IdentityMind Global announced Tuesday (Oct. 25) a partnership to integrate its Trusted Digital Identity online fraud prevention and compliance automation platform with Neoway’s Advanced Data solution.
In a press release, the company said the partnership offers Neoway a jumpstart in the North American FinTech market, while expanding IdentityMind’s RegTech platform coverage in Latin America, with immediate support for Brazil and Mexico.
The partnership will strengthen compliance automation with real-time enhanced due-diligence (EDD) analytics and transactional decision making based on IdentityMind’s Trusted Digital Identities, Neoway’s data and their combined data analytics capabilities. Performing real-time Anti Money Laundering (AML), Know Your Customer (KYC), Sanctions and PEP screening, fraud prevention and credit decisions will fast track traditional banks’ adoption of digital banking services and realize FinTech’s inclusion of unbanked and underbanked into the global financial system, the company said.
“Good, reliable data is key to validate identities and protect against synthetic and compromised identities” said Garrett Gafke, IdentityMind Global’s president and CEO, in the press release. “The partnership with Neoway is important to IdentityMind in two fronts. First, it will immediately put us at the forefront of the FinTech and digital banking in LATAM. And second, it will help us further advance Trusted Digital Identities worldwide by collaborating with each other’s core technology on identity modeling and analytics.”
According to Gafke, the latter is essential to solve the identification of all users electronically and in real time, which is fundamental to the expansion of financial services worldwide.
In addition to offering Neoway immediate access to the North American market, the partnership will also further strengthen Neoway’s position to expand services for their financial institution clients with IdentityMind’s Trusted Digital Identities and compliance automation platform. “IdentityMind and Neoway are business-oriented technology companies focused on supporting real-time financial decisions,” said Jaime de Paula, Neoway’s CEO, in the same press release.
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