Payments platform ZED Network has formed a strategic partnership with RegTech 100 company IdentityMind Global.
Following the agreement, the company said it will use IdentityMind Global’s Version 2.0 platform to meet know your customer (KYC) and anti-money laundering (AML) compliance requirements for its Money Transfer Operators (MTO) worldwide.
ZED Network specialises in small to medium sized MTOS, providing them with a distributed ledger-based Platform-as-a-Service solution including online and mobile apps, back office administration, and built-in compliance tools.
MTOs using ZED Network will now be required to perform KYC validation for each remittance sender and receiver using IdentityMind. Through IdentityMind Global’s Version 2.0 platform, ZED Network said it will also target accredited investors in the US, Canada and several other countries and conduct KYC on each ZED token investor.
“We’re pleased to work with an innovative company like ZED Network that has created a comprehensive money transfer platform for global, small to medium-sized MTOs so that they can effectively compete against larger MTOs,” said Garrett Gafke, CEO, IdentityMind Global. “We have a successful track record of working with ‘breakthrough’ companies like ZED Network to help them grow rapidly and scale while remaining compliant.”
IdentityMind is a SaaS platform that builds, maintains and analyses digital identities worldwide, allowing companies to perform identity proofing, risk-based authentication, regulatory identification, and to detect and prevent identity fraud.
It built-in transaction monitoring enables e-commerce fraud prevention, anti-money laundering (AML), and counter terrorism financing (CTF), while its eDNA technology securely tracks the entities involved in each transaction to build unique digital identity trust reputations.
Founded in 2009 and headquartered in Palo Alto, California, IdentityMind launched version 2.0 of its technology last month. The firm claims the new platform uses dynamic modeling, a transparent access framework, and contextual identity analysis to provide AML compliance with fewer false positives.
Earlier this year, the RegTech signed a licensing agreement with KYC2020, a single source for comprehensive global politically exposed persons (PEP), criminal, sanction, and terrorist lists for KYC and AML compliance requirements.
IdentityMind also recently partnered with Ripio Credit Network (RCN), a peer-to-peer credit network, for KYC and AML compliance support.
The deals came months after IdentityMind was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.
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