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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.
ID R&D’sIDLive Doc is the first product dedicated to protecting digital onboarding from document spoof attacks, where fraudsters present an image of an ID on a screen instead of one in their possession.
Features
Detects a variety of attacks, including screen replay
Needs only a single image; frictionless for the user
Works across all types of global identity documents
Why it’s great
Document spoofs are likely causing more fraud than companies realize. Businesses can help prevent these types of attacks with the first-ever product specifically designed for this purpose from leaders in liveness.
Presenter
Alexey Khitrov, CEO Khitrov has over 20 years of C-level experience at biometrics and financial services. In 2016, he launched ID R&D with a focus on developing innovative, best-in-class biometrics and liveness. LinkedIn
Identity verification and remote deposit capture solutions provider Mitek has acquired AI-powered biometrics company ID R&D this week. Terms of the deal were undisclosed.
Under the agreement, Mitek will integrate ID R&D’s portfolio of biometric technologies into its own identity verification solution. Additionally, ID R&D will continue operating under its own brand and will still sell its biometrics products directly to the market. The company’s solutions include IDLive Face, a passive facial liveness detection tool; and IDLive Voice, a voice anti-spoofing technology.
By integrating ID R&D’s technology into its own, Mitek will offer consumers and businesses a more holistic identity verification and fraud prevention product that protects a transaction from start to finish. The new solution will offer banks and other organizations with a single authentication tool that offers a simple approach to fighting fraud throughout each step of a transaction.
“With additional resources now available to the ID R&D team, we expect to bring exciting breakthroughs to the market at an even faster pace,” said ID R&D President Alexey Khitrov in a blog post. “Mitek’s financial strength, global reach, and scale will only enhance our ability to expand our core biometric product portfolio.”
ID R&D was founded in 2016 and is headquartered in New York City. The company has raised a total of $5.7 million across two rounds of funding, the most recent investment taking place in May of 2019.
Founded in 1986, Mitek went public in 2011 and now trades on the Nasdaq under the ticker MITK. The company has a market capitalization of $739 million.
The increase in consumers going digital has been beneficial to Mitek. Last year, Mitek saw a year-over-year growth increase of 20%. This growth is likely to increase. In fact, Juniper Research estimates that by 2025, 1.4 billion consumers will be using facial recognition to facilitate secure transactions.
Two of the biggest themes in fintech – digital identity and the rise of fintech in Central and Eastern Europe – meet in the latest announcement from biometric authentication specialist and Finovate Best of Show winner iProov. The company’s facial recognition technology now makes it easier for users of SK ID Solutions’ Smart-ID Service in countries like Estonia, Latvia, and Lithuania to renew their accounts without having to visit a physical bank branch.
“This is a major development for all digital identity providers,” iProov CEO Andrew Bud said. “Estonia has proved, for the first time, that a remote, automated, biometric ID verification service can deliver the highest possible levels of security.”
Recognized as equal to a handwritten signature throughout Europe, Smart-IDs enable users to authenticate themselves and provide permissions online using a smartphone app. iProov’s facial recognition technology adds a three-second scan to compare the image of the user to the image on their presented ID document to help defend against fraud and identity theft.
Smart-ID also leverages NFC-based ReadID document verification technology from InnoValor.
Financial crime risk management innovator Featurespace will be helping Enfuce combat fraud and money laundering courtesy of a newly announced partnership. Enfuce, a financial services firm based in Finland, will use Featurespace’s ARIC Risk Hub to enhance its ability to protect its customers from fraud and financial crime.
“Our clients deserve industry-leading services that allow them to freely and fully concentrate on the success of their core business, without worrying about ever-evolving fraud,” Enfuce co-founder and chair Monika Liikamaa said.
ARIC Risk Hub offers real-time transaction monitoring for fraud and financial crime, enabling institutions to identify and act against anomalous and potentially dangerous behavior as it occurs. The technology also reduces the number of false positives by as much as 70%, keeping anti-fraud processes efficient. Featurespace introduced its fraud-fighting technology to Finovate audiences at FinovateEurope 2016.
Here is a round up of recent news from our Finovate alumni.
