Biometrics providers extend reach as AML market forecast to reach $3.5B in 4 years

Growth in the global anti-money laundering (AML) software solution market will be “vibrant” through 2027, according to market analysis firm Research Nester, reaching $3.5 billion in value on 16 percent compound annual growth from a 2018 baseline.

The forecast in the ‘Anti-Money Laundering (AML) Software Solution Market: Global Demand Analysis & Opportunity Outlook 2027’ report includes transaction monitoring systems, currency transaction reporting, and compliance management software, in addition to customer identity management systems.

The market is gearing up for growth with a new document scanning software upgrade, biometrics customer sign-ups and e-signing partnerships.

Smart Engines shrinks SDK

A new version of Smart Engines’ ID document scanning software development kit for mobile devices is 15 percent smaller, the company has announced.

“This means that the client downloads our software faster, with a minimum of internet traffic. Most importantly, the efficiency of program initialization will increase – the document recognition process will start much faster,” comments Smart Engines CEO Vladimir Arlazarov, PhD in Computer Science.

The ID scanning system can be combined with Smart Engines’ Face Verification Module, and helps businesses comply with regulatory requirements for Know Your Customer and customer identification program (CIP) checks for AML compliance, the company says.

Customer wins for FacePhi, Veriff

U.S.-based fintech Orokii, which provides peer-to-peer and B2B remittance technology, has selected FacePhi to provide selfie biometrics for user onboarding and fraud prevention.

FacePhi CEO and Chairman Javier Mira says the deal is an important introduction to the U.S. market for his company.

Payment orchestrator MassPay has signed on for KYC checks with Veriff’s video identity verification to ensure compliance with regulatory requirements around the world.

MassPay CEO and Co-founder Jeff Katz says fast and easy onboarding with Veriff’s face biometrics allows the company to efficiently carry out complex procedures and address diverse payment types and locations.

Savings from Au10tix and a reseller deal for ZealiD

Au10tix says its identity verification software prevented $1.3 billion in fraud attacks against businesses in the first quarter of 2023.

The company credits its Serial Fraud Monitor solution, previously known as INSTINCT, and its advanced neural network, for protecting banks, financial service and insurance providers, and a wide variety of other industries. The platform provides traffic-level fraud analysis, post-breach cleanup tools, and reputation scoring and consortium validation in addition to fraud detection, according to the announcement.

DocuSign is expanding a partnership with ZealiD, an EU qualified digital identity and eSignature provider, to resell the ZealiD app to its new and existing customers. The KYC extension from ZealiD is developed specifically to align with Germany’s AML laws.

ZealiD’s software allows users to add Qualified Electronic Signatures to documents with the native biometrics of their mobile device.

Article Topics

AML  |  AU10TIX  |  FacePhi  |  identity verification  |  KYC  |  Smart Engines  |  SmartSearch  |  Veriff  |  ZealiD