ComplyCube, Signicat add features to strengthen fintech AML capabilities

June 19, 2024

14 4 minutes read

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The financial technology sector is witnessing a wave of strategic collaborations and innovative solutions aimed at enhancing security and compliance. From bolstering know your customer (KYC) and anti-money laundering (AML) processes to introducing advanced biometric identification features, companies are making strides to safeguard their operations and customer transactions. ComplyCube and Signicat have each added capabilities to benefit regulated businesses, while Identomat has announced two new clients and iDenfy has revealed a customer win.

ComplyCube adds Trust Center to KYC, AML platform

ComplyCube has launched a Trust Center to enhance its identity verification, KYC and AML platform and help clients navigate complex regulatory scenarios.

The company says compliance failures end up costing businesses over 2.7 times more than maintaining regulatory obligations, and those with robust compliance programs suffer 30 percent lower costs for security incidents.

The new Trust Center features a real-time compliance dashboard and a resource hub with documents, certification information and regulatory guidelines. It also offers incident reporting and tracking.

“Clients and partners can find answers to many data protection questions, view active controls, and request documents for due diligence,” ComplyCube Business & Partnerships Manager Joshua Dent says. “It’s great to see this platform live following our recent certifications, such as UK DIATF, ISO 9001, PAD Level 2 ISO 30107-3, and ISO 27001:2022 upgrade.”

Signicat rolls out selfie biometric authentication

Biometric facial authentication is now part of Signicat’s MobileID platform to enhance the security of mobile apps for financial and regulated service clients.

Signicat’s Face Authentication consists of a 3D liveness check and face match, and is effective protection against fraud with photos, deepfake videos and other spoofs, according to the announcement.

Identity fraud fueled by AI is a growing threat, making up over 42 percent of total attacks, Signicat’s recent report shows.

“As fraud tactics evolve, so must our solutions,” says Signicat Product Manager for Mobile Identity Simone Andersson. “This new feature is a testament to our dedication to staying ahead of the curve and ensuring our clients can operate securely in the digital landscape. Our MobileID solution is PSD2 compliant and responds to all the requirements from regulated sectors.”

NovaPay and WARD Ops each select Identomat

NovaPay, a provider of online and offline financial services in Ukraine, has partnered with Identomat to improve its KYC and AML processes. This collaboration aims to bolster NovaPay’s ability to offer secure and efficient financial services.

Identomat’s AI-powered technology supports remote identity verification, ensuring compliance with regulatory requirements in over 200 countries and mitigating financial transaction risks. In just six months, NovaPay and Identomat have already served nearly a quarter of a million customers.

David Lomiashvili, CEO of Identomat, expresses enthusiasm about the partnership, highlighting the company’s commitment to optimizing identity verification processes. Identomat has passed several security and compliance evaluations, including iBeta level 2, ISO/IEC 30107-3, and ISO/IEC 27001. Together, NovaPay and Identomat aim to set new standards in customer verification and fraud prevention in Ukraine’s financial industry.

WARD Ops, an IT outsourcing provider, has announced a strategic partnership with Identomat to enhance digital operations. WARD Ops offers services such as monitoring, incident management, QA, robotic process automation, software implementation, and integrations.

Identomat provides AI-driven identity verification and KYC solutions to support secure and compliant operations. The partnership aims to enhance security protocols and deliver integrated solutions, representing a significant step forward in providing businesses with a seamless, secure, and efficient operational environment.

iDenfy chosen by Watchdreamer for enhanced security

Watchdreamer, a watch e-commerce marketplace in Switzerland, has chosen Lithuania-based iDenfy to enhance customer verification processes. iDenfy’s KYC software will ensure the authenticity of Watchdreamer’s customers, streamlining the user registration process and providing a secure purchasing experience.

The partnership aims to address the challenges of fraud and money laundering in the luxury watch market. iDenfy’s advanced biometric and facial recognition algorithms will help verify the identity of users, ensuring compliance with legal requirements and increasing transparency.

Ronan Pensivy, COO of Watchdreamer, emphasizes the importance of compliance and providing an exceptional client experience. Domantas Ciulde, CEO of iDenfy, highlights the collaboration’s goal of delivering a secure and efficient online shopping journey for Watchdreamer’s customers.