Sphonic partners with identity verification platform to offer complete suite of regulatory technology for multi-jurisdicational compliance
London and Manchester, November 23, 2021: Leading Platform-as-a-Service provider for identity verification, IDnow, has announced its first UK channel partner, Sphonic. The partnership will enable Sphonic to offer a suite of RegTech that meets different global compliance standards via a single API.
The partnership comes at a pivotal time for the industry; according to Gartner’s Market Guide for Identity Proofing and Affirmation, by 2023, 75% of organisations will be using a single vendor with strong identity orchestration capabilities and connections to many other third parties for identity proofing and affirmation, an increase from fewer than 15% currently.
“Given the importance placed on orchestration technology in the overall area of compliance, and the regulatory requirements that continue to drive the agenda when it comes to identity and fraud, it was vital we partnered with an identity verification provider that could vigorously meet the varying obligations that exist right across Europe,” explains Andy Lee, Founder of Sphonic.
“By partnering with IDnow, we are able to offer an ever-more integrated solution that brings all identity profiles into one place for more intelligent identity scoring. And when combined with its enviable relationships with European regulators, IDnow was the ideal choice as we continue to deliver great customer experiences to the highest standards of regulatory compliance.”
Known for its pioneering Know Your Customer (KYC) / Know Your Business (KYB) orchestration technology, Sphonic recently launched its real-time Transactional Monitoring System, which allows fintechs, banks and gaming operators to monitor fraud, Anti-Money Laundering (AML) and affordability data in a single integrated platform. Its suite of RegTech, including KYC, KYB and Fraud and Risk Management also helps compliance teams to build a complete digital picture of each customer in order to fast-track customer onboarding.
James Hudson-Dale, Partnerships Manager at IDnow, adds: “Anti-impersonation and identity fraud is on a worrying upward trend, making it more important than ever for businesses to ensure they are compliant beyond simply box ticking. Our leading identity verification technology will provide Sphonic customers with the option of imposing additional verification methods to ensure the threshold is high quality and the person is who they say they are.
“As our first channel partner, we’re excited to be working with Sphonic to build a truly unique suite of products, that will bring together multiple data sources to ensure clients can accurately verify identities, combat fraud and meet European-wide regulatory requirements while maintaining flexibility of choice.”
IDnow launched into the UK in 2019 and recently announced eightfold year-on-year growth in the region, with demand for its services rising significantly as industries accelerated digitisation in response to the Covid pandemic. This growth is aligned with the global demand the firm is experiencing, with more and more companies around the world deciding to switch to fully digital application processes.
As part of its high-growth strategy, IDnow has expanded its role far beyond offering specific identity verification products and has become recognised as an overarching platform for digital identities with several million transactions per year, used by over 900 customers worldwide, including Canopy, MyCDD, Entain and ICICI.