New services and checks for use cases regulated by the FCA and UKGC
MUNICH, June 6, 2023 /PRNewswire/ — IDnow, a leading identity proofing platform provider in Europe, announces the expansion of its platform to include fully automated document liveness capabilities, data checks and Financial Risk Checks as well as new fraud prevention features. The platform expansion will also include a central, no-code workflow management tool.
Document liveness checks to combat the most sophisticated fraud attempts
The automated document liveness check relies on IDnow’s expertise in video analysis and requires the end user to record a video of their ID document, thus enabling an automated check on the visible security elements of the document, such as holograms. This feature helps companies in their fight against the rising risk of fraud through forged documents.
Fully automated KYC and AML services with data checks
IDnow’s new fully automated Know Your Customer (KYC) and Anti-Money-Laundering (AML) services, the latter of which screen against multiple global Politically Exposed Persons (PEP) and Sanction lists, ensure real-time AML compliance at the onboarding stage while allowing ongoing monitoring to confirm compliance post-onboarding. Fintechs, crypto providers and more traditional financial service providers can benefit from a complete alert management functionality and audit history with tailored alert matching.
The new data checks enable a frictionless KYC process which takes just a few seconds, particularly for use cases regulated by the UK’s Financial Conduct Authority (FCA) or by the UK Gaming Commission (UKGC). However, they also add an additional layer of security to protect businesses around less regulated use cases, for example, in the mobility industry.
Additionally, the latest platform expansion also includes Financial Risk Checks that use public third-party and self-declared data. These provide gambling companies with insight into affordability indicators which protect online gamblers and comply with the latest updates to the UK Gambling Act, helping businesses to avoid potential fines and reputational damage. The public and third-party data allows for ongoing monitoring of changes in player circumstances and verification of reported income without the need for additional documentation.
A single platform to access data sources and orchestrate KYC workflows in real-time
These new data check capabilities are added to IDnow’s single platform, thus allowing customers to orchestrate both data checks and document- and biometric-based identity proofing workflows. Data checks are required by the responsible regulatory bodies, document and biometric checks can be added for other sensitive use cases for an extra layer of security.
The AML services and real-time data checks are easily configurable via the online self-service orchestration portal which offers complete control to IDnow’s customers. It lets them tailor and optimise data checks and document-based identity verification in one intuitive dashboard via drag-and-drop functionality, thus providing a single entry point for all the new integrated services.
Proprietary fraud prevention technology and a high level of compliance
To detect single and serial fraud attempts, IDnow’s platform uses proprietary fraud prevention technology that collects risk signals from biometrics, documents, devices and other data sources. In addition, IDnow regularly collaborates with law enforcement agencies, providing the company’s dedicated fraud team with the latest knowledge of fraud techniques and methods from around the world.
Bertrand Bouteloup, Chief Commercial Officer at IDnow, said: “With the help of our AI-powered engine, which employs the latest fraud prevention capabilities, we can combat the most advanced fraudsters and allow our crypto, fintech and financial customers to grow their businesses with confidence and be a strong partner for large financial institutions at the same time. Our document liveness feature is clearly a game changer in this market.”
“We are pleased to be able to enhance our platform offering, specifically in the UK, to help our customers fight fraud, achieve compliance and build trust across Europe and beyond. Thanks to these new functionalities and our strong regulatory expertise, our customers can easily expand their services and rely on a platform that achieves compliance according to the most rigid regulatory requirements within the UK, the EU and beyond.”
About IDnow
IDnow is a leading identity proofing platform provider in Europe with a vision to make the connected world a safer place. The IDnow platform provides a broad portfolio of identity verification solutions, ranging from automated to human-assisted from purely online to point-of-sale, each of them optimized for user conversion rates and security.
In 2021, IDnow acquired the French market leader for identity technology, ARIADNEXT, and the German identity Trust Management AG, enabling IDnow to offer its customers one of the broadest identification solutions through a single, integrated platform.
The company has offices in Germany, United Kingdom, and France and is backed by renowned institutional investors, including Corsair Capital and Seventure Partners. Its portfolio of over 900 international clients spans a wide range of industries, and includes leading international players, such as UniCredit, Telefonica, Sixt, Crédit Agricole, BNP, and Munich Re, as well as digital champions like N26, Solarisbank, Younited Credit, Boursorama, Klarna and Tier mobility.
Press contact IDnow:
Katherina Riesner
press@idnow.io
+49 89 41324 6030
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