Subscribe to our blog
Get ahead with our award-winning insights on the latest developments in the fraud and compliance landscape. Enter your email below to receive our blog posts directly to your inbox.

IdentityMind Works Alongside MSBs, FinTechs, and Money Transmitters in Their Fight Against Criminals Looking to Move Illegal Gains Via Cross-border Payments

PALO ALTO, CA., November 8, 2018 – IdentityMind, Digital Identities You Can Trust, today announced that it will be exhibiting in Booth S2 at the International Money Transfer, Cross-Border Payments and Fintech Conference World (IMTC), November 13 – 16, at the Nobu Eden Roc Hotel, Miami Beach, Florida.  

“Cross-border payment channels are a common conduit for criminals and terrorists looking to launder illegal money,” said Jose Caldera, Chief Products and Marketing Officer, IdentityMind. “IdentityMind stands on the frontlines alongside money service businesses (MSBs), FinTechs, traditional financial institutions, and other companies transmitting and converting money aiding them in winning their daily fight against nefarious actors looking to move illegal gains via cross-border payments.”  

With increasing globalization, and the rapid adoption of online and mobile payment methods, cross-border, cross-currency money movements are exploding. According to Juniper Research, a leading consultancy that appraises high growth market sectors within the digital ecosystem, cross-border B2B transactions will exceed $218 trillion by 2022, up from $150 trillion this year.  

IdentityMind’s SaaS-based risk, compliance, and fraud prevention Version 2.0 platform builds, maintains, and analyzes trusted digital identities worldwide, allowing companies to perform identity proofing, transaction monitoring, sanctions and PEP screening, and to detect and prevent identity and transaction fraud. It is used by hundreds of customers spanning six continents.  

IdentityMind helps its clients address cross-border payment crime with the following:

  • Trusted Digital Identities Platform for Cross-Border Payments: The IdentityMind Version 2.0 platform employs a risk-based approach favored by regulators and a user-focused approach that reduces false alert fatigue while speeding up analysis. IdentityMind’s Trusted Digital Identities provides the most accurate view of good users with a 99.98% accuracy in trusted users.
  • Customer Identity Verification and Enhanced Due Diligence (EDD): The IdentityMind Version 2.0 platform enables clients to not only do identity verification, but to also protect their platforms against synthetic or stolen identities and enable them to do enhanced due diligence on their users. This approach is further complemented with integrations from IdentityMind’s industry-leading ecosystem of 30+ plus third-party technology partners, providing device, email, phone, identity, document, sanctions screening, geolocation, biometric, behavioral verification, and more, through a single, standards-based API.
  • IdentityMind RegTech Webstore for KYC and and Anti-Money Laundering: Earlier this year, IdentityMind launched an industry first – the IdentityMind RegTech Webstore – an online RegTech plug-in store that enables MSBs, FinTechs, marketplaces, virtual currency exchanges, small lenders, and person-to-person (P2P) firms to integrate affordable KYC and AML regulatory compliance functionality directly and seamlessly into their solutions quickly and easily with just a few lines of code.

IdentityMind KYC, AML, and fraud prevention solutions are recognized by a variety of leading market analysts, including Forrester’s “Vendor Landscape: Anti-Money Laundering Solutions,” April 2017; Representative Vendor in Gartner’s “Market Guide for Identity Proofing and Corroboration,” April 2018; Sample Vendor in Gartner’s “Hype Cycle for Identity and Access Management Technologies, July 2018; Sample RegTech Vendor in Gartner’s “Hype Cycle for Digital Banking Transformation, 2018,” July 2018; Leading AML Advanced Analytics Vendor in Aite Group’s “The AML of Tomorrow: Here Today,” July 2018; and IDC Innovator in International Data Corporation’s “IDC Innovators: Identity Proofing Solutions to Prevent New Account Fraud and Enhance KYC Compliance, 2018,” July 2018.

Resources

About IdentityMind

IdentityMind, creator of Trusted Digital Identities (TDIs), offers a SaaS platform for online risk management and compliance automation. We help companies reduce client onboarding fraud and transaction fraud, and improve AML, sanctions screening, and KYC. IdentityMind continuously builds, validates and risk scores digital identities through electronic DNA (eDNA™) technology to ensure global business safety and compliance from customer onboarding and throughout the customer lifecycle. We securely track the entities involved in each transaction (e.g. consumers, merchants, cardholders, payment wallets, and alternative payment methods) to build payment reputations, and allow companies to identify and reduce potential fraud, evaluate merchant account applications, onboard accounts, enable identity verification services, and identify potential money laundering. For more information, visit IdentityMind on Web, Twitter, LinkedIn, Facebook, Instagram, Blog, and Google My Business.

© 2018 IdentityMind. All rights reserved. IdentityMind and the IdentityMind logo are trademarks or registered trademarks of IdentityMind 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 Contact

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