A flurry of selfie biometrics deals in fintech for Onfido, Shufti, Sumsub, Trulioo

Digital identity and biometrics deals are flying in the financial sector, with ID verification firms gaining footholds in a growing list of territories and use cases.

Onfido and Shufti Pro close deals with payment platform firms

Onfido has signed a deal to provide digital identity verification for wearonize, a German provider of Fintech as a Service (FaaS) for clients in the U.S., EU, UK and Switzerland. According to a release, the deal will bring Onfido’s AI-powered Real Identity Platform, including document verification, biometric verification, watchlist checks and ongoing monitoring, to wearonize’s payment platform for brands, festivals, and sporting events.

“We chose to work with Onfido because of their outstanding quality in identity verification,” says Thorsten Roeske, the CEO and co-founder of wearonize. “Their technical expertise supports our strategic goals in the US as well as Europe.” Onfido also brings support in complying with KYC and AML requirements.

London-based ShuftiPro also inked a deal in fintech, signing on to provide AI-based identity verification for KYB and screening of AML sanctions list registries for omnispay, a cloud-based payment and cash flow management platform provider based in the UAE.

“As omnispay scales up, it needs strong partners to support its growth,” says Simanta Das, a co-founder, in a release. “Shufti Pro provides the perfect partnership rails by providing an advanced and easy-to-integrate platform that allows for faster rollout of services.” Goals of the integration include improved protection against identity scams, maintaining compliance with global regulations, and building trust and confidence with customers.

Sumsub and Trulioo fight fraud all the way to the bank

Sumsub will provide non-document ID verification with selfie biometrics for NayaOne, a product development platform and fintech marketplace that supports banks in digital transformation, says a press release. The full-suite integration brings Sumsub’s KYC, KYB, AML screening and transaction monitoring capabilities to NayaOne’s ecosystem of more than 150 financial institutions and more than 350 fintech firms. Efficient customer onboarding, deepfake detection and a reduction in fraud-related costs are among the stated goals. Per the release, Sumsub data showed that the proportion of deepfakes among all fraud cases grew from 1.2 percent to 5.9 percent from 2022 to early 2023.

“As an alarming amount of fraud occurs beyond the initial onboarding stage, it is crucial firms have the capabilities to secure their users’ whole journeys with ongoing fraud prevention tools, beyond the KYC process,” says Thomas Taraniuk, head of partnerships for UK and Europe at Sumsub. “This integration goes beyond ensuring compliance as a regulatory tick-box exercise.”

Trulioo, too, has secured a significant deal, announcing in a release that it will provide its global identity verification services to J.P. Morgan Payments, which processes $9 trillion in payments each day across 160 countries and 120 currencies. The integration will enable the bank to provide capabilities for consumer and business verification, including person match and identity document verification.

“Trulioo is the leader in combining KYB and KYC in one platform,” says Steve Munford, the CEO of the Canadian company. “With real-time access to hundreds of government registries, public records, data sources and document types, we can verify people and businesses globally, leaving no space for bad actors.”

Satschel Simplici-fies fraud mitigation with new platform

In a press release, Satschel, Inc. announced the launch of Simplici, a mobile-first, end-to-end account origination platform using AI and biometrics to expedite KYC/KYB, AML, accreditation, and integrated e-signatures. The biometric suite works to mitigate peer-to-peer payment fraud and authenticate secure transactions (RTP, Wire, ACH, etc.).

Touting advanced identity verification, automated KYC, KYB and AML workflows and SimpliciSign integrated eDocument signing, Simplici CEO Austin Trombley says “Simplici isn’t just changing the game; it’s rewriting the rulebook on secure and efficient onboarding, all while improving the client experience and reducing costs.”

Article Topics

biometrics  |  fraud prevention  |  identity verification  |  KYC  |  Onfido  |  selfie biometrics  |  Shufti Pro  |  Simplici  |  Sumsub  |  Trulioo