Ultimate Finance has entered a partnership with Nivo to invest in biometric facial recognition technology to speed up the mobile funding application process for consumers, the company announced.
Ultimate Finance will leverage Nivo’s biometric ID verification and file sharing services to optimize customer engagement through instant messaging and reduce dependence on paper, email and phone. Ultimate Finance will use facial recognition to verify identity by cross-matching a photograph taken with a smartphone against a scanned passport, ID card or driving license.
Nivo assures customers its system is simple and free to use. It leverages secure instant messaging and AI to facilitate the process, reduce delays and human error that may arise from physical documents, and deliver a seamless experience for users.
“We take pride in being a responsible lender and place a huge importance on our customers’ data security and reducing the risk of fraud,” says Josh Levy, CEO of Ultimate Finance. “Traditional verification processes are far from infallible so the platform’s biometric identification system and secure document sharing capabilities address this challenge. Our investment supports our vision of using technology powered by people to provide a service that is as quick and easy as possible for our clients.”
“It’s great to be partnering with Ultimate Finance to lead the way in this space,” said Matthew Elliott, Nivo Co-founder. “They see technology as a means to an end, looking beyond features, and keeping the focus on making things easier for customers and brokers. We’re excited about what 2020 holds as the partnership develops.”
Nivo leverages identity verification checks from Onfido, and raised £2 million in Series A funding last year.
Future plans for 2020 include adding additional digital solutions to improve customer onboarding.
GetID presents biometric identity verification solution at ICE London Conference
GetID will be presenting its biometric identity verification solution for the online gaming industry at ICE London Conference in February to more than 35,000 professionals, the company announced. Its solution delivers seamless and frictionless onboarding and customer verification (KYC/AML) to reduce fraud attempts.
GetID forecasts tremendous growth in Europe in the online gambling and betting markets following legalization of the activity in a number of countries, including the U.K., Italy, Spain and France.
The global online gambling market is forecast to top $94 billion in 2024, according to GetID’s announcement. The rise of mobile gaming solutions has led to a slight increase in the gross gaming revenue (GGR) since 2008, yet in 2018 almost 50 percent of the online gambling market in Europe was made up of online sports betting.
The increasing number of users interested in online gaming and casinos raises the number of fraud attempts, which makes KYC solutions that leverage advanced technologies a valuable asset in securing customer experience, the company says.
GetID’s product delivers fast online identity verification from mobile to desktop through using native, customizable software development kits, it features an administration panel, facial recognition and face-matching solutions, document checking for authenticity and automatic document data extraction.
“GetID has done a great job to develop an A-grade Online Identity Verification solution, and the company’s latest efforts are to popularize the product, work on further enhancement, and create an impact on the industry. Gambling and betting are a business of its own complexity, and strict verification is a must-have; otherwise, this industry will be overwhelmed by fraudsters. We’re about to change the situation here,” says Dmitri Laush, GetID CEO.
“How do we make the process of online gambling better? First of all, we fight fraud and chargebacks. Secondly, we optimize the onboarding procedures for mobile and web. Our KYC process is automated and it helps to decrease operational costs.”
In November, GetID attended Slush Helsinki 2019 where it explored the crypto market and demonstrated new features for its fraud prevention solution. At the Finance Magnates London Summit, Dmitry Kuravkin, Legal and Compliance Adviser at GetID, held a workshop focused on “KYC challenges and innovations in the financial sector,” where he discussed market trends and digital identity initiatives.
Article Topics
biometric identification | biometrics | digital identity | facial recognition | fraud prevention | GetID | identity verification | KYC | Nivo
