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Regula to provide ID document verification for InScope-AML

Regula to provide ID document verification for InScope-AML
 

Regula has reached a deal with anti-money laundering (AML) and know your customer (KYC) company InScope-AML to provide its ID document-checking product to businesses across Africa and Europe.

Malta-headquartered InScope-AML, which also has offices in South Africa and the United Kingdom, plans to incorporate Regula’s Document Reader SDK into its offering, the two companies announced in a release. Matt Rizzo, CEO at InScope-AML, notes that the company provides AML solutions to eight countries.

“Our partnership with Regula will now add a more comprehensive level of verification and substantially improve the quality of the data,” says Rizzo.

Regula is betting on companies increasing the use of digital ID document verification. An in-house survey performed with Sapio Research at the beginning of the year showed that 65 percent of organizations worldwide use digital document verification as one of the main methods of digital identity checks. The survey, which queried 1,069 fraud prevention and financial services professionals, also showed that 94 percent of those who are not using these solutions yet plan to do so next year.

To quelch the demand, the Latvia-based forensic devices and identity verification solutions provider announced an update to its products in March, making them natively integrated. The update covered its biometric Face SDK and the Regula Document Reader SDK.

The document reader automatically reads and authenticates IDs, referencing a database with over 13,000 templates from 247 countries and territories – the largest one in the world, according to the firm. The solution also cross-checks information from various data fields in the document to spot any possible inconsistencies that may indicate fraud.

Regula recently announced a similar deal with Jersey-based global KYC provider Vaiie, which also decided to integrate Regula Document Reader SDK into its offering.

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