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Web-based Self-Serve KYC and Anti-Money Laundering from IdentityMind Enables Quick and Easy Implementation

PALO ALTO, CA., September 6, 2018 – IdentityMind Global™, Digital Identities You Can Trust, today announced the immediate availability of the IdentityMind Webstore, a RegTech online store that enables firms located anywhere in the world to integrate regulatory compliance functions directly into their solutions quickly and easily.

The IdentityMind Webstore is designed to be completely self-serve where customers can select a “plugin”, try a free demo if desired, prepay with a credit card (with virtual currencies and other payment methods soon to be available), and be up and running. IdentityMind plugins are easily customizable, all-inclusive RegTech solutions ready to deploy in web applications covering the key anti-money laundering functions: know your customer (KYC), sanctions screening and transaction monitoring. The IdentityMind Webstore also features a knowledge base making it easy for users to get started with easy to follow implementation guides, reference guides and videos.

The plugins serve as front ends to IdentityMind’s Version 2.0, SaaS-based, trusted digital identities platform for risk and compliance. The IdentityMind platform represents years of research in digital identities, machine learning for KYC and AML compliance, anomaly detection, regulatory compliance, and product development. It enables clients’ compliance and risk analysts to have a risk-based approach based on the understanding of the user behind the transaction.

“In an industry first –  demonstrating how IdentityMind continues to drive product and industry innovation –  we’re excited to announce that the IdentityMind Webstore is open for business,” said Jose Caldera, Chief Products and Marketing Officer, IdentityMind Global. “The IdentityMind Webstore is the perfect channel for small and medium-sized FinTechs, marketplaces, virtual currency exchanges, small lenders, and person-to-person payment (P2P) firms to enhance their platforms.”

According to Caldera, the IdentityMind Webstore makes available compliance functions that are otherwise expensive and difficult to implement to small- and medium-sized organizations that are regulated and need to implement a cost-effective AML program. It is the perfect solution for companies to maintain their focus on core competencies while recognizing that homegrown solutions – requiring ongoing maintenance, fine tuning and IT resources that are often either non-existent or over burdened  – and legacy solutions like Excel spreadsheets, are limited in their ability to scale and not dedicated to compliance functions.

“No matter the size of the organization, they still need to have a compliance program that is adequate and that meets the full scope of the regulatory requirements,” continued Caldera. “IdentityMind just enabled these organizations to get there faster with minimum investment and with the value of the most advanced RegTech AML platform for FinTech in the market today.”

The IdentityMind Webstore is offering the following plugins immediately with others scheduled for delivery later in Q4 2018 and 2019:

  • KYC Plugin: The KYC Plugin – launched and quickly adopted earlier this year – is designed for firms in the FinTech space looking for an affordable, comprehensive solution to meet regulatory requirements. KYC Plugin has a customizable, user-facing onboarding form, which is pre-integrated with IdentityMind’s market leading Version 2.0 compliance and risk platform, with out-of-the-box rules to meet KYC requirements. KYC Plugin is integrated with more than 30 technology partners from the IdentityMind partner ecosystem. The KYC Plugin does the heavy lifting of selecting the right provider doing integration, maintenance and passing the pricing benefits to low volume clients.
  • ICO Plugin:  IdentityMind has worked with over 10% (165+) of companies conducting a compliant initial coin offering (ICO) or security token offering (STO) and over 25 virtual currency exchanges around the world. According to Caldera, while experts in their solution category, ICOs are typically resource constrained and unfamiliar with local market legal and compliance requirements. Hence, we brought to market ICO Plugin. “IdentityMind is an ICO’s best friend given our domain expertise and knowledge and understanding of how to meet compliance requirements of government regulatory bodies worldwide,” said Caldera. “We know how to facilitate regulatory compliance, fast track ICO onboarding and accelerate time to revenue for our clients.”  

“IdentityMind’s self-serve plugin product via the IdentityMind Webstore was easy to integrate and customize,” said Eduard Kotysh, CEO and Founder, Solidified, an early IdentityMind Webstore client. “Our experience with the IdentityMind Webstore was extremely satisfying. We were able to integrate it quickly and easily with IdentityMind customer support analysts helping us every step of the way. IdentityMind was head and shoulders above our previous KYC provider.Solidified is the leading audit company for Ethereum smart contracts that helped secure over 85 million Euros for companies like Gnosis, Polymath, Melonport and others.

“IdentityMind has come up with a creative business model that addresses the needs of small and medium-sized firms requiring regulatory compliance functions in their solutions,” said Julie Conroy, Research Director for Aite Group’s Retail Banking & Payments practice covering fraud, data security, anti-money laundering, and compliance issues. “This segment of the market typically lacks much in the way of compliance expertise or the appetite to build their own solution. Now, with IdentityMind Webstore, they can literally pull it off the shelf and be up and running in no time.”

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About IdentityMind Global

IdentityMind Global, Digital Identities You Can Trust, provides a SaaS platform that builds, maintains and analyzes digital identities worldwide, allowing companies to perform identity proofing, risk-based authentication, regulatory identification, and to detect and prevent identity fraud. Built-in transaction monitoring enables e-commerce fraud prevention, anti-money laundering (AML), and counter terrorism financing (CTF). Our patented eDNA™ technology securely tracks the entities involved in each transaction (e.g. onboarding, account origination, money transfers, online payments, etc.) to build unique digital identity trust reputations. This reputation is anonymously shared between customers in IdentityMind’s Global Identity Network. For more information, visit IdentityMind on Web, Twitter, LinkedIn, Facebook, Blog, and Google+.


© 2018 IdentityMind Global. All rights reserved. IdentityMind Global and the IdentityMind logo are trademarks or registered trademarks of IdentityMind Global in the United States and other countries. All other brand, service or product names are trademarks or registered trademarks of their respective companies or owners.

Media Contacts
Dan Rampe
Director of Corporate Communications
IdentityMind Global
Tel: 415-205-9378
Email: [email protected]