Regula powers taxi driver registration as new figures show ID verification savings

Regula is helping the Polish taxi industry comply with a new law requiring mandatory identity verification. To achieve this, the company has been collaborating with Freenow, a mobility platform headquartered in Germany and backed by BMW and Mercedes-Benz Mobility.

Through its Polish distributor, Korporacja Wschódis, Regula deployed its Regula Document Reader SDK and the Regula Face SDK within just six months, helping Freenow register several thousands of taxi drivers. The procedure included checking drivers’ identity documents, selfie biometrics and criminal records, the companies say in a press release.

Regula recently introduced a test service for documents with NFC chips aimed at remote customer onboarding for large enterprises. The Latvian company also kickstarted 2024 with a partnership with Singapore-based Azentio Software.

Identity verification provider Au10tix, on the other hand, has launched a unified Know Your Business (KYB) and Know Your Customer (KYC) product which provides checks over 1000 government registries in over 200 jurisdictions.

The Israeli company says that the new solutions offer an automated workflow, full profiling and continuous monitoring. It includes Business Validation, which offers Proof of Business (POB) verification, Sole Trader Verification, which is an automated KYB and KYC risk evaluation for the company and owner, and Enterprise Verification, an expanded collection of KYB, Anti-Money Laundering (AML) and POB services.

Au10tix will hold a webinar on fighting fraud with AI on Tuesday, March 5th. In its last year’s third-quarter identity fraud analysis, the company warned that fraud rates could be up to ten times higher than thought.

How much can fraud prevention save money?

Digital ID authentication service firm Signicat has come out with new figures to entice clients: According to research conducted in collaboration with Forrester Consulting, the company’s digital identity solutions can help businesses reduce the cost of fraud by 75 percent using different identity proofing methods like digital identities or electronic identity verification.

The products can also increase client conversion rates by 19 percent, and enable them to expand into new markets in 17 days, the Forrester Total Economic Impact study shows.

Norwegian Signicat has previously touted similar figures from the research, showing that a composite customer would see a three-year return on investment of 303 percent and payback in less than six months from using their products.

iDenfy is also boasting some big numbers. The biometric ID verification company says that it has saved nearly 1 million euros (US$1.08 million) for its partners in 2023 thanks to an offer that allows them to pay per approved verification.

The model can help gaming, e-commerce, financial and other companies calculate user acquisition costs, iDenfy’s Chief Marketing Officer (CMO) Viktor Vostrikov said on Twitter. A good example may be iDenfy’s recent deal with the country’s fastest-growing online gambling brand, Spins.

Article Topics

AU10TIX  |  biometrics  |  iDenfy  |  identity verification  |  KYC  |  Regula  |  Signicat