Selfie biometrics onboarding takeover continues with new customers, success stories
A number of companies in the identity space have announced new biometric partnerships this week, with TendedBar joining forces with IDmission and Index Exchange incorporating artificial intelligence (AI) technology to meet new know-your-customer (KYC) and anti-money laundering (AML) standards. Also, Decentworld and Liquidifty have partnered with GlobalPass on a new identity verification solution, Shufti Pro with Banxy on customer onboarding, and iDenfy with HollaEx on blockchain-based anti-fraud solutions. While small business and freelance banking platform Lili sees 1,700 percent growth in new sign ups over two years via the Socure ID+ verification platform.
TendedBar and IDmission collaborates on digital ID verification
The move is aimed at making one-time registration via selfie and QR code, onboarding, and payment processes for potential customers seamless and secure.
“TendedBar has created a perfect use case of digital identity being used to access goods and services in the physical world,” said IDmission CEO Ashim Banerjee in a LinkedIn post.
More specifically, the company’s technology will also be used to verify customer’s age and identity and tokenize the customer’s payment information, so that neither the identity nor payment information are ever exposed to TendedBar.
“Tying payments to identity opens up a whole new world of selfie payments,” Banerjee adds. “IDmission is honored to be playing a small part in this oncoming revolution in the retail experience.”
Index Exchange deploys face biometrics system
Index Exchange has become the first exchange house to deploy the facial recognition system designed by the United Arab Emirates (UAE) Ministry of Interior, Gulf News reports.
The move is aimed at ensuring better customer profiling, improved compliance, faster service and an easy customer on-boarding process across the region.
The deployment of the new biometrics-based system should also help the UAE government in tackling identity fraud via identity verification technologies and KYC forms.
“Index Exchange has been at the forefront of the digital transformation,” says Mir K Rasool, chief business officer of Index Exchange
“The deployment of the facial recognition system makes financial transactions more secure and safe and will help us to take our services to the next level of excellence.”
Decentworld and Liquidifty partner with GlobalPass on digital ID verification for the metaverse
The collaboration will see identity verification company GlobalPass to provide Swiss metaverse digital real estate platform DecentWorld and NFT Marketplace platform Liquidifty with its biometric identity verification services.
“NFT businesses must be prepared for future regulations and make sure they have an infrastructure in place to support KYC/AML,” comments GlobalPass CEO Tomas Sniukas.
“Making sure things are in place will be a benefit to the business from other operating standpoints.”
According to Sniukas, NFT marketplaces will have to deal with banks to exchange crypto earnings into fiat currency, and banks will not be interested in working with any business that does not have proper security measures in place.
“By taking a risk-based approach and introducing KYC and AML measures through GlobalPass, we create a more conducive working frame that benefits our clients, their users, their business partners and cuts the exposure to financial crime.”
Shufti Pro and Banxy join forces on customer onboarding
Shufti Pro has entered a new, strategic partnership with mobile banking expert Banxy.
The collaboration will see the digital ID expert provide customer onboarding services to Banxy’s customers.
The companies first worked together in the first half of 2021, with the partnership reportedly improving Banxy’s customer experience substantially, also helping the company meet local regulations with an on-premise installation.
“By partnering with Shufti Pro, we seriously upgraded our onboarding customer experience, confirming our commitment towards our clients to provide innovative and high-quality services,” comments Banxy’s head, Juliet Jolivet.
“Shufti Pro’s AI-powered identity verification solutions enable us to verify and identify in a matter of seconds with the utmost levels of accuracy and security.”
The renewed partnership with Banxy comes days after Shufti Pro was listed by International Business Magazine as the best provider of verification solutions used in the Middle East and North Africa (MENA) region.
iDenfy to protect HollaEx’s cryptocurrency platform
iDenfy will provide HollaEx, an open-source, blockchain-based cryptocurrency exchange platform for businesses, its document authentication and biometric verification services.
The rationale behind the move is that, while it is not mandatory in certain countries to undergo KYC process for crypto trading, an increasingly large number of transactions and connected fraud risks are pushing more firms to look for secure remote identity verification solutions.
HollaEx said iDenfy satisfied its intended requirements, particularly in terms of the format in which the solution was delivered. The company was able to offer an automatic KYC and AML system with ISO/IEC 27001 standard in the form of a plugin that was simply integrated within the cryptocurrency exchange platform.
“Identity verification increases the confidence in your organization,” says iDenfy CEO Domantas Ciulde, commenting on the news.
“Today, battling crime online is a complex process, and we’re glad to partner with HollaEx, a responsible business that strives to provide its customers with the smoothest onboarding possible.”
iDenfy also recently announced it will provide its verification services to help prevent fraud attempts against the network of New Zealand-based online payments and currency exchange company RBFC Global.
Socure delivers rapid growth in secure signups for banking platform Lili
A banking platform for small businesses and freelancers grew its base of securely verified users from 30,000 to 550,000 using an identity product from Socure.
The 1,700 percent growth was achieved in less than two years and kept out bad actors via the Socure ID+ platform for graph-defined identity verification.
“Socure was pivotal to supporting a huge surge in our growth during the past few years, eliminating false positives and facilitating onboarding of the younger population who are traditionally difficult to verify,” comments John Mearls, head of risk and operations at Lili.
“Socure has helped us improve our scalability and security, and meet the needs of our customers, without introducing friction or latency.”