Acuant helps FinTech verify unbanked individuals

Domus Semo Sancus (DSS) has partnered with Acuant, a global provider of identity verification solutions.

The FinTech company, which is building tools to encourage financial inclusion and bridge the e-commerce divide, has selected Acuant’s AssureID for identity verification. DSS is a financial technology company that is building tools to encourage financial inclusion and bridge the e-commerce divide.

AssureID will power the company’s flagship product, SafetyNet, to authenticate driver’s licenses, passports and other government issued IDs.

“Living in the Caribbean, I am acutely aware of the challenges that many individuals face with sending money to their families living abroad,” said E. Jay Saunders, chairman & CEO of Domus Semo Sancus (DSS). “But for us to help the global unbanked achieve financial inclusion, we must adhere to stringent KYC regulations to prove the identity of each person. Every time someone exploits the global financial system, it makes it harder for everyone else – especially those most in need.”

SafetyNet provides a technological solution to international KYC regulations by using AI to generate a profile report in the click of a button to verify the user. It uses artificial intelligence to perform due diligence checks across tens of thousands of online data sources, pulling together real-time KYC profiles from digital documentation.
“We needed an identity verification provider that could quickly and effectively verify global IDs. The sophistication and ease of use of Acuant’s AssureID blew away the competition,” added Saunders.

Los Angeles-based Acuant provides Identity Verification solutions to reduce fraud and increase revenue. Its core products include intelligent data capture and auto-fill software, and identity document authentication. Acuant also offers Chip and e-Passport authentication with PKI, facial recognition software, and expert manual review of documents.

Holding more than 20 patents and powered by human-assisted machine learning, Acuant claims to possess one of the industry’s largest ID libraries, and has completed more than 3 billion transactions worldwide. Thus far in 2018, Acuant has exceeded its own record for profitability and sales growth and has expanded its presence with an EU office. The company also added several premier global partners, including a top credit reporting agency, as well as a top-tier global payments company and a leading healthcare diagnostics company.

Last month, Audax Private Equity purchased a controlling stake in the RegTech from Insight Venture Partners, Lightview Capital and Egis Capital Partners.

Copyright © 2018 FinTech Global

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