PALO ALTO, CALIF. (PRWEB) JANUARY 17, 2018
IdentityMind Global™, the Trusted Digital Identity Company, today announced highlights from 2017 underscoring the rapidly growing adoption of the company’s digital identity-based compliance, risk management, and fraud prevention platform and product solutions.
“2017 will be remembered as the year when financial and digital businesses ‘crossed the chasm’ in the adoption of digital identities as the way to create the most holistic and accurate view of users and entities transacting within the global digital economy,” said Garrett Gafke, CEO, IdentityMind. “IdentityMind, the industry pioneer in digital identities since 2013, is uniquely positioned to meet the needs of these global customers.”
According to Aite Group’s Julie Conroy, writing in “Top Ten Trends in Retail Banking and Payments 2018: Accelerating Evolution,” “…Digital identity management plays a pivotal role in financial services. Financial Institutions need to assert the identity of a digital customer requesting a service in real time while keeping friction in the transaction to a minimum. Static authenticators, such as passwords, are vulnerable to fraud and will increasingly be replaced by dynamic factors representing the individual’s digital identity and transactional behavior. Almost paradoxically, it will become possible to establish customers’ identity with near certainty while protecting their anonymity. This way, a customer’s personal data is much less exposed to data breaches, which is necessary to comply with privacy regulation such as the EU’s General Data Protection Regulation (GDPR).” IdentityMind is well positioned to address the risk management, fraud prevention and compliance requirements of financial and digital commerce businesses.
Key 2017 milestones included:
- Robust Enhancements to Fraud Detection, ICO, and KYC Solutions: IdentityMind delivered enhanced transaction monitoring and customizable workflows for enterprises in its sophisticated anti-fraud solution that utilizes machine learning to detect e-commerce and marketplace fraud. On the Initial Coin Offering (ICO) front, the company delivered a KYC plug-in that is popular with ICOs and allows companies to easily integrate a know your customer (KYC) solution within their own platform. The company also enhanced its global KYC capabilities by offering an SDK for image capture and selfie verification enabling customers to perform enhanced due diligence on their customers.
- Improved AML Capabilities: IdentityMind delivered improved anomaly detection and machine learning capabilities to the company’s anti-money laundering (AML) risk-based solution that includes trusted digital identities, transaction monitoring, rules, case management, know your customer, regulatory reporting, and alerts.
- Increased Traction in Marketplace and Shared Economy Businesses: The company witnessed increased traction in delivering solutions to marketplace and shared economy businesses. It’s commonplace for open marketplace buyers and sellers with mobile apps to become havens for money laundering. Buyer and seller collusion is commonplace. IdentityMind addresses this by vetting and connecting buyer and seller relationships beyond device identification. This also includes shared economy scenarios.
- Global Customer Growth: IdentityMind experienced a 108% year-over-year customer growth rate, led by explosive growth in Initial Coin Offering (ICOs), a way for companies to raise money outside of the traditional venture capital channels. Today, IdentityMind has customers on six continents and is growing exponentially in Latin America, Canada, China, and the US.
- Key Awards and Industry Accolades: IdentityMind Global was the recipient of several industry awards including: RegTech100 by FinTech Global; 100 Most Innovative Startups and 21 Top Fintech Companies for RegTech and Top 10 Fintech Startups; and Crowd Favorite Award at FinDEVr London.
- Expansion in Latin America: IdentityMind opened a new office in Mexico City to provide training, support, and product development for the company’s growing Latin America customer base. IdentityMind also maintains offices in Spokane, Mexico City, London, and Beijing. Many people in Latin America are thin file customers with limited to no access to traditional financial services. This makes it challenging for traditional systems to identify them or even understand whether or not they represent a business risk. IdentityMind’s solution leverages digital identities to provide the most accurate risk assessment on the market.
- Innovation Leadership with Patented eDNA™Technology for Trusted Digital Identities: As a follow on to the 2016 patent granted for IdentityMind’s core technology – Electronic DNA™, or eDNA™ – the U.S. Patent and Trademark Office granted two additional patents: (1) the use of Trusted Digital Identities to mitigate merchant risk and (2) the use of Trusted Digital Identities for sanctions screening of cryptocurrency transactions.
- Strategic Additions to Executive Leadership Team: IdentityMind added industry veterans Gregg Gumbinger as vice president of channels and Rao Wu as head of global sales. Wu brings enterprise sales experience having previously held senior sales leadership roles with Jumio, Reputation.com, and Wheelhouse. Gumbinger has 30 years of deep payments and risk experience holding senior management positions at Integrity Payments, Bluefin Payments, Visa, Cybersource/Authorize.net, First Data Corporation, and was also the founding member of the Western States Acquiring Association.
- Expanded Partner Ecosystem: IdentityMind provides one of the industry’s most comprehensive identity validation platforms on the market integrating 30+ vendors through a single, standards-based API. New integration partners to the IdentityMind partner ecosystem include: Confirm.IO, document authentication technology; Neoway, identity verification services for consumers and merchants primarily in Brazil and Latin America; White Wings Technologies, money service bureau (MSB) integration; KYC2020, a single source for checking lists for KYC, AML, PEP, and CFT due diligence and BitRank®, a provider of a scoring mechanism for digital currencies.
- Increased Adoption of Digital Identity-based Systems in the Enterprise: IdentityMind saw increasing adoption of its platform and products in the enterprise as these companies have now come to realize the benefits of digital identity-based systems not just at the time of onboarding but throughout their customer’s lifecycle. The growth of mobile and other online channels will only further accelerate this trend.
- Helping SMBs: IdentityMind found increasing popularity for its products among FinTech SMBs due to its ability to reduce operational costs and meet all their compliance requirements in one, integrated solution. FinTech’s include money remittance, lenders, money service businesses, and others.
- Booming Adoption in the ICO Market: In 2017 IdentityMind realized significant customer traction in the ICO market, with over 30 clients using IdentityMind to raise over $450 million. IdentityMind is at the forefront of delivering an easy compliance solution to companies conducting an ICO.
- Cryptocurrency Growth Fuels AML Demand: With the rapid escalation of cryptocurrencies in 2017, IdentityMind witnessed similar high demand for its AML solution including KYC and transaction monitoring, helping cryptocurrency exchanges meet transaction monitoring and regulatory compliance requirements.
IdentityMind at the Ready with GDPR Compliance: The General Data Protection Regulation (GDPR) is set to come into full effect on May 25, 2018 and will dictate how companies address data privacy and protection in Europe. Many companies will be at risk if they use identity data without the full consent of the data subject. IdentityMind fully complies with GDPR and uses it solely for fraud prevention and regulatory purposes.
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Director of Pubic and Analyst Relations