Identity verification solution developer Acuant has acquired its former strategic partner IdentityMind.
Following the close of the deal, Acuant will combine its identity proofing and verification Trusted Identity Platform with IdentityMind’s digital identity services. The IdentityMind Digital Identity Platform supports identity creation, risk scoring, transaction monitoring and regulatory compliance for know your customer (KYC) and anti-money laundering (AML).
The Acuant platform uses AI and human-assisted machine learning to identify thousands of documents in real-time to verify users. Furthermore, the RegTech implements a multi-factor identity verification solution which extracts biometric and alphanumeric data on an identity document to authenticate it via over 50 forensic document-specific tests.
Acuant and IdentityMind previously formed a partnership last year. The deal was aimed at boosting trust in transactions to help companies reduce fraud, comply with AML/KYC regulations and provide better customer experiences.
Acuant president and CEO Yossi Zekri said, “Never before has identity been so critical to building and maintaining a stable and productive economy.
“Businesses must rely on trusted identities to successfully transact, fight fraud and stay compliant. Our Trusted Identity Platform, now with IdentityMind’s orchestration layer, creates a new standard in identity verification.”
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