FutureBank, a customisable and compliant embedded finance platform, has partnered with IDVerse (previously known as OCR Labs Global), a world-leading digital ID verification company, to enhance its digital transformation efforts and accelerate customer onboarding through secure digital identity verification (IDV).
By joining forces, new FutureBank customers will have access to IDVerse software as part of their offerings. Likewise, IDVerse customers in need of a middleware platform can connect their API credentials to take advantage of FutureBank’s platform.
The partnership between FutureBank and IDVerse is crucial as traditional banking technology often falls behind and requires forward-thinking partners to remain up-to-date. Middleware platforms like FutureBank offer the flexibility and technological capabilities that banks and fintechs struggle to develop on their own. This, in turn, aids in preventing fraud and supporting a seamless customer journey.
FutureBank serves as an integration platform for core banking providers, enabling them to embed finance services. Acting as a bridge between banks and third-party providers, FutureBank enables these financial institutions to launch new products quickly, securely, and with improved efficiency.
On the other hand, IDVerse stands as the most certified Identity Service Provider (IDSP), holding 20 certifications for various identity verification services from the United Kingdom’s Digital Identity & Attributes Trust Framework (DIATF). With its Zero Bias AI™ tested technology, IDVerse specializes in training deep neural network systems using generative AI to combat discrimination based on race, age, and gender.
Sergio Barbosa, the CEO of FutureBank, expressed his admiration for IDVerse’s capability to prevent the circulation of counterfeit IDs within their system, leveraging an automated approach that surpasses human performance. Barbosa highlighted the increasing prevalence of fraud as generative AI enables fraudsters to create authentic-looking documents and profiles at a low cost. He further commented on the partnership, emphasizing the need to protect customers from cybercrime, which is predicted to become the world’s largest economy within the next 18 months.
Russ Cohn, General Manager EMEA at IDVerse, emphasized the ease with which fraudsters can create realistic fake identities using readily available online tools. He noted a 400 percent year-on-year increase in the use of deepfakes, highlighting the growing significance of synthetic media as a tool for fraudulent activities. However, IDVerse’s fully automated identity verification system offers FutureBank customers a reliable solution to identify deepfake accounts. Cohn explained that IDVerse’s cutting-edge technology analyzes the facial genome, detecting subtle changes in the skin caused by activities such as changes in heartbeat. These invisible patterns assist in verifying the authenticity of an image and whether it represents a real human or a deepfake.
In conclusion, the partnership between FutureBank and IDVerse provides an essential solution for combating fraud and ensuring secure digital identity verification. As cybercrime continues to thrive and deepfakes become more prevalent, this collaboration offers customers peace of mind and protection from unwanted attacks. To learn more about IDVerse, visit their website at www.idverse.com.