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Traditional IDV providers, on the other hand, are unprepared to deal with such security and fraud risks. As a result, businesses are increasingly looking for reliable biometric verification solutions that can quickly and remotely verify users without adding additional friction.
FREMONT, CA: ComplyCube, the global Identity Verification (IDV) provider, has achieved a growth of over 500 percent year-on-year, driven by a 20 times increase of biometric checks on its Software as a Service (SaaS) platform in H1 2021. The global acceleration of digital adoption in the aftermath of the COVID-19 Pandemic is driving this meteoric growth.
The global health crisis has hastened the transition to the digital space, increasing security risks and vulnerabilities for businesses. Traditional IDV providers, on the other hand, are unprepared to deal with such security and fraud risks. As a result, businesses are increasingly looking for reliable biometric verification solutions that can quickly and remotely verify users without adding additional friction.
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The Digital Identity company cites recent McKinsey research to emphasize the significance of its mission statement: build trust at scale. According to the study, countries could gain an additional three percent to 13 percent of GDP by 2030 if the digital ID is widely adopted.
ComplyCube's AI-powered digital identity platform uses a hybrid deep learning pipeline that leverages the expertise of human-in-the-loop super-recognizers. The AI platform is GDPR-compliant and uses Amazon Web Services (AWS), Google Cloud Platform (GCP), and Microsoft Azure cloud infrastructure to provide global coverage and meet the stringent data processing requirements imposed by several jurisdictions worldwide.
The Regtech firm will continue to invest heavily in its market-leading identity verification and compliance SaaS solutions. It plans to triple its deep learning team by the end of the year, following the addition of major customers in payments, telecommunications, health, financial services, and cryptocurrency. The company also anticipates that it is new Know Your Customer (KYC) offering, FlowTM, will drive additional growth. Businesses of all sizes can begin using the cloud-based FlowTM in minutes to significantly reduce their AML/KYC compliance and fraud risks.
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