution for remote customer onboarding.
The partnership brings together ZignSec’s five-second document verification with optical character recognition (OCR) for 9,000 document types with metadata reviews with Unissey’s five-second face biometric verification from any device with presentation attack detection (PAD).
“We’re taking a step further into the fight against identity fraud by joining forces with ZignSec to offer a full eKYC process which combines document identity verification and passive liveness detection,” says Unissey CEO Yassine Mountacif. “The need for a biometric solution that encompasses all the necessary regulations at a national and European scale has been met and we pride ourselves in offering a high level of security and trust to our partners.”
The partners say the combined technologies will provide reduced costs and bureaucracy, time savings and higher customer conversion rates.
Trustmatic partners to tackle Turkish market
Trustmatic is bringing its selfie biometrics and online identity verification to the Turkish market through a partnership with MEP Sistem, which is one of Turkey’s leading IT solutions providers, according to a company announcement.
Donal Greene, Trustmatic founder and CEO, says the partnership reflects his company’s prioritization of having a presence close to customers to help with pre-sales, maintenance and support.
“This partnership with Trustmatic enables us to take best-in-class technology and adapt it to solve the specific challenges our local customers are facing,” MEP Sistem Managing Partner Sadettin Ustun. “By automating identity verification and KYC processes, Turkish businesses are protected against sophisticated fraud and benefit from an improved onboarding process for their customers.”
Trustmatic’s ID document and selfie checks utilize Innovatrics’ biometric algorithms.