Selfie biometrics extended with TrustCloud acquisition and merger

Transaction processing provider Branddocs has acquired digital transaction orchestrator TrustCloud, and will merge with it. The combined business will offer user journeys with worldwide compliance, no friction, and interoperability with any vendor to financial service providers, government entities and healthcare companies, the companies say.

The partnership combines Branddocs’ large client base, team of fraud detection experts, AI and machine learning technologies, and orchestration capabilities with the modular platform offered by TrustCloud. The latter bills itself as an “orchestrator of orchestrators,” and is one of the most-certified Qualified Trusted Service Providers (QTSPs) in the world, according to the announcement.

Branddocs signed up to use Jumio’s selfie biometrics for identity verification back in 2017, when its TrustCloud identity verification suite integrated Jumio’s Netverify.

“Knowing we can now offer one singular SaaS platform with one API and SLA across all our integrated vendors means our clients can now implement truly global orchestration solutions for every type of digital transaction – from eSignature to IAM and ID verification to the custodization of digital assets in TrustCloud Vault,” states Branddocs’ CEO, Christoph Sauerwein. “This effectively resets the balance for clients, preventing vendor lock-in. Existing vendors of clients are seamlessly integrated into TrustCloud, so no need to change what’s already working. We’re excited to set new industry benchmarks and future-proof our clients while applying a human-centric approach to all we do.”

TrustCloud says its unique choreographic capability allows businesses to manage high transaction volumes across various geographies.

The terms of the acquisition were not disclosed.

New deployment, discussion and guide

Cathay United Bank has announced the launch of a new mobile banking app, with selfie biometrics for user onboarding and on-device authentication in line with FIDO standards.

The app is also integrated with Cambodia’s Bakong system, which enables transfers between participating financial institutions. There are 7.9 million users of the Bakong system, and Cathay is encouraging sign ups with prizes for customers who open a new account on the app.

The benefits of digital onboarding were discussed in some detail by representatives of Onfido, Venable, and Women in Identity in a recent webinar.

They reviewed the benefits and challenges of biometric user onboarding and remote KYC processes, how they vary in different markets and how they are changing as regulations evolve.

Sumsub, for its part, has published a guide to transaction monitoring for businesses providing financial services. The practice compliments KYC and AML checks to protect gaming, banking, ecommerce and insurance companies from financial fraud, according to the ‘Complete Guide to Transaction Monitoring.’

Article Topics

AML  |  Branddocs  |  identity orchestration  |  identity verification  |  Jumio  |  KYC  |  Onfido  |  selfie biometrics  |  Sumsub  |  TrustCloud