LOS ANGELES, Sept. 24, 2020 /PRNewswire/ -- Acuant, a leading global provider of identity verification, today announced that Prime Trust is engaging Acuant's Trusted Identity Platform for identity verification and compliance to meet Anti-Money Laundering (AML) regulations, manage fraud and fight financial crime, all in one platform.
Prime Trust provides innovative API-enabled B2B financial infrastructure spanning payments, custody, and liquidity for others to build fintech applications on top of including payment and neobanking applications, crypto exchanges, crowdfunding portals and more at scale. In the wake of the COVID-19 pandemic, increased digital transactions has meant a greater risk of monetary fraud. The need for businesses to seamlessly and quickly process transactions while preventing fraud has become critical.
"The increase in digital transactions over the past year has spurred great growth for our company, but has also escalated our need for a sophisticated yet simple solution to meet the digital identity needs of our expanding customer base," said Kevin Lehtiniitty, CPO of Prime Trust. "We were pleased to learn that IdentityMind had become part of Acuant and are excited to expand our relationship and leverage the platform's full capabilities as part of our Prime Compliance offering to meet the needs of our customers within our API solutions. We maintain a complex smart routing platform on top of our integrations with key vendors in the compliance and risk spaces and view Acuant as an important part of that network."
Prime Trust is integrating Acuant Compliance, formerly IdentityMind, for onboarding, sanctions screening and authorization to ensure that transaction parties are meeting all Know Your Customer (KYC) regulations. In addition, their transaction monitoring feature provides Prime Trust with greater transparency and the ability to maintain processes in an efficient and cost-effective manner. This includes velocity alerts and historical behavior deviation, case management and built-in SAR filing should there be any issues.
The KYC workflow engages Acuant Verify to provide best in class document verification. Acuant is the leader in global ID coverage with a library of 6,000 documents from more than 200 countries and territories. Continuous updates to the ID library ensure that customers get a solution that automatically passes more good customers and reduces manual review. Prime Trust will also leverage Acuant's proprietary electronic DNA (eDNA™) technology to securely analyze and verify digital identities for re-use and to flag patterns that may reflect fraud to bring greater trust and compliance to its financial services customers.
"Prime Trust is important to the financial ecosystem because it provides the foundation for organizations to build compliant, world-class financial applications at scale," said Yossi Zekri, President and CEO of Acuant. "By partnering with Acuant, Prime Trust is able to add a deeper layer of trust to its customers' transactions. We look forward to continuing to support their business growth."
Acuant's Trusted Identity Platform powers trust for all industries with automated identity verification, regulatory compliance (AML/KYC) and digital identity solutions. Powered by AI and human assisted machine learning to deliver unparalleled results and operational efficiency, omnichannel products offer seamless customer experiences to fight fraud, increase conversions and establish trusted transactions from any location in seconds. Acuant's patented eDNA™ technology executes real time, actionable insights to expedite trusted users and detect suspicious users before they transact.
With leading partners in every major industry and completing more than 1 Billion transactions in over 200 countries and territories, Acuant is the leader in global coverage. To learn more please visit http://www.acuant.com.
About Prime Trust Prime Trust is the technology-driven financial institution that provides the financial infrastructure for fintech innovators. The firm powers mobile financial apps, crypto exchanges, securities exchanges, OTC desks, portals, platforms, brokers, investment advisors, exchanges, real-estate syndicators, and others with smart API solutions to create world-class financial services at scale. Services provided by Prime Trust include institutional and retail account types including custodial, IRA, trust, and escrow, along with funds processing, AML and KYC compliance, asset custody, counterparty settlement systems, transaction technology, and tax reporting. For more information, visit www.primetrust.com.