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Relai selects Inverid, fintechs beef up KYC processes as deepfake threats loom

Cheqd, Sumsub announce integrations, OneID certified
Relai selects Inverid, fintechs beef up KYC processes as deepfake threats loom

New research from Gartner predicts that 30 percent of entities will no longer consider biometric verification alone to be reliable by 2026,as a direct result of the rise of deepfakes. While these are most commonly used in presentation attacks, injection attacks rose by 200 percent in 2023..

Moreover, as many as 95 percent of synthetic identities are not detected during onboarding, costing financial institutions billions while potentially funding money laundering or terrorism, according to Thomson Reuters.

In light of these growing risks, identity verification providers have announced new partnerships with financial institutions for KYC and AML, and OneID has received certification. Relai has announced it will use Inverid’s ReadID to strengthen KYC processes on its Bitcoin trading platform. Nexera ID and cheqd are implementing KYC credentials, while Plumery integrates Sumsub’s KYC.

Relai uses ReadID to improve KYC

Swiss self-custodial Bitcoin broker Relai has announced it is using Inverid’s ReadID identity verification to enhance KYC processes. Relai’s app now uses ReadID to read NFC chips in passports and other identity documents, and can also optically verify non-chipped documents.

The app enables anyone in Europe to trade Bitcoin within minutes. So far, over US$300 million has been invested through Relai’s platform. Relai also plans to apply for the EU Markets in Crypto-Assets Regulation (MiCa) license.

Inverid has recently turned its focus to the crypto industry. “We see the industry is definitely maturing, which is a good thing for customers as well as for society,” says Inverid co-founder and CRO Wil Janssen. “When discussing this with Relai we quickly came to the conclusion that an NFC-first approach to identity verification is the way forward for Relai.”

Nexera ID and cheqd introduce reusable KYC

Cheqd, a self-sovereign identity provider, has announced it is collaborating with crypto ID verification provider Nexera ID. The two companies will create an end-to-end identity and verification stack to issue and monetize reusable KYC credentials that facilitate secure onboarding and generate a new revenue stream through cheqd’s Credential Payments model.

The KYC process will use customer-controlled credentials and integrate both on and off-chain credential verification. The KYC approach is compliant with Europe’s upcoming eIDAS 2.0 regulation.

Nexera ID’s customer management system can verify credentials issued by cheqd, while cheqd’s integration allows entities to issue, revoke, and monetize any type of credential. Its rules engine provides customizable restrictions and triggers to empower decentralized finance (DeFi) and central bank digital currencies (CBDCs) to implement security measures as needed.

KYC data can cost anywhere from $2-10 per customer, according to cheqd. Reusable KYC reduces costs significantly and makes verification accessible to more verticals. Use cases include age and residency verification.

The entities will also explore how the rules engine could enhance cheqd’s Credential Payments model.

Plumery integrates Sumsub software

Digital banking provider Plumery will integrate Sumsub’s verification into its digital banking engagement platform, starting with the launch of Sumsub’s KYC suite.

Banks will be able to customize onboarding flows and save up to 80 percent on implementation costs and over 50 percent on onboarding per customer.

Plumery’s ‘Headless’ platform gives banks and fintechs the ability to build apps on top of its APIs. Sumsub’s KYC and AML process verifies customers using factors such as email addresses, tax residency and proof of address (PoA). It also screens identity documents and conducts liveness checks on new users.

OneID certified for KYC and AML

Digital identity provider OneID is now fully certified as an electronic identity service for KYC and AML use cases. It has also completed a project in the FCA’s regulatory sandbox and meets eIDAS regulations.

By using OneID, individuals can verify their identity without document scanning or filling out forms online, reducing errors and friction.

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