The fintech community has been eyeing the capabilities of near field communication (NFC) technology for awhile now. And though we’re still waiting for its successful application in payments, Mitek has proven that the enabling technology has a clear use case in mobile capture and identity verification. The California-based company announced today that it has added NFC capability to its Mobile Verify suite.
With this enhancement, Mobile Verify can read data held on radio-frequency identification (RFID) chips embedded in identity documents. By simply touching the RFID-powered document to their smartphone, users can easily transfer their biometric data to their phone for streamlined authentication. The NFC enhancement layers another factor of authentication by comparing three elements: 1) the user’s photograph stored on the chip, 2) the printed photo on the document, and 3) a live selfie taken by the user. The video below illustrates the user experience.
This development comes at a time when RFID-equipped documents are becoming more common. Almost 1 billion ePassports have been issued to date, and it is estimated that 3.6 billion people will have RFID-enabled ID cards by 2021. James DeBello, Mitek chairman and CEO said that fintech companies today need “modern methods for ensuring the identities of their users and verifying electronic ID documents.” DeBello added that the enhanced Mobile Verify product offers a “faster, easier and extremely secure digital identity verification process” for Mitek’s global user base.
Mitek’s solutions are embedded into the apps of 5,800 organizations with a combined user base of more than 80 million consumers. Mitek recently demoed at FinovateEurope 2017, where the company’s General Manager of Identity Solutions, Sarah Clark, and CMO, Kalle Marsal, showcased the company’s Mobile Verify solution that helps onboard customers without requiring them to visit a branch. In May, the company partnered with Trulioo to offer identity document verification with facial comparison for Trulioo’s Global Gateway API. This September, Mitek will be showcasing its newest technology at FinovateFall 2017 in New York (register today to save your spot). Check out a sneak peek of what the company plans to demo this fall.
Mitek’sMobile Verify verifies that the applicant’s ID document is authentic, then the applicant’s bank account is checked and insights are derived to provide valuable lending risk factors.
Provides a fully verified profile of applicant
Offers a quick and simple applicant experience
Enables lenders to verify applicants in real time
Why it’s a must-see
Mobile Verify’s multiple factors of identity verification and risk profiling transforms digital lending into a real-time experience for customer and institution.
Steven Craig, Director, Products & Experience – Identity
Steven directs products & user experience strategy for Mitek’s global identity business. He has over a decade of experience in FinTech and and holds an MBA from the Rady School of Management at UCSD. LinkedIn
Sarah Clark, VP, Product & Customer Success
Sarah combines a proven track record in driving highly complex products to market success with a passion for business growth and product strategy. She holds a BS in Mathematics from Duke University.
Trulioo’sGlobalGatewayjust added a layer of biometric authentication to its identity verification tool. Through a partnership with Mitek, the company will compare a photo of the user’s ID document with their selfie to ensure they are who they say they are.
GlobalGateway offers a single API to help financial services companies comply with AML and KYC regulations. The regtech platform evaluates new and existing users; its 200 data sources help identify more than four billion people in 50 countries. The new partnership with Mitek will enable Trulioo to collect, analyze, and authenticate 3,500 different types of identity documents matched against a real-time photo of the user.
“Identity document verification with facial comparison enables an additional factor of authentication for high-value transactions,” said Stephen Ufford, CEO of Trulioo. “This new partnership with Mitek ensures our clients continue to have instant access to powerful tools for their fraud prevention and compliance systems.”
Mitek recently demoed at FinovateEurope 2017, where the company’s General Manager of Identity Solutions, Sarah Clark, and CMO, Kalle Marsal, showcased the company’s Mobile Verify solution that helps onboard customers without requiring them to visit a branch.
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Around the web
Trulioopartners with Mitek to add facial recognition functionality to its ID verification platform. Join Trulioo at FinDEVr London next month where the company will lead a lunch roundtable discussion, AML, KYC, OMG: How to manage compliance with a smaller team and a better UX.
Greenkey Technologiesannounces interconnection partnership with iMarket.
MisyslaunchesFusionCapital Detect, an AI-powered, smart personal assistant that helps identify errors and anomalies in trade transactions.
Daily Fintech profiles blockchain innovator and Finovate Best of Show winner, BanQu.
FinDEVr alum OutSystemsexpands to Asia with new office in Japan.
Signicatteams up with Rabobank to launch new, Netherlands-based digital identity service provider.
Ohio-based First National Bank of Pandora chooses core account processing platform from Fiserv.
BioCatchReceives Frost & Sullivan New Product and Innovation Award for Continued Disruption in Behavioral Biometrics Landscape.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Nearly 20 of the companies highlighted in Planet Compliance’s new RegTech Top 100 Power list – and five of the top ten – are Finovate and/or FinDEVr alums. To measure “power”, Planet Compliance used an algorithm that measured a company’s activity in the media, as well as online and in social media including Facebook, LinkedIn, Twitter, and Wikipedia.
Interestingly, Planet Compliance says it has added a “secret ingredient” to the ranking system. It is also worth noting that their definition of RegTech is broad enough to include not just ID verification/authentications specialists, but biometric security innovators, as well.
So let’s take a look at how Finovate/FinDEVr alums stacked up.
Founded in 2005. Headquartered in Wilmington, Delaware. Raised $7 million in funding.
Stay tuned for more coverage of RegTech and other growing industries within fintech as we begin previewing the presenters of FinovateSpring 2017. Finovate returns to San Jose on April 26 and 27 for our annual spring conference. Visit our registration page today to save your spot.