Neofy forms partnership with RegTech100 company IDmission

Neofy, a digital financial cloud provider, will improve its KYC, AML and identity capabilities through a partnership with IDmission, a biometric security and authentication software solution.

Neofy hopes IDmission’s technology will enable it to automate customer onboarding whilst ensuring strong security.

Speaking on the partnership, IDmission CEO Ashim Banerjee said, “Banking-as-a-Service offerings like Neofy need flexibility to be able to compose user experiences that span the lifecycle of customer Identity. IDmission’s AI driven multimodal biometric platform with built-in global AML and other compliance checks offers that very kind of composable KYC.”

Neofy offers a pre-orchestrated financial services cloud that enables any bank or FinTech to launch with a pay-as-you-go software-as-a-service model. It has partnered with several technology providers to provide clients with all the solutions they would need, from core banking systems to card management systems.

It decided to partner with IDmission so it could provide its clients with access to regulatory compliance tools.

IDmission’s platform leverages liveness biometrics to verify the identities of people. Its clients include financial services, hospitality, government, healthcare and other industries.

Other developments from IDmission this year, include it getting ISO 27001:2013 certification, which recognises it as a solution dedicated to the safety and security of all data and continuous evaluation of information security risks.

IDmission was recently listed in the RegTech100 list, which highlights the companies that compliance teams need to know about in 2022. View the full list here.

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