IdentityMind Global, pioneer of Digital Identities, today announced that it has released version 1.23 of the IdentityMind risk management and compliance platform. The focus of the new version was to make Reg Tech software and Machine Learning available to small and large companies alike, and to deliver new Graph Intelligence capabilities.
“IdentityMind’s graph intelligence significantly reduces compliance and ecommerce operational cost by minimizing the percentage of manual reviews by as much as 25%-30%,” said Mr Gafke, IdentityMind’s CEO. “It increases the business’ top-line revenue because the transactions are now accepted automatically without potential human error.”
Data, and making sense of data, are at the heart of RegTech and Machine Learning. RegTech is about incorporating technology to help companies efficiently and effectively with manage their regulatory responsibilities. And Machine Learning is one way of realizing the benefits of large data analysis applicable both to Fraud prevention and also to regulatory compliance. In version 1.23 of its platform, IdentityMind introduces Graph Intelligence as a key capability. Graph intelligence helps IdentityMind customers understand the risk involved with doing business with any particular entity, and is made possible by the ability to gather and analyze large amounts of data.
“Real time purchase transactions require an enterprise quality solution that can collect, manage and analyze large amounts of data without delay,” said Kieran Sherlock, CTO, IdentityMind. “Graph intelligence in the new IdentityMind 1.23 platform provides a solution that can keep up with the speed of electronic business, allowing IdentityMind customers to see the risk posed by the entity on the other end of the transaction, and to make automated, real time decisions that mitigate risk while also keeping up with consumer expectations.”
Identity Graph Intelligence provides IdentityMind clients with a real-time risk score to help with decision-making. The risk score is the result of applying supervised machine learning models to the proprietary eDNA™ graph. This score is a direct representation of the graph’s complexity. Through the API, IdentityMind customers can access graph statistics including size, growth rate, number of entities, number of links per entity, and other useful stats that can inform your own risk models based off the graph data. While, in this release, we are running a single model on the overall graph, the platform provides the ability to run multiple supervised models in parallel, each looking for different risk and money laundering models. All in real-time.
Version 1.23 of the IdentityMind platform is available immediately.
About IdentityMind Global
IdentityMind, creator of Trusted Digital Identities (TDIs), offers a SaaS Platform for online risk management and compliance automation. IdentityMind continuously validates and risk scores online identities worldwide through its eDNA™ to ensure global business safety and compliance at customer onboarding and throughout their lifecycle. It securely tracks the entities involved in each transaction (e.g. consumers, merchants, cardholders, payment wallets, alternative payment methods, etc.) to build payment reputations, and allows companies to identity and reduce potential fraud, evaluate merchant account applications, onboard accounts, enable identity verification services, and identify potential money laundering. For more information, visit: http://www.identitymindglobal.com