Sezzleunveils new logo along with its first annual report.
Flybitsexpands its executive team in New York, Toronto, the U.K., and Dubai.
Yseop and Automation Anywhere join forces to scale intelligent automation.
Lighter Capitalappoints Kevin Fink at CTO and Patricia Elliott as CSO.
InCommlaunches Roblox gift cards in France and Germany.
Finovate Alum Features and Profiles
Revolut’s $500 Million Round Boosts Valuation to $5.5 Billion – Global financial platform Revolut has secured its place as the U.K.’s most valuable fintech.
Dealing with Deepfakes in Fintech – The fintech industry is ripe with security firms, such as iProov, that use AI to combat both video and audio deepfakes with anti-spoofing technologies.
Envestnet | Yodlee Acquires Indian Data Aggregator FinBit.io – Envestnet | Yodlee has acquired another asset in its strategy to further grow and develop its data aggregation and analytics business.
Meet Sonect: Cash Network Builder, Finovate Newcomer, Best of Show Winner – What’s better than having a large pizza with all your favorite toppings delivered to your front door? How about a side order of cash, saving you a trip to the ATM or bank branch?
Azimo Taps Ripple for Cross-Border Payments to the Philippines – Fueling these payment transfers is Ripple’s On-Demand Liquidity (ODL) solution that uses XRP to source liquidity and complete money transfers within three seconds.
Lendio Lands $55 Million to Match Small Businesses with Lenders – The investment more than doubles the company’s previous funding, bringing its total to $108.5 million.
SheerID Expands Identity Marketing Platform – The move enables brands to identify and acquire new customers across the globe.
Tradeshiftintegrates with fraud protection specialist SiS-id to reduce payments fraud.
XerolaunchesPay with TransferWise, a new domestic bill payment solution to help U.K. customers pay and manage bills.
Pendo Systemsteams with WSN to help customers navigate digital transformation.
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.
Klarnadeepens ties with H&M to enable customers to shop now and pay later using the H&M app.
NICE’s AML and fraud SaaS solutions to power financial crime strategy for both anti-money laundering compliance and enterprise fraud protections.
Terafinato power Listerhill Credit Union’s omnichannel sales strategy and continue its digital transformation to increase member satisfaction and deepen relationships.
OurCrowdexpands U.S. operations, opens office in Chicago.
ID R&D’sIDLive Face to power remote customer account openings and digital ID verification for Innov8tif’s EMAS eKYC.
ndgit and Synpulse launch international fintech marketplace in Switzerland.
Onfidoreports strong revenue growth momentum for Q2 2019; earns recognition from The Sunday Times as one of the fastest growing private companies in the U.K.
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.
ProfitStarsReaches 500 Bank and Credit Union Customers for Commercial Lending Solution.
Around the web
PYMNTS interviewsBento for Business Co-Founder and CEO Farhan Ahmad.
OnPay partners with Xero to bring back-office services to the agricultural industry.
Innov8tif selectsID R&D’sPassive Facial Liveness for remote customer onboarding.
LoanScorecard to power new QuickQual loan solution from Angel Oak.
ACI Worldwide to help Massachusetts-based Nichols College enhance its payment processes.
Revolutbolsters executive ranks with appointment of new treasurer, deputy Chief Financial Officer, and director of financial crime risk.
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.
Biometrics startup ID R&D released IDLive Face this week. The new solution adds liveness detection to facial recognition technology in an entirely passive manner.
Facial recognition technology has been used in fintech and other verticals to authenticate users for years. And in order to prove that the user wasn’t spoofing their identity using a static photo, many technologies use liveness detection, which requires the user to perform a handful of actions such as blinking, smiling, and turning their head.
With IDLive Face, however, the liveness detection is invisible to the user since it runs in the background of the application. This not only makes a frictionless user experience, it also prevents fraudsters from learning how to spoof the technology.
“IDLive Face requires absolutely no actions from the end user,” said ID R&D CEO Alexey Khitrov. “Eliminating complexity in the user experience is one of the primary focus areas of our research… Armed with excellent real-world results, we are thrilled to offer businesses fully frictionless authentication that aligns with rigorous compliance requirements for onboarding and data management.”
