Incode and Sardine seal deal to provide face and behavioral biometrics to fintech firm
Incode Technologies and its partner Sardine have a new biometric identity verification client, fintech company Marygold & Co. The duo will provide know your customer (KYC) onboarding process solutions, the companies announced in a release.
San Francisco-headquartered Incode partnered with fraud, compliance and instant settlement software maker Sardine in October 2022. Aside from Incode’s facial recognition, document verification and authentication, Marygold will also have access to Sardine’s behavior biometrics as well as fraud prevention and anti-money laundering (AML) capabilities.
“Legacy banking systems have traditionally relied on manual processes and paper IDs to authenticate someone’s identity, but these are easy to falsify and expose personal private information,” says Ricardo Amper, CEO and founder at Incode. “We’ve learned that people struggle with accurately identifying fraud, which is why we’re harnessing the power of AI and biometrics to help securely verify users’ identities.”
The combination of selfie and behavioral biometrics are a popular combination for protecting financial services. In an example coincident with Incode and Sardine’s new deal, an ANZ Banking Group blog post credits the multi-factor approach to customer onboarding with the discovery of more than 500 attackers attempting to open fraudulent accounts through its ANZ Plus digital banking service.
Incode has been forming other partnerships recently, including with reusable digital identity company Simpello. The two companies agreed in September to build a KYC check biometric platform for the travel industry. In August it joined document fraud detection Snappt to create a solution for property management while signing a deal that could help it offer identity verification services to the U.S. public sector.
The company is also participating in U.S. government research into preventing bias in biometric identity verification processes.