LOS ANGELES, Oct. 17, 2018 /PRNewswire/ -- Acuant, a global provider of identity verification solutions, has been selected by Veridate Financial to streamline client onboarding for self-regulated industries such as crypto exchanges, ICOs and money transfer agents. Veridate provides client onboarding solutions for a variety of financial services participants with COBA, its fully integrated end-to-end digital client onboarding application. Veridate's COBA solution employs Acuant's AcuFill technology for digital ID capture, AssureID for document verification and Acuant Facial Recognition Match (FRM) for biometric-powered identity verification.
The explosion of the cryptocurrency market has created enormous demand for investment in the associated blockchain technologies. Cryptocurrency exchanges have seen new account openings reach thousands per day, which puts an enormous strain on the business because onboarding is typically a manual, paper intensive process. Veridate is using Acuant to solve these client onboarding challenges within its COBA application.
"Our goal is to dramatically reduce the time and effort it takes for the user to onboard and with Acuant, we can deliver on that promise," said Peter Hatz, co-founder and chief marketing officer at Veridate. "At the same, our solutions can help these self-regulated industries demonstrate compliance with regulations such as KYC, AML and Proof of Life. With Acuant, we can provide full compliance reports in less than two minutes. Acuant's technology is fast, effective and easy to use – it's been a game-changer for us."
In the digital ID capture process, Acuant runs up to 50 different authentication tests per document in seconds. Acuant then validates the identity of the user, comparing facial biometrics from a liveness-tested selfie to the identity document. For Veridate's COBA solution, Acuant captures the identity document data, authenticates the document and verifies the user's identity, streamlining the onboarding workflow and expediting the user experience.
"Veridate has built a unique solution that addresses some key challenges for the cryptocurrency market," said Yossi Zekri, President and CEO of Acuant. "We are pleased to help them solve these challenges by providing the fastest and most accurate identity verification solutions to ensure a seamless user experience coupled with a high level of security."
About Veridate Financial
Veridate Financial Limited provides automated client onboarding services for cryptocurrency exchanges & money transfer agents, wealth managers, corporate services providers, law firms, accountants and other regulated entities through its end-to-end digital client onboarding application, COBA. Based in Asia, Veridate is the first and only business to provide a cost effective highly automated, data and workflow management solution for client onboarding to SME's and Institutions COBA automates the onboarding process for a seamless customer user experience, while offering a step-change in regulatory control and efficiency through workflow re-engineering and digital automation. More information on Veridate can be found at https://www.veridatefinancial.com.
Acuant is a next gen Identity Verification Platform that reduces fraud while providing a seamless customer experience. Award-winning products include ID capture and auto-fill software and ID authentication with the industry's highest speed and accuracy rates. Solutions are deployable via web services (cloud), mobile, and desktop applications. Acuant also offers Chip and e-Passport authentication with PKI, facial recognition software, and manual review of IDs.
Holding more than 20 patents and powered by human-assisted machine learning, Acuant possesses the industry's largest ID library and has completed more than 3 billion transactions worldwide. Partners include Fortune 500 and FTSE 350 organizations and start-ups in all industries. For more information please visit www.acuantcorp.com.