Converus forms strategic partnership with AML Partners to integrate IdentityDetect with AML Partners’ RegTech One platform and its SURETY Eco AML ecosystem. Now, financial organizations will know their customers with far greater confidence.
LEHI, Utah – August 29, 2018 –With the recent strategic partnership between AML Partners and Converus, financial institutions now have access to identity verification software that includes Converus’ IdentityDetect. This will provide a means to more accurately verify the identity of prospective customers, as well as greatly reducing the amount of fraudulent transactions. AML Partners, based in Concord, New Hampshire, is a key player in the Know Your Customer (KYC) and anti-money laundering (AML) software market.
IdentityDetect, now integrated into AML Partners’ RegTech One platform and SURETY Eco KYC/AML ecosystem, is the first browser-based identity verification technology that accurately detects fake identities in about 1-3 minutes by analyzing variations in the motor nervous system responses of examinees.
“Partnering with AML Partners is a vital step in making IdentityDetect part of every KYC and transaction verification process,” said Converus President and CEO Todd Mickelsen. “IdentityDetect’s added layer of security quickly and seamlessly integrates into any existing onboarding and transaction processes, such as AML Partners’ software. It could potentially save financial services organizations millions of dollars by correctly verifying if a customer is deceptive about their identity at any point in a workflow process.”
According to an AML Partners’ press release, the company’s “RegTech One platform provides financial institutions a new and extraordinarily powerful approach to their compliance and horizontal governance efforts. By facilitating the creation of a network of applications and an ecosystem of data, RegTech One lets customers leverage their multiple applications in an integrated manner.”
Added AML Partners CEO Frank Cummings, “With AI-based identity resolution technology, we’re finally able to get to the ground truth of individuals’ identities. With this technology, there will be fewer shell companies and money launderers sneaking into the global financial system. IdentityDetect is a great addition to our RegTech One platform. By combining these technologies, customers have powerful new tools to achieve not only KYC/AML Compliance, but also better horizontal governance.”
Powered by RegTech One, SURETY Eco integrates KYC/CDD (customer due diligence), behavior monitoring, sanctions screening, and FinCEN 314a for end-to-end AML compliance.
According to AML Partners, the addition of Converus’ AI-based IdentityDetect is a great example of the power of integrating top technology via APIs. With a relatively simple API interface, IdentityDetect on the RegTech One platform can be easily integrated into the KYC/CDD identity resolution efforts of financial institutions.
“IdentityDetect’s quick and simple web-based or mobile-app test gives financial institutions and other risk-concerned organizations immediate results that greatly enhance their identity-resolution efforts,” said Mickelsen.
# # #
Converus provides scientifically validated credibility assessment technologies. EyeDetect® detects deception at 86% accuracy in 30 minutes by analyzing eye and other behaviors. IdentityDetect™ detects falsified identities at 91% accuracy in 1-3 minutes by analyzing subtle variations in the motor nervous system responses. IntegrityDetect™ identifies the most trustworthy individuals with 80% accuracy in 6 minutes by analyzing a person’s implicit associations. These technologies help protect countries, corporations and communities from corruption, crime and threats. Converus is headquartered in Lehi, Utah, USA. Visit: www.converus.com.
About AML Partners, LLC
AML Partners is a Behavioral Risk software-development and consulting firm; AML Partners specializes in RegTech platform technology for eGRC and in Comply on the Fly™ software solutions for Anti-Money Laundering and Countering Terrorist Financing (AML/CTF). AML Partners’ expertise in AML/CTF, RegTech, Risk Management, Workflow Processes, and Software Development drive its delivery of software solutions uniquely tailored to the needs of financial institutions and other enterprise clients with eGRC concerns. Visit: amlpartners.com