ID-Pal, the identity verification provider, recently revealed that it is entering the UK market after six years of steady growth across Ireland, the US and the European Union.
This move has reportedly been planned due to increasing levels of identity fraud and the growing complexity of regulation leaving companies more vulnerable to financial crime and the surging cost of compliance.
Furthermore, the accelerated move to online during the COVID-19 outbreak, along with new legislation and potentially conflicting regimes like 6AMLD and GDPR, has made firms and their clients especially vulnerable to reputational and monetary damage resulting from financial crime.
The Dublin-headquartered firm supports companies in over 30 different sectors and current customers include large enterprises like Zurich International, and SMEs like UK Adviser and Trust My Travel.
Colum Lyons, Founder and Chief Executive Officer, stated:
“The way in which identity verification has been done historically is just not sustainable in our digital-first mobile-ready world. Verifying identity documents manually is inefficient and insecure, and the risk of data flight and simple human error can make businesses vulnerable to fraud. Our unique blend of ID checks, all powered by a completely technology-first process, means multi-layered verification takes place on any ID document in real time. Using AI and machine-learning offers greater accuracy in correctly classifying a document and reduces the margin for error and need for manual intervention.”
Lyons added:
“We’re looking forward to officially launching in the UK market and empowering more businesses with simple, secure convenient identity verification for their business and their customers. ”
As noted by its management, ID-Pal “enables businesses to verify the identity of customers in real-time simply, securely and conveniently.”
Available off-the-shelf or as an API/SDK, ID-Pal “uses advanced mobile technologies to reduce the cost and risk associated with customer onboarding whilst removing friction from the user experience.”
It claims to be “easier, cheaper, faster and more reliable than either manual processing or building a custom solution.”
With ID-Pal businesses can “onboard their customers either in-person or remotely in just a few minutes.”