Know your customer (KYC) service provider RecognID recently announced its global market expansion. After several years of serving as an identity proofing solution for existing partners, the team of MD Finance, a group of fintech companies, decided to give the product an additional boost and development.
Based on its team’s experience in top-notch KYC, RecognID has evolved into a separate product, ready to conquer new horizons.
Core features to provide reliable identity proofing
The team of RecognID aims to cover a wide range of possibilities for clients to go through eKYC and anti-money laundering (AML) processes online. Based on a rich experience in data science, the product RecognID acquired ensures a clear and ambitious roadmap of its further development. At the same time, product release one already includes a vast set of features which are successfully operating in a number of the company’s partners.
Product solutions may be divided into two fundamental categories: selfie-based and document-based checks. The first group includes all checks related to the person physically. For one thing, liveness detection allows RecognID to instantly analyse any physical interventions, face masks, etc. Along with the age detection functionality it may conclude whether to provide any specific products or services which have age restrictions. For a full-fledged identity proofing, the product uses 3D Mask feature, thus generating a facial model for high-precision recognition.
In parallel, a set of document-based checks allows to get an in-depth identity analysis. It includes accurate optical character recognition (OCR) and ID document verification, assessing the authenticity of the document produced, as well as address verification by analysing providing documents, such as utility bills, bank statements. Checking for software changes to the photo or ID data is performed by Photoshop detection. Another crucial feature implemented in RecognID is checking for user records in international databases – politically exposed persons (PEP), AML (sanctions) watchlists.
Artem Bezrodny, product owner RecognID & MD Finance: “We are thrilled to announce our product launch for the global market. After several years of successfully providing KYC services to our partners, we decided to give product full development in the business environment in the form of a B2B service provider. Such real-time automated KYC service allows RecognID partners to set up flawless verification, and clients to pass clear and easy to use methods of verification.”
Business-centric product tailored to a range of audiences
Despite a ‘rising star’ status in the world of online verification services, the team of RecognID completely understands all the intricacies of the market and how to customise the product to the customer’s needs, thereby providing him with an effective service.
“We are truly certain of the quality of product initially developed to suit our own needs,” said Vasiliy Mayor, CEO at RecognID & MD Finance. “The technology kit for client verification and onboarding used in RecognID is laid in the foundation of our existing LaaS (lending-as-a-service) product called CloudPulse. Thanks to the clear understanding of how KYC products shall function in a business environment, we can confidently state that we are offering our customers more than a technical integration, but a business solution.”
Their client’s portfolio already consists of several finance organisations mainly Europe-market focused. Thus, for more than four years our KYC product effectively serves huge local market players in Romania and Czech Republic. The full product suite allows those businesses to process hundreds of thousands of verification requests every month.
Thanks to the tailored approach and flexible customisation, identity proofing solutions by RecognID can be adjusted to a variety of industries, such as fintech, crypto, gaming, betting, casino, insurance, telecom and other. Starting from summer 2022, the team stated its desire to launch a global market campaign for further growth.