IdentityMind’s Version 2.0 Platform Enables FIs to Build Bridges and Break Down Infrastructure Silos to Evaluate Risk and Compliance
PALO ALTO, CA., August 14, 2018 – IdentityMind Global™, Digital Identities You Can Trust, today announced that it has been identified as a Sample Vendor for RegTech in the Gartner “Hype Cycle for Digital Banking Transformation, 2018*,” published July 25, 2018, Alistair Newton.
“We’re excited to be named a Sample Vendor in RegTech in Gartner’s “Hype Cycle for Digital Banking Transformation, 2018,” said Jose Caldera, Chief Products and Marketing Officer, IdentityMind Global. “Financial institutions (FIs) are pressed to move faster as FinTech continues to push the envelope to onboard younger generations of the unbanked and underbanked. FIs need to become more nimble and efficient in their processes so they can expand their reach and services appealing to new market demands. IdentityMind’s RegTech Version 2.0 platform enables FIs to build bridges and break down infrastructure silos by using its digital Identities-based platform as the underlying foundation to evaluate risk and compliance.”
IdentityMind’s Version 2.0 trusted digital identities-based platform for risk and compliance represents years of research in digital identities, machine learning, anomaly detection, regulatory compliance, product development, and close consultation with IdentityMInd clients. It enables clients’ compliance and risk analysts to take a risk-based approach based on the understanding of the user behind every transaction.
According to Gartner, “The complexity and cost of regulatory compliance are growing worldwide. Financial services firms are constantly on the lookout for ways to reduce the cost and burden of compliance while minimizing risk.”
“RegTech will have tangible measurable benefits in reducing the cost of compliance, the number of incidences of failure to comply and associated fines,” according to Gartner. “However, its greatest potential is not easily measurable: better risk management, which will allow a firm to use innovative tools to be more agile and adaptive. This will allow risk to be managed with lower overhead than might otherwise be expected. The reduced mental burden on employees will mean they will have less fear of doing the wrong thing, which will directly impact product development. And these same tools will enable business operations to run more efficiently and profitably.”
IdentityMind was previously recognized by Gartner in 2018:
- Gartner’s “Market Guide for Identity Proofing and Corroboration*,” published by Gartner on April 24, 2018, Tricia Phillips, Jonathan Care, Danny Luong, Ant Allan. IdentityMind was recognized as one of only three Representative Vendors – out of 24 vendors mentioned overall – with capabilities in six out of six uses case for Representative Vendors in the Market Guide.
- IdentityMind Global Listed as a “Sample Vendor” in Gartner’s “Hype Cycle for Identity and Access Management Technologies, 2018,” July 13, 2018, Gregg Kreizman.
IdentityMind is the recipient of two top 2018 industry awards: CIO Review’s 50 Most Promising FinTech Solution Providers and Disruptor Daily’s 10 RegTech Companies Making Waves in the Industry.
- Medium Article: Trusted Digital Identities – Creating a Common Framework for Proofing, Monitoring, and Trusting Digital Identities
- Guide: Trusted Digital Identities – Creating a Common Framework for Proofing, Monitoring, and Trusting Digital Identities
- IdentityMind 2.0 Webinar: IdentityMind 2.0: How Our Clients Helped Us Shape Transaction Monitoring
- Video: IdentityMind 2.0 Introduction Video
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
* Gartner “Hype Cycle for Digital Banking Transformation, 2018*,” July 25, 2108, Alistar Newton.
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+.
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