FutureBank embraces IDVerse tech for enhanced customer onboarding


FutureBank, a customisable embedded finance platform, collaborates with IDVerse, the world’s leading digital ID verification company.

The driving force behind the partnership is to expedite FutureBank’s digital transformation, prioritising rapid and secure digital identity verification (IDV) to accelerate customer onboarding.

FutureBank stands out as an innovative integration platform for core banking providers, embedding vital finance services. Functioning as a bridge, it connects banks to third-party providers for smooth integrations. This seamless integration process enables banks and fintechs to unveil new, secure, and efficient products to their audience.

IDVerse is globally recognised as the paramount Identity Service Provider (IDSP). Proudly possessing 20 certifications such as Right to Work, Right to Rent, and Disclosure and Barring Service (DBS) from the UK’s Digital Identity & Attributes Trust Framework (DIATF), IDVerse’s groundbreaking Zero Bias AI™ tested technology pioneers the use of generative AI. This AI is trained meticulously on deep neural network systems, ensuring unbiased verification irrespective of race, age, or gender.

FutureBank’s customers will now have the luxury of accessing the IDVerse software, which has been incorporated into its platform. Conversely, IDVerse clientele searching for a middleware platform can now effortlessly link their API credentials to FutureBank’s platform, enjoying its rich benefits.

Addressing the existing gap in bank technology, the essence of middleware platforms like FutureBank becomes evident. They bring about the required technological suppleness that banks and fintechs may struggle to create in-house. This not only deters potential fraud but also champions a complete and pleasant customer journey.

Sergio Barbosa, CEO at FutureBank, expressed his concerns about the rising prowess of generative AI, stating, “Generative AI is breeding many different fraud types. With ChatGPT, fraudsters can create very authentic documents and profiles for people at a low cost. We were impressed by IDVerse’s capability to stop fake IDs from making their way through the system and its fully automated approach that works better than humans.”

Additionally, Barbosa shed light on the ascending stature of cybercrime, mentioning, “Cybercrime is currently the third biggest economy in the world, and predictions show that in the next 18 months, it will be the biggest economy in the world. We are delighted to partner with IDVerse to protect our customers from unwanted attacks.”

On the other hand, Russ Cohn, General Manager EMEA at IDVerse, highlighted the increasing threat of deepfakes, saying, “It is already very easy to create a realistic fake person in as little as 15 minutes using online tools readily available on the internet. Synthetic media is becoming the new tool of choice for fraudsters looking to make money. We estimate that there is a 400 percent year-on-year increase in the use of deepfakes in creating fake identities.”

Cohn further elaborated on the advanced capabilities of IDVerse, noting, “Our fully automated identity verification system can offer FutureBank customers a reliable solution to spot deepfake accounts that fraudsters are increasingly trying to create. IDVerse’s cutting-edge technology maps the facial genome and can detect below-the-skin activities, such as a heartbeat changing the colour of the skin, which the human eye cannot see. These natural yet invisible patterns from faces help verify that an image is of a real human, not a deepfake.”

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