ID-Pal makes headway in U.S. IDV market with partnerships and plaudits

ID-Pal’s 2023 launch in the U.S. market has led to several significant deals for the compliance-focused ID verification company, as it continues to expand its transatlantic operations. A report in the Irish Examiner says ID-Pal’s success is based on its novel combination of biometric, document and database checks to verify identities in real-time, with built-in data protection compliance.

The Dublin-headquartered SaaS firm has secured partnerships with financial service providers including Spirit of Alaska Credit Union and the lending and the CreditSnap lending and deposit account platform. Its developing network of financial partners is testament to the challenge financial companies face in balancing compliance, fraud prevention and user experience. ID-Pal promises minimal friction in its identity verification process for AML and KYC compliance, while providing “a robust audit trail.”

It has been less than a year since ID-Pal launched in the U.S. and secured a Series A funding round for its off-the-shelf KYB, KYC and AML digital identity software based on selfie biometrics. But it has gained solid traction in that time, working with the support of Enterprise Ireland to develop a network of strategic partners that includes Salesforce, Corporate One and Melissa, and mining a market stream that now represents 15 percent of ID-Pal’s revenue – fully half of the 30 percent generated in the UK.

The firm has also received industry accolades for its services, nabbing the award for best KYC tool at the RegTech Insight Awards USA 2023 for its cloud-based biometrics platform’s nimble navigation of U.S. compliance regulations in the financial services industry.

“ID-Pal is committed to driving innovation in the RegTech sector, particularly in KYC compliance, and helping businesses succeed in an ever-changing regulatory landscape,” says ID-Pal Chief Business Officer James O’Toole. “We are grateful to our clients and partners for their trust in us.”

“The standard of security, fast deployment and digital transformation we provide sets us apart,” says ID-Pal CEO Colum Lyons. “We work with industry leaders from across 30 sectors, which is evidence that our technology-first approach to identity verification makes it simple, secure, and convenient for any organization.”

ID-Pal claims to handle 6,000 identity documents and 200 verified address data sources in 200 countries and jurisdictions. In 2023, ID-Pal made Fintech Global’s CyberTech100, following its inclusion on the RegTech100 for 2023 and AIFinTech 100 in 2022.

Article Topics

biometrics  |  digital identity  |  ID-Pal  |  identity verification  |  selfie biometrics