Embedded finance platform FutureBank has partnered with digital identity verification company IDVerse to enhance customer onboarding with secure digital identity verification.
According to the press release, banking technology is clunky and inflexible and requires forward-thinking technology partners to stay up to date. Middleware platforms provide technical flexibility that banks and fintechs cannot build on their own, thereby preventing downstream fraud and supporting customers throughout their journey.
Through this partnership, new FutureBank customers will have access to IDCerse software as part of their offering. His IDVerse customers looking for a middleware platform can connect their API credentials and benefit from FutureBank’s platform.
Protecting against new threats in financial services
FutureBank is an integrated platform for core banking providers that incorporate financial services. This acts as the glue between your bank and the third-party provider you want to integrate with. This helps banks and fintechs launch new products better, faster and more securely.
IDVerse is an ID Service Provider (IDSP) with 20 Right to Work, Right to Rent, Disclosure and Barring Services (DBS) certifications from the UK’s Digital Identity & Attributes Trust Framework (DIATF).
IDVerse is establishing the use of generative AI to train deep neural network systems that protect against discrimination based on race, age, and gender through zero-bias AI-tested technology.
FutureBank CEO Sergio Barbosa said generative AI is creating different types of fraud. ChatGPT allows fraudsters to create highly reliable documents and user profiles at low cost. They were impressed with IDVerse’s ability to stop fake IDs from passing through the system and its fully automated approach, which works better than humans. They are happy to partner with IDVerse to protect their customers from unwanted attacks.
IDVerse officials added that it is already very easy to create a real-looking fake person in just 15 minutes using online tools that are easily available on the Internet. Synthetic media is becoming a new option for scammers looking to make money. They estimate that the use of deepfakes in creating false identities has increased by 400% year over year. The company’s fully automated identity verification system can provide FutureBank customers with a reliable solution to identify the deepfake accounts that fraudsters are increasingly trying to create. IDVerse’s technology can map the facial genome and detect activity beneath the skin that is invisible to the human eye, such as changes in skin color caused by heartbeats. These natural yet invisible facial patterns help ensure that the image is of a real human and not a deepfake.
What does Future Bank do?
FutureBank is a scalable, secure, customizable, and compliant banking platform that helps banks, brands, and fintechs deploy new banking and financial services products at scale with minimal cost and effort. Tech Marketplace. Its simplified integration technology and partner network enable customers to embed enhanced products directly into any CX or core system and get to market faster. FutureBank reduces integration costs by up to 85%, supports up to 80% of customer-facing functionality off-the-shelf, and integrates with 96% of core banking infrastructure (including FIS, 10x Banking, and Mambu).
Detailed information about IDVerse
IDVerse helps you scale your business globally quickly. The company’s fully automated solution authenticates new users in more than 220 countries and territories in seconds with just their face and smartphone, without any human intervention. They give people around the world a true identity.
Through our Zero Bias AI-tested technology, we are pioneering the use of generative AI to train deep neural network systems that protect against discrimination based on race, age, and gender. Advances in Natural Vision Processing (NVP) are enabling machines to autonomously see and perceive as humans and excel in ways humans cannot.
IDVerse is trusted by start-ups, governments and global companies including HSBC, Vodafone, BMW, Virgin Money and ANZ for borderless, comprehensive identity verification. Founded in Australia in 2018, IDVerse is a Series B venture-backed company headquartered in London with offices in North America, Asia and Europe.