Prove, which offers an innovative way of proving identity by requiring only a phone number, reveals that it has integrated TransUnion’s TruValidate identity verification solution into its product offering so that it can offer a new, instant, digital identity service in Hong Kong.
The launch of the new digital identity product into this new market is part of Prove’s ongoing business expansion – which includes its Phone Identity Network. The company reports that its ID verification solutions are being offered in 60 different countries.
Prove’s latest solution should allow companies with an international presence to further extend their digital KYC, ID verification, and authentication services to Hong Kong residents. With such a high level of mobile phone penetration, the city will be a strategic addition to Prove’s Phone Identity Network, allowing customers to engage with an intuitive and more secure ID verification solution.
The integration of TransUnion’s TruValidate identity verification feature into Prove’s Hong Kong product offering should assist firms with confidently creating new accounts with clients in a digital environment.
The new solution may help companies with better securing client journeys and help stop or prevent fraudulent activities before they actually take place. With advanced machine learning algorithms, Prove aims to offer the appropriate technology to ensure that data is highly accurate and reliable.
Clients will also have the option to access Prove’s Possession, Reputation, and Ownership (PRO)-based ID authentication features, like one-time passcodes, secure links, Trust Score™, behavioral biometrics, and push authentication, in order to orchestrate end-to-end identity and fraud solutions leveraging Phone-Centric Identity™.
The expansion will also aim to complement Prove’s Multi-Factor Authentication capabilities – which are currently being supported in 195 different countries.
Prove’s ID verification and PRO™ solutions may assist customers in the financial, insurance, e-commerce and retail, healthcare, gaming, and cryptocurrency space with ID verification.
Some of the main use-cases of the product include:
- Screening account openings and onboarding customers
- Securing sensitive transactions with step-up authentication measures
- Verifying customer identity while reducing customer experience friction
- Fulfilling PSD2 SCA, KYC, anti-money laundering (AML), and other regulatory requirements
Geoff Miller, Prove’s Global GM, stated:
“As the world becomes more and more digital, at Prove, we’re constantly thinking about how we can better serve our customers on a global scale. Our new Hong Kong offering which integrates TransUnion’s identity verification capability, is another facet underpinning our global-forward strategy, and we’re excited to continuously innovate and bring the best-in-class solutions to our customers – at scale, worldwide.”
Jerry Ying, TransUnion APAC’s chief products officer, remarked:
“In an increasingly digital world consumers expect businesses to be able to protect them and their transactions whilst still maintaining convenient experiences. By ensuring customer identity, businesses can form long-lasting relationships built on mutual trust.”
Ravi Bijlani, SVP, International at Prove, noted:
“Our unique identity approach is creating a wave of excitement, leading to further collaborations with major brands, where we impact positively both on fraud reduction as well as reduced customer friction. This has led to 4x growth year on year and we look forward to inspiring not just Financial Services, but also Gaming, Crypto, and Retail markets too.”