Selfie biometrics and KYC checks further expand beyond banking
The full range of the identity verification market is shown in customer deals announced by Yoti, Sumsub, Shufti Pro, Incode, iDentify and Onfido. Between them, the selfie biometrics and KYC providers have clinched agreements with customers for employment, car-sharing, property rentals, crowdfunding, organizational governance and payments.
Yoti will provide background screening checks
London-based digital identity company Yoti will help Canada’s first background screening company Britton Management Profiles streamline employment identity checks.
Yoti’s identity verification technology will help speed up background checks across the globe, including references, employment verifications, criminal background checks and identity verification, the two companies announced.
Sumsub bets on European car-sharing industry
Over the next decade, peer-to-peer car sharing is expected to gain more acceptance across Europe and with it, the need for digital driver’s license verifications will increase. Sumsub is ready to ride that wave.
The UK company has become the new partner for Prague-headquartered car sharing platform HoppyGo, founded by Czech automobile giant Škoda. Sumsub will provide KYC (Know Your Customer), age and document verification, driver’s license checks and fraud protection. The company has recently expanded its support to over 14,000 types of identity documents.
HoppyGo now offers over 2,500 cars but predicts that around 7.5 million cars will be shared in Europe by 2023. Digital identity fraud will be a big issue: Sumsub says that between the second quarters of 2022 and 2023, the fraud rate in the mobility industry in Czechia increased by 5.5 times.
Shufti Pro to provide KYC and AML for SME crowdfunding platform
After landing sixty new business clients within the first two quarters of 2023, Shufti Pro has added another partner in the fintech business, an equity crowdfunding platform named Bamburcorn. The company will help the platform with knowing your customer (KYC) and anti-money laundering (AML) solutions.
Bahrain-based Bamburcorn is hoping to overcome the risk of fraud which has been increasingly hitting crowdfunding platforms. The platform offers investment opportunities for startups, small and medium enterprises and real estate projects and is regulated by the Central Bank of Bahrain.
Incode partners with Snappt on real estate solution
Californian identity verification form Incode Technologies is joining hands with Snappt, a company that provides document fraud detection for residential apartment property managers. The two firms are planning to create a solution for property management under a single platform.
“We empowered a leading property management company to catch fraudulent tenant applications, leading them to realize 10x ROI in just four months,” says Incode CEO and Founder Ricardo Amper.
In May, Incode also signed a deal to provide identity verification and authentication to South African fintech service provider Mama Money and blockchain firm Black Ink Tech.
iDenfy will provide solutions for Payout
Lithuanian identity verification and fraud detection firm iDenfy is providing its KYC tech to Slovakian financial company Payout. Payout provides payment solutions to medium-sized enterprises replacing slow, manual payments and XML-based reconciliations with its real-time, automatic payment solution.
iDenfy recently reached a similar deal with fintech company Paystrax, which services the card payment transaction market in Europe and the UK.
Onfido partners with 0xKYC
Yet another London company has signed up a new customer: Onfido is partnering with a startup called 0xKYC which provides zero-knowledge-proof identity solutions to Decentralized Autonomous Organizations (DAOs).
0xKYC developed a plugin called 1VOTE that enables users to verify their identity without sacrificing anonymity. Powered by Onfido’s biometric verification solution, users can be checked through anti-money laundering (AML) and Web3 fraud databases and receive 0xKYC’s so-called Soulbound Token which guarantees they are verified.
According to Onfido, the 1VOTE solution is already being adopted in DAO circles and Web3 gaming companies.