Why Veridas and Fourthline are building a new kind of identity platform

Consolidation in the biometrics industry continues, as firms find synergies in technology, regulatory coverage, and customer base. Recently, Veridas announced a merger with Fourthline. Eduardo Azanza, CEO of Veridas, says the two companies complement one another in terms of geography, the type of customers they’re courting, and their product portfolio.

“Some people, they might say, ‘they do more of the same’,” Azanza says, on the latest episode of the Biometric Update Podcast. “That’s not the case. As long as they’re delivering their systems for NEOs, NEO banks, NEO cryptos, etc., they’ve deployed a full end-to-end platform to do the KYC. As long as we’re working with more traditional banks, telcos, etc., we’ll be more vertical on producing biometric engines, anti-fraud capabilities, also the wallet capability that complements nicely with their KYC, payment sanction, anti-money laundering services and bank account verification.”

“So, let’s say that the overlap in terms of technologies is minimal.”

Azanza says identity remains fairly fragmented, but large clients increasingly want hassle-free products that cover the gamut of services – and divergent regulatory regimes demand flexibility. “The idea is that you can orchestrate with the very same components very complex, different journeys for different regulations,” he says. But a critical piece is owning the technology: “if you do not own the tech, as long as the challenges evolve on a monthly basis, you cannot keep up the pace.”

For more on identity verification, the evolution of fraud and some novel insights on why digital ID is an environmentally friendly choice, check out the full episode.

Listen to this episode at: Spotify, Apple, YouTube, Podbean

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Article Topics

acquisitions  |  Biometric Update Podcast  |  biometrics  |  digital identity  |  Fourthline  |  Veridas