Estonian core banking provider Modularbank has teamed with identity verification software company and compatriot Veriff to boost its compliance and know-your-customer (KYC) offering.
Launched in 2019, Modularbank is a cloud-agnostic, API-first core banking platform built for allowing any business to rapidly offer seamless, tailored financial services to their customers. Veriff provides an online identity verification service that protects businesses and their customers from online identity fraud.
According to Veriff, the partnership will see Veriff’s compliance and KYC offering added to Modularbank’s product ecosystem as a ‘plug and play’ solution that allows it to be integrated quickly.
Veriff added its identity verification solution will also enable Modularbank’s customers to streamline their adherence to KYC and compliance requirements, while at the same time benefitting from its fraud prevention technology.
Veriff CPO and co-founder Janer Gorohbov remarked the partnership with Modularbank has made his company’s identity verification service available to sprouting businesses who are looking to scale rapidly without needing to build in-house ID solutions.
He said, “Veriff’s premier technology is easy to integrate and goes beyond simple document data extraction and lightweight verifications to meet every organisations’ compliance requirements. Our video-first approach combined with data crosslinking effectively detects fraud attempts and keeps our clients safe.”
Modularbank chief business officer and co-founder Rivo Uibo said, “As Modularbank continues to evolve, we are very excited to be partnering with a company as forward-thinking as Veriff. Identity verification is an integral part of the customer onboarding process for any financial service provider, yet is often seen as a cumbersome task for both the provider and the customer.
“By integrating Veriff’s software, our clients can now automate the identity verification and KYC processes, leading to a simplified sign-up procedure for their new customers as well as an improvement in financial crime detection rates.”
Veriff recently closed a $69m Series B financing round led by IVP and Accel. The firm claimed the capital will be used to aid the company in building on the ‘fast-growing’ market opportunity in the US as well as delivering on its promise of building a stronger source of identity online than government-issued IDs alone currently provide.
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