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Sumsub brings non-doc biometric identity verification to new markets

Facephi, Advance.AI, Mitek reveal new customers
Sumsub brings non-doc biometric identity verification to new markets
 

Biometric identity verification providers are expanding their market reach in various ways, including Sumsub’s support for users without ID documents in Norway and Denmark. Facephi, Advance.AI and Mitek each announced new customer wins.

Sumsub expands non-doc ID verification to Norway and Denmark

Sumsub is set to broaden its non-documentary identity verification solution to additional European countries, including Norway and Denmark. This expansion will make the technology accessible to individuals across four continents, spanning Africa, Eurasia, and North and South America, the company says.

According to Sumsub, the identity verification technology enables businesses to authenticate users without identity documents in just 4.5 seconds on average by cross-referencing their identity with governmental databases and other trusted sources, including biometrics. As the name suggests, non-doc verification eliminates the need for users to upload photos or documents, offering a valuable advantage for online customer verification in countries with secure databases.

In non-document identity verification, selfie biometrics or device authentication is often used to further confirm a user’s identity after cross-checking data. With Sumsub’s document-free onboarding solution, the software extracts pre-verified user records and confirms them via biometric or device checks.

Sumsub solution claims that the technology has led to a 53 percent reduction in user onboarding time and a 35 percent increase in applicant conversion rates. This solution can be implemented in various scenarios, from standard onboarding to post-KYC screening and continuous monitoring.

“Non-Doc is the future of global identity verification simply because it allows businesses to securely onboard legitimate users, no matter their country of origin–making lightning-fast verification with no hurdles a reality,” says Vyacheslav Zholudev, co-founder and CTO at Sumsub.

Facephi supplies biometrics to Samsung Securities, expands into APAC

Samsung Securities has announced a strategic partnership with Facephi to enhance the user experience for financial transactions on its marketplace with face biometrics. In addition, Facephi will be designated as the platform’s official technology provider, further solidifying its position in the APAC technology market.

This partnership follows Facephi’s recent investment from South Korea-based software conglomerate Hancom, making them the second-largest shareholder with a €5 million investment. The announcement says the investment will enable Facephi to offer its biometric identity verification service in the APAC region.

“The agreement clears the way for implementing Facephi’s technology during the first year, complemented by an agreement for annual recurring maintenance that will be managed by Facephi’s APAC subsidiary,” Facephi says in the announcement.

Advance.AI addresses identity fraud concerns for Filipino fintech

Advance.AI has been chosen to be integrated into the Filipino fintech company Skyro to tackle issues related to identity fraud. With the increasing risk of advanced use of AI-generated content by malicious individuals, Advance.AI provides risk management technology to simplify the customer user experience.

Skyro points to a 2021 study by FICO that underscores that one in five Filipinos will abandon the process, if asked more than five questions during onboarding. The company acknowledges the difficulty of maintaining a thorough identity verification process while minimizing high customer dropout rates during registration.

“We are excited to partner with Skyro and their mission of building inclusive and trusted digital financial products and services. Our digital identity verification and risk management technology allows the team to streamline the customer registration process,” says Mike Calma, Philippine country manager at Advance.AI.

Mitek signs up N-iX for digital identity, fraud prevention

N-iX, a company specializing in software and engineering services, has partnered with Mitek to utilize its digital identity verification and fraud prevention solution. This collaboration aims to enhance the customer experience by addressing the growing demand for secure and efficient digital transactions.

The Mitek Verified Identity Platform, MiVIP, offers orchestration for various identity verification services. Mitek claims that its solution is being used by 99 percent of U.S. banks for mobile check deposits and 7,900 leading global organizations.

“By leveraging Mitek’s technologies, we are better positioned to meet the evolving needs of our clients in secure KYC, onboarding, and fraud prevention tools. This partnership underscores N-iX’s ongoing commitment to fostering innovation and achieving excellence in the financial services domain and the digital security landscape,” says Nataliya Maslak, financial services client partner at N-iX.

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