The new technology leverages AI-based algorithms that process images in near real-time. IDLive Face doesn’t require the end user to have any special capture software and is available as an SDK and Docker container on Linux and Windows.
At FinovateFall 2018, Khitrov demoedSafeChat2.0, an application that passively verifies a user’s identity throughout the conversation (typing or speaking) without asking them to do anything special to authenticate themselves.
ID R&D offers authentication technologies that span the biometric spectrum. The company’s IDVoice is a standalone version of its core voice biometric capability,IDSquared is a tool that validates the user by capturing their face as they type their login credentials, and IDBehave is a behavioral biometrics solution that creates a unique biometric template for each user.
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.
AccountScore and Validis Bring the Benefits of Open Banking to U.K. SMEs.
Emailage and FeaturespaceTarget Online Application Fraud.
Business Valuation Specialist BizEquity Teams Up with UBS.
Around the web
ID R&Dlaunches facial liveness detection solution, IDLive Face.
Klarna and global fashion retailer ASOS to expand to the U.S.
Banking and payments solution provider Contis deploysFeaturespace’sARIC Fraud Hub.
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.
Unveiled this week, the latest version of ID R&D’s voice solution, IDVoice, leverages AI and voice technology to give users a major boost in biometric matching speed and an enhanced, multi-channel onboarding and authentication process.
“As enterprises migrate to conversational interfaces through mobile, web, and call center applications, a strong cross-channel voice authentication capability is essential,” ID R&D Chief Science Officer Konstantin Simonchik said. “With IDVoice v2.7, we are making it much easier and more efficient for enterprises to deploy voice biometrics consistently on all channels using the programming tools they prefer.”
IDVoice enables enterprises to execute on their omni-channel voice biometric strategy, while avoiding the drawbacks common to many other voice biometric solutions. With IDVoice, for example, developers can account for different channels without requiring separate enrollments for each channel (i.e., mobile, web app, call center, etc.). This is made possible by the platform’s biometric engine architecture which is channel, language, and age variance agnostic, as well as being resistant to environmental noise.
Other enhancements to the technology improve its ability to detect voice activity and add a 10x speed improvement to a critical platform algorithm. Together these improvements ensure that IDVoice provides higher quality and faster onboarding and verification, saving time and improving the user experience. Opus Research founder and lead analyst Dan Miller referred to the technology as offering a “zero-effort authentication process (that is) fast becoming a necessity for businesses with customers who reach out across multiple devices and channels.”
The launch of the latest version of IDVoice comes just days after ID R&D announced that sound recognition technology specialist Wavio would integrate ID R&D’s AI and machine learning acoustic detection functionality into its sound recognition solution, SoundAI.
“Wavio was highly impressed when we tested ID R&D’s software, and after learning more about ID R&D’s deep research and knowledge of voice, audio processing, and the very latest in artificial intelligence methods, we were convinced that ID R&D is the right partner to help us fulfill our mission,” Wavio CEO Greyson Watkins said.
ID R&D demonstratedSafeChat, its frictionless, continuous authentication for remote logins and conversational interfaces, at FinovateFall 2018. The technology provides authentication by leveraging a combination of biometric inputs that are available through the normal interactions between users and the device. This enables the solution to verify the identity of users without requiring them to do anything specific to authenticate. ID R&D noted that the technology brings a biometrically-secured, Alexa-like experience to mobile, conversational, and IoT platforms.
Founded in 2016, ID R&D is headquartered in New York City. The company has raised $5.7 million in funding from investors including GSR Ventures and Gagarin Capital Partners. Alexey Khitrov is CEO.
PassTime partners with masterQueue to help locate and contact customers for debt collection.
Five Degrees is selected to join the Kickstart innovation program.
Voleo, Neener Analytics, Gremln Social, and Digital Onboarding all successfully complete 2019 FIS Fintech Accelerator program.
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.
ID R&Dships new version of IDVoice that combines AI and voice technology to increase biometric matching speed and improve enrollment and authentication.
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.
