Verify 365, a leading provider of NFC-based biometric identity verification tech, has just launched its newest platform, DynamicID, which utilises machine learning and artificial intelligence to provide advanced biometric risk assessments, including liveness checks and unbiased facial recognition.
The importance of Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance
As the global regulatory landscape becomes increasingly stringent, the importance of Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance is growing. In particular, law firms and estate agents, who handle sensitive financial transactions, are facing heightened scrutiny. With the potential for costly fines and reputational damage, these industries are in need of secure and efficient solutions to help them comply with the latest regulations. That’s where DynamicID comes in – its state-of-the-art biometric technology provides a secure and streamlined solution for these industries, ensuring they are fully compliant with KYC and AML requirements while also providing a better customer experience.
“We are excited to introduce DynamicID as the cornerstone of our digital onboarding solution, Verify 365. With its advanced features and unparalleled biometric security, we are confident that it will set the standard for identity verification, particularly in heavily regulated sectors such as law, accountancy, finance, and real estate. The biometric risk engine in DynamicID is unrivalled and stands ahead of any other solution available in the market today,” said Rudi Kesic, CEO of Verify 365.
What is DynamicID® and how can it help?
DynamicID, developed in the UK, is the leading solution for secure and convenient online identity verification. As the primary biometric risk engine for Verify 365’s platform, it offers a comprehensive digital onboarding experience. With its cutting-edge technology, DynamicID is changing the way businesses and organisations approach identity verification.
How does DynamicID biometric risk engine it work?
The DynamicID biometric risk engine works by using a combination of machine learning, artificial intelligence, liveness checks, and unbiased facial recognition to accurately verify identities. The platform works by capturing and analysing biometric data from a user’s face, including unique facial features, patterns, and movements. This information is then compared to the user’s official identification document to ensure that the person presenting the document is indeed the rightful owner.
In addition, DynamicID uses liveness checks to prevent fraud by ensuring that the person in front of the camera is a live, breathing human and not a pre-recorded image or video. The unbiased facial recognition technology ensures that there is no discrimination based on race, gender, or other factors. DynamicID provides a fast and secure solution for businesses and organisations to meet their KYC and AML compliance requirements.
What is the future of DynamicID?
The future of DynamicID looks incredibly promising, with a growing demand for secure and efficient biometric identity verification solutions. As regulatory requirements continue to tighten and cybercrime becomes a growing concern, regulated businesses will increasingly turn to Verify 365 and DynamicID as a trusted solution to meet their KYC and AML compliance needs. With its cutting-edge technology, DynamicID is poised to become the go-to platform for secure and convenient identity verification, leading the way in the digital transformation of the industry. As the demand for secure identity verification continues to rise, it’s clear that the future is bright for DynamicID.
DynamicID makes its debut as a key component of Verify 365
DynamicID has made its market debut as a key component of Verify 365, Lawtech 365’s comprehensive digital onboarding solution. This UK-based innovative technology platform offers a full client onboarding and verification process for regulated sectors, such as law firms, estate agents, accountants, and financial institutions, and includes features such as ePayments, eSignatures, KYC and AML checks, and KYB workflows. With DynamicID integrated into Verify 365, law firms, accountants and estate agents can expect a streamlined, secure, and efficient solution for meeting their identity verification needs.
Identity fraud is becoming a major concern as criminals are using increasingly sophisticated tactics to try to fool verification systems. With 90% of clients now comfortable accessing digital services, the potential for fraud is on the rise. It’s more important than ever for businesses to implement accurate fraud measures for both new and existing clients and to establish trust within two minutes or risk losing them. Consumers are increasingly opting for biometrics, with 77% reporting that it is more convenient than traditional verification methods.
To learn more about DynamicID and how it can help your business achieve secure identity verification, please visit the Verify 365 website.