US-based biometric identity verification provider authID has partnered with financial reg-tech company FinClusive Capital, to combine their biometric and financial crimes compliance (FCC) solutions.
FinClusive Capital offers comprehensive FCC and digital identity tools worldwide.
Under the partnership, authID’s biometric services will integrate into FinClusive’s compliance-as-a-service platform to fight financial crimes, identity fraud, AI deepfakes, and other activities.
FinClusive’s platform enables secure, compliant access to essential financial services for both traditional and alternative organisations worldwide.
The platform required a global identity provider of enhanced identity verification for onboarding and ongoing monitoring, to serve its international client base.
AuthID’s automated identity document authentication for over 13,000 government-issued IDs made it the ideal solution for secure digital onboarding and ongoing authentication.
AuthID CEO Rhon Daguro said: “Our partnership with FinClusive further validates authID’s superior solutions for defeating deepfake attacks and fraud for the global financial services market.
“authID’s platform ensures FinClusive ‘Knows Who’s Behind the Device with speed, accuracy, and precision during account onboarding and throughout the user journey.
“Combining FinClusive’s revolutionary CaaS platform with authID’s global identity services creates a compelling advantage in preventing financial crimes and fraud while delivering the fastest, frictionless, and most accurate user identity experience available.”
According to authID, the increase in financial crimes underscores FinClusive’s need to verify user identities early in the onboarding process.
Its integration with FinClusive simplifies onboarding with precise identity verification, reducing fraud and abandonment rates while increasing revenue.
Combined with FinClusive’s anti-money laundering and client monitoring tools, the application offers dynamic risk scoring and monitoring, said authID.
AuthID’s document-based verification provides automated global identity authentication, and its PAD Level 2 accuracy and facial biometric matching counters deepfake attacks.
It replaces traditional passwords and knowledge-based answers by linking the biometric root of trust to the user accounts, through quick biometric selfies and credentials, said authID.
FinClusive CEO Amit Sharma said: “authID’s global identity capabilities bolster FinClusive’s CaaS platform with best-in-class identity assurance, quick and highly accurate verification of international clients, and advanced deepfake detection.
“This integration provides the convenience and seamless experiences today’s digital-savvy consumers expect.
“We are thrilled to collaborate with authID as they support our mission of global financial inclusion, offering highly secure and accessible identity assurance that effectively prevents fraud without sacrificing convenience and essential data protection for globally connected web-enabled services.”
