Customer onboarding is a critical process for any company, and can be a tricky balancing act.  Onboarding processes that are too stringent can turn away good customers, but processes that don't screen closely enough are vulnerable to fraud. And, because Anti Money Laundering (AML) regulations require most businesses to carefully evaluate the identity of their customers using a series of identity verification processes commonly referred to as KYC (Know Your Customer) tests, onboarding takes on added importance.

The ldentityMind platform provides you with an automated customer onboarding process supported by a global online identity verification service that allows you to verify customer data using multiple KYC onboarding tests, build and risk score digital identities to ensure AML compliance, combined with new account fraud prevention.

Our identity verification service API provides you with access to 20+ identity data verification vendors and multiple identity checks, from name and address verification through to ID document verification. Our eDNA technology leverages machine learning to not only build identities but to also analyze them for the most accurate reputation score (risk profile} possible. Plus, we enable you to modify your risk process on the fly, adding in additional KYC checks where merited, so you can show the good guys the fast lane and the bad guys the exits.

Use the ldentityMind platform as your main identity verification, fraud prevention and KYC compliance system or use our API to layer our capabilities on your existing platform.


Benefits

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Efficiently Onboard Customers

Show your best customers the fast lane and provide additional checks for unknown individuals.Through our API, we provide one place to for you to integrate with 20+ vendors to validate provided information. Using our Identity Network, we can tell you whether a prospect has been seen in the network and what their reputation is. Our eDNA engine assembles and updates and our graph intelligence provides a reputation score so you can figure out what to do next. 

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Know if They Are Authorized 

Using graph intelligence and machine learning, we look at user behavior across phone, email and transactions over a period of time to determine the validity of transactions over time. We'II even consider the type of chargeback involved, for instance, to detect identity theft, or vulnerable victim fraud.

 

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Reduce Your Risk

Identify the good guys you want to do business with and bad guys you want to avoid. Our eDNA engine assembles digital identities for each entity you do business with. Using graph intelligence, we create a reputation score that allows you to assess the amount of risk you are willing to take on. 

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Stay Ahead of Regulations

Maintain a proactive compliance program, be ready for auditors, and stay prepared for stricter regulatory requirements.  The IdentityMind platform's flexibility enables you to be ready to respond quickly to new legislative developments.

Some of Our Clients


Benefits

 

  • ldentity creation
  • ldentity validation
  • Real time risk scoring through machine learning
  • Automated, transaction monitoring
  • AML
  • Sanctions screening
  • Document upload, verification
  • Customer white list
  • Customer black list
  • Configurable rules
  • Account dashboard for viewing reports, individual interactions and more
  • Visual link analysis for rapid assessments
  • Event-driven alerts
  • Escalation, rule-driven cases
  • Queue management • Compliance reports
  • 20+ data services, one API
  • Access to ldentityMind network of over 200 million identities

 

How it Works

Trusted Digital Identities

ldentityMind's eDNA(TM) builds digital identities from information you collect from customers. Our platform verifies and analyzes digital identities so you can see who's on the other end of the transaction.

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ldentitylink Analysis

Our eDNA correlates the attributes within an identity, taking into account changes over time. And it also discovers relationships with other identities.

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Identity Reputation 

Identitylink Analysis also provides a reputation score that reflects the latest information about an entity and gives you a basis for trust decisions.

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Rules Engine

The ldentityMind platform includes a rules engine so you can set transaction acceptance and rejection thresholds. You can determine when you want to send a transaction to be reviewed by your analysts.

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Many Data Services, One API

ldentityMind allows you to verify user provided data to determine it validity. We integrate with a wide variety of third parties to verify name, address, phone number, TIN, SSN, IP address, email, documents. and more.

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ldentity Network

Our identity network let's you see who's on the other end of the transaction, even if you haven't seen them before, if they've transacted with another ldentityMind customer. Encryption ensures that privacy across all the identities on our network.

Trusted Digital Identities

Identity is critical to reducing risk and ensuring compliance in today’s digital financial services. Trusted digital identities help you Identify who is on the other end of the transaction and help you decide whether you should do business with them.

"2017 will be the year of digital identities...there is no identity without trust and vice versa. Further identity and trust impact and influence payment methods and enable or disable currencies. I view digital identities as the corner stone of the future of financial services industry." 

Pascal Bouvier

Physical Identities

  • Name
  • Address
  • Device
Basic identity information that is based on physical documents.

Information is limited, static, siloed and, in some cases, easy for a fraudster to acquire.

Digital Identities

  • Name
  • Address
  • Payments
  • DOB
  • SSN
  • Email
  • IP Geo-location
  • Device
  • Ship to Address
  • Payment Behavior
  • Black/White Lists
  • Sanction Lists
  • Document Verification
  • Social Media
  • Carrier/Mobile Data
  • Bill to Address
  • Account Validation
More detailed information that includes digital information such as email, IP address, mobile phone. It may also include verification of provided such as account information.

Information is interconnected and reflects a wide variety of information on top of physical documents.

Trusted Digital Identities

  • Name
  • Address
  • Payments
  • DOB
  • SSN
  • Email
  • IP Geo-location
  • Device
  • Ship to Address
  • Payment Behavior
  • Black/White Lists
  • Sanction Lists
  • Document Verification
  • Social Media
  • Carrier/Mobile Data
  • Bill to Address
  • Account Validation
  • Graph Intelligence
Trusted digital identities are digital identities that are analyzed to verify identity, to identify the most recent information and known associates, and to ultimately risk score the identity. The result is an evaluation based on the most recent picture of the entity in question.


Use this slider to see the advantages granted by our patented Trust Digital Identities.

Further Reading


White Paper: KYC Fundamentals Guide


This guide, based on important takeaways provided by the expert panelists of a KYC webinar we hosted, will provide a high level analysis of the things you need to pay attention to meet regulatory guidelines when performing Know Your Customer analysis on new and current customers, the approach you should follow on your relationships with regulatory agencies and industry peers, and how to stay out of trouble and avoid fines.

Read the Guide

 

Blog Post: How Not to Onboard Fraudulent Customers

Onboarding customers is a tricky process. Attracting a customer to sign-up is just the beginning. Once they’ve signed-up, you must verify them - You must verify 1) that they are real users, 2) that they are the owners of the information presented, 3) that they can do business with you AND 4) that they’re a good client for you to work with. Getting the answers to these questions are at the heart of what we do at IdentityMind. 

Read More

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Feature: IdentityMind AML Solutions on Compliance Week

Click below to see our collection of Anti-Money Laundering resources and information featured by Compliance Week, including white papers and guides.

Read More