ID-Pal launches reusable KYC solution at Money20/20

ID-Pal has launched ID-Pal Once, a reusable KYC solution.

Unveiling the product at Money20/20 in Amsterdam, Netherlands, ID-Pal has built a solution catering to dynamic identity workflows.

“With ID-Pal Once, we’re not just speeding up KYC, we’re removing unnecessary friction,” says Robert O’Farrell, co-founder and chief technical officer, ID-Pal.

The reusable KYC solution enables organizations to simplify operational processes and control costs, according to ID-Pal. “By enabling secure re-verification linked to biometrics, we’re eliminating redundant steps, reducing operational costs, and dramatically improving the user experience,” says Rob Sheehan, head of product, ID-Pal.

The identity verification allows verified identities of trusted customers to be securely reused. This results in returning users completing verification up to five times faster, which is equivalent to an 80 percent time saving, ID-Pal claims.

ID-Pal Once does this by recognizing returning users and streamlines the verification process into just seconds whilst performing an accurate, secure and real-time biometric liveness check.

ID-Pal says each ID-Pal Once profile is built from already verified identity data with information re-validated against an organization’s own risk rules, without needing the end user to repeat the submission process.

“ID-Pal Once is an incredibly powerful solution that meets and exceeds the needs or organisations and customer expectations, underpinned by our existing full suite of world-class biometric, document and database checks,” O’Farrell says.

The company said use cases for ID-Pal Once include step-up authentication, for high-risk or high-value transactions; time-based re-checks for compliance with periodic review cycles and internal AML policies; instant re-verification of returning customers to be audit-ready, among others.

Article Topics

biometric liveness detection  |  digital ID  |  ID-Pal  |  KYC  |  Money 20/20  |  reusable digital ID