Acuant, an identity verification solutions provider, announced on Tuesday it has finalized the acquisition of its former strategic partner, IdentityMind, a SaaS RegTech platform that builds, maintains and analyzes digital identities worldwide. As previously reported, IdentityMind helps users win the fight against fraud, money laundering, human trafficking, and terrorist funding.
“Our patented digital identity technology identifies good guys you want to work with and bad guys you want to avoid in real time. Our technology creates and utilizes digital identities to reduce fraud risk and decrease compliance cost for identity verification and customer onboarding throughout the customer lifecycle. We offer KYC and AML services for counter financing of terrorism (CFT), automated transaction monitoring and fraud prevention.”
The companies announced their collaboration last fall and through the partnership, Acuant’s identity solution was offered through IdentityMind’s platform, providing identity and document verification across multiple channels globally. Speaking about the company’s development since launching in 2013, Garrett Gafke, CEO of IdentityMind, stated that he and his team build their platform around “digital identities” and created as well as proofed more than 350 million identities and earned over 10 patents along the way.
In regards to the acquisition, Yossa Zekri, President and CEO of Acuant added that the company’s Trusted Identity Platform and with IdentityMind’s services it creates a “new standard” in identity verification.