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Online marketplaces say ID verification is vital amid KYC deals

Business updates by Trulioo, Verimi, Shufti, Thirdfort, iDenfy
Online marketplaces say ID verification is vital amid KYC deals
 

Eighty-seven percent of online marketplace executives view identity verification as critical to protecting consumers and building trust in uncertain times, suggests a new marketing report by digital ID vendor Trulioo.

Published Tuesday, the report says that customers want reassurance about ID verification practices of online marketplaces. The report’s survey suggests more consumers expect online brands to do more to protect them against fraud and identity theft.

Consumers are willing to put up with some friction to be reassured, according to the report. Fifty-seven percent profess to be more tolerant of identity verification processes. Another 85 percent of respondents said online brands that meaningfully invest in identity verification show they care about their customers.

Three-quarters of online marketplace executives admitted that consumers’ digital trust has been eroded during the past three years. Almost 60 percent said their organization recently introduced additional identity verification steps to adapt to threats.

Verimi and yes merge to work on German digital ID

As digital identity adoption continues to grow worldwide, several vendors are announcing partnerships, client wins and certifications.

Mobile wallet and KYC vendor Verimi and open banking ecosystem firm yes are prime examples; they announced their merger earlier this week. Between the two firms there are 25 companies.

The pair are forming a joint company, but little is known about the new business’ name, if a value has been assigned to the coupling and how or if shareholders were compensated for their respective stakes.

Verimi and yes, based in Germany, said the move would further digital ID use in that country.

The merger will bundle the services of yes and Verimi and make possible the collaboration of 25 additional firms, including Sparkassen, VR-Banken and Deutsche Bank.

Germany’s Federal Ministry of the Interior (BMI) approved the digital ID wallet for access to public administration user accounts, saying it would comply with the Money Laundering Act.

The bundle will be based on self-sovereign identity (SSI) principles, with encryption and privacy-by-design practices.

The forthcoming wallet will store national IDs, driver’s licenses and other documents.

Shufti Pro selected by FacilitaPay for KYC and AML checks

FacilitaPay has selected Shufti Pro to improve its know-your-customer (KYC) and anti-money laundering (AML) processes.

FacilitaPay, focusing on cross-border payments in Latin America, will now rely on Shufti Pro’s biometric identity verification software to verify ultimate business owners (UBOs), shareholders, customers and commercial partners.

“The global payments industry continues to face complex regulatory change, and providers realize they must have fast, accurate and compliant IDV solutions that offer scalability,” says Shufti Pro CEO Victor Fredung.

Fredung says going with Shufti Pro enables his company to verify customer and partner identity with “the utmost” accuracy and ensure compliance.

The company recently released a new risk profiling software, and completed executive and staff hires.

Thirdfort gets UK digital ID compliance

Thirdfort has been certified by the UK Department for Digital, Culture, Media & Sport (DCMS) under its Digital Identity & Attributes Trust Framework.

The certification will enable Thirdfort to ensure the public benefits from clear and consistent standards in digital ID verification.

Now an officially recognized Digital Identity Service Provider (IDSP), the company will bring to the table its biometric facial recognition with document scanning and open-banking technologies.

“From enabling the digital verification of somebody’s right to work or to rent to facilitating high-value transactions such as buying a house or making a will, digital ID has an important role to play,” says Thirdfort managing director Olly Thornton-Berry.

“This framework will support the ability to share digital identities, unlock improved user experience in the digital world, increase security and boost economic growth.”

The certification comes months after Thirdfort announced two customer wins.

iDenfy to provide full ID verification stack to recruiter

Renewable energy recruitment platform KonForza has selected iDenfy to provide ID verification to reduce costs and automate its customer onboarding with selfie biometrics.

iDenfy’s algorithms are used to check the legitimacy of the ID uploaded by the customer, in one of four steps to welcome a new applicant to KonForza.

“KonForza conducts a thorough screening and verification process for all their candidates, helping find jobs for the best industry professionals out there. Our team is glad to help our new partners meet regulatory requirements, secure their brand, and keep all customers safe,” iDenfy CEO Domantas Ciulde.

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