As per the information provided in the press release, ID-Pal’s US launch builds upon the company’s success in providing SMEs and enterprises alike in more than 30 industries with access to identity verification in a simple, secure, and convenient manner.
ID-Pal offers global coverage of over 6,000 identity documents across 200 jurisdictions and countries, having clients such as payments and gift cards provider Blackhawk Network (BHN), procurement and compliance platform Certa, global payments company and a subsidiary of US Bancorp Elavon, and the J.P. Morgan-acquired Global Shares. Its strategic partners’ network in the US includes Salesforce, Corporate One and Melissa.
ID-Pal provides businesses with a simple method to carry out the identity verification of an individual. Making use of a unique mix of biometric, document, and database checks to have identities verified in real-time, the solution leverages automated decisioning together with smart workflows to deliver accuracy and improved outcomes, having data protection compliance built in.
Based on the announcement information, ID-Pal is available off-the-shelf to go live in a matter of minutes and integrates with existing processes either via API or SDK. It can be deployed same day and, being fully customisable, it is believed to help reduce lengthy development time and demands on in-house resources.
The expansion into the US enables the company to support financially regulated organisations that struggle to balance compliance and fraud prevention with a ‘friction-free’ user experience. The identity verification solution simplifies anti-money laundering (AML) and Know Your Customer (KYC) compliance while simultaneously providing a ‘robust’ audit trail. As knowledge-based authentication (KBA) and database-focused solutions struggle to address the sophistication of modern-day fraud, a multi-layered approach to verification through a platform such as ID-Pal is believed to be a requirement.
The regtech’s entrance into the US market follows its UK launch in May 2022 and EUR 7 million Series A funding in July 2022. The press release details that in addition to Irish government organisation Enterprise Ireland’s backing, ID-Pal has received investments from Europe-based Inspire Investments, Act Venture Capital, and US-based investors FA Ventures Fund, LTD, all of which have endorsed the company’s expansion into new markets.
Commenting on the launch Colum Lyons, CEO and founder of ID-Pal stated that the 2023 US expansion is enabled by the support of Enterprise Ireland, US and European investors, and strategic partners. The company believes that its technology-first approach to identity verification makes it simple, secure, and convenient for any organisation. Karen Cohalan, Department Manager for Fintech, Financial & Business Services at Enterprise Ireland added that their priority is to support businesses to achieve scalability and expand their global footprint and are looking to continue collaborating with ID-Pal to support its growth ambitions, as it expands its customer base in the US.
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