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Each year, thousands of financial industry leaders and thinkers converge on Las Vegas to hear the best and the brightest discuss their solutions and what makes them the hottest new thing both online and off. IdentityMind is doing something different this year, and we hope you’ll join us in taking up arms in the good fight against all that ails every currency, exchange, and individual trying to make the best of her digital identity: let us show you how we can fight together and win with our award-winning solutions, which help maintain compliance and integrity for firms across the entire financial industry landscape.

IdentityMind started out in the RegTech software space in 2014 (before it was a thing) with the goal of bringing integrity to the digital world. It was apparent to us at that time that the credit bureau model of assessing the risk of the entity (e.g. user or business) on the other end of the transaction was not going to work with digital transactions. With a model designed to provide data to marketers as well as to companies performing financial transactions, credit bureaus rely too much on a limited set of static information that has proven to be a sitting duck for hackers intent on making a buck the easy way — with someone else’s credit. We addressed that with the introduction of Digital Identities as the centerpiece of a platform that enables companies like yours to not only assess the risk of the entity on the other end of the transaction, but also to act on that information in real time and to manage the operations surrounding it.

This passion to bring integrity to the marketplace led us to meet many in the compliance and product fields — people like you who fight the bad guys every day. People who fight:

  • Money laundering
  • Financing of terrorism
  • Human trafficking
  • Fraud

Winning these battles is tough. And, without IdentityMind by your side, it can be even tougher. After all, regulations are constantly in motion. Bad guys are surprisingly creative. And, good guys may be turned off if they are treated like the bad guys. And, compliance software solutions that have all the bells and whistles you need may feel too big or inflexible for a company your size.

We want to help you win these battles so you can have confidence that you can safely expand your business, preserve your company’s good reputation, and ultimately, stop the bad guys. And, if you are going to be at Money20/20 USA next week, we’d love to connect. (And, if you’re not going to be there, feel free to reach out for a chat about how we can help.)

Here are a few things we’ll be showcasing in our Money20/20 booth that we look forward to discussing with you:

AML Compliance

For financial services companies (fintech or traditional) complying with AML regulations with manual-only processes is a problem. The quality of work can vary from team-member to team-member. Seasonal peaks can lead to the need to expand the team — often at great cost. Tracking these transactions in a solution like Excel exposes your company to risk because you can’t keep up. Optimally, what you want is a system that handles the bulk of your transactions via automation, with accurate alerts, low false positives, and leverages cases and rules to escalate to your analyst team when the transaction falls into the gray spaces.

IdentityMind offers that solution. Our platform offers Transaction Monitoring, know your customer (KYC), Enhanced Due Diligence (EDD), Sanction Screening, and Fraud Prevention so you can have everything you need in one platform. Our APIs allow you to layer parts of our platform on top of yours as needed. Our User-Centric Risk-Based Approach, favored by regulators and by compliance professionals alike, let’s you leverage a real-time assessment of the risk of the users behind the transaction to determine which policies you apply. This will enable you to show the good guys the express lane and subject suspicious people to a few more checks. And, the reputations we apply to our digital identities are the most accurate in the RegTech industry. Our customers have found that a trusted user is accurately identified 99.98% of the time. And, our identity network provides you with private access to users that you may be just meeting for the first time, but who others in our network have already encountered.

“IdentityMind’s Version 2.0 platform provides a risk and digital identity-based solution that helps determine the appropriate risk level of each user,” said Julie Conroy, Research Director for Aite Group’s Retail Banking & Payments practice. “In doing so, IdentityMind helps businesses protect against illicit activities, provide actionable insights into their AML program, realize greater operational efficiencies, and meet regulatory requirements.”

Identity Proofing

Our core premise is that the more you know about a user, the easier it is to assess the risk of doing business with them and set the most efficient compliance and risk processes. With our Identity Proofing solution, we help you determine:

  • Is it a real identity?
  • Does the identity belong to the originator of the transaction?
  • Can you do business with this identity?
  • What is the risk posed by the identity?

We are one of very few vendors that perform all functions of identity proofing for know your customer (KYC), anti-money laundering (AML), and fraud prevention broadly. We start out, through our Identity Corroboration Hub, extending the identity built by our eDNA engine through additional information from over 30 partners who provide phone number, address, social network, geolocation, documents, and other information analysis. We build on that with data and documents from the real world, navigation and behavioral analysis, and link analysis to understand how entities are connected.

Once you understand who the entity is, you can move onto determining whether you can do business with that entity and understand what risk that entity poses. The bottom line is less fraud, less risk, and more of the good customers who form the backbone of any good business, all while complying with all AML regulations worldwide.

Self-Service KYC: The IdentityMind RegTech Webstore

Compliance is expensive, costing companies billions each year just in operational costs. RegTech helps through automation to reduce the processing cost. But, setting up your compliance can be expensive, whether it’s people based or custom technology. APIs can help, but ultimately if you lack the compliance knowledge or the time, something different is required. That’s why we launched our RegTech store.

At the IdentityMind Regtech store, we offer our KYC plug-in, possibly the easiest way to get up-and-running with a powerful, digital identity-powered KYC form. You can build a form (or many forms) with simple drag-and-drop. Decide which information you want to collect and reorder and rename the fields, and adjust the look and feel to match your site. You can add the form into your website or your mobile app with only a few lines of code. Do all of this and test it out without having to sign a contract or pay anything at all. With best practices in place and our highly accurate reputation scoring, you can create a compliant KYC form for your business without having to be a compliance expert.

Explore the IdentityMind RegTech Webstore

Want to learn more about IdentityMind and what we offer? We’ll be at Money20/20 in booth 1231 and we look forward to seeing you there. Let us give you a demonstration of the KYC, AML, fraud prevention, sanctions screening or other IdentityMind solution you’re interested in at Money20/20 — we’ll be at the ready with staff, displays, monitors, tablets, and time to learn about your needs. Let us answer your questions and help you understand how our SaaS-based Trusted Digital Identities platform for compliance, risk management, and fraud prevention works for your enterprise.