A new partnership between trusted digital identities innovator IdentityMind and identity verification specialist Acuant will make the latter’s Acuant AssureID identity solution available via the IdentityMind platform. The technology leverages AI and human assisted machine learning to identify more than 6,000 ID types in real-time to provide superior data verification and risk scoring.
“Acuant and IdentityMind share a common belief that identity is the new currency in today’s digital economy, and it must be protected,” Acuant President and CEO Yossi Zekri said. “Our strength in identity proofing during the onboarding and account origination process is the perfect combination to IdentityMind’s ability to build a digital identity and continue to monitor its use through the lifetime of the user. This partnership enables trusted transactions helping companies to reduce fraud, comply with AML/KYC regulations, and provide better customer experiences.”
The company’s flagship document authentication and identity verification software, Acuant AssureID, pulls biometric and alphanumeric data from identity documents and subjects it to more than 50 forensic document-specific tests in real time. The technology can be used for address and age verification, as well as a check against Politically Exposed Persons (PEP) and Office of Foreign Assets Control (OFAC) watch lists. AssureID features components such as Acuant Face, a seamless multi-factor authentication solution, as well as Acuant Review, an expert-driven, manual review of identity documents.
“As part of our goal to create the most agnostic and accurate platform for trusted digital identities addressing compliance and risk, we have built an expansive technology ecosystem that pre-integrates the best of breed solutions across a variety of use cases and geographies,” IdentityMind CEO Garrett Gafke said. “Acuant has an outstanding track record in identity verification as a white label solution for many industry leading partners globally. We are excited to be able to offer their solution to our customer base.”
IdentityMind demonstrated its GDPR-ready, KYC Plug-in at FinovateSpring 2018. The pre-configured, customizable technology helps financial services companies meet global KYC requirements while simplifying GDPR compliance. The solution provides critical reports that auditors and examiners rely on to evaluate both the firm’s regulatory processes as well as its customer PII protection functionality.
Last month, IdentityMind announced that it promoted Cynthia Tham to Vice President of Engineering after more than six years at the company. In August, the company reported that it had been awarded a new patent for digital identity-based automated policy review that will help it better evaluate “risky” data and better protect financial transactions. Over the summer, IdentityMind announced partnerships with a variety of firms including South Korea-based wire transfer company Wirebarley, Latin American crypto-to-fiat exchange platform BITPoint, and U.S. blockchain trading platform Bittrex.
Headquartered in Palo Alto, California, IdentityMind has raised more than $21 million in funding. The company includes Eastern Link Capital, Benhamou Global Ventures, and Lakewood & Company among its investors.