London, 2 September, 2020: PassFort and GBG, global identity data intelligence specialist, have a long-standing partnership to benefit their financial services clients, enabling those clients to complete efficient, seamless and compliant KYC checks on their new customers for onboarding, off-boarding and ongoing risk management.
Today, the two companies announce a further enhancement to their partnership, as PassFort’s solution integrates GBG’s document validation solution, GBG IDscan, to bring in the next generation of KYC checks.
GBG IDscan can be used to verify the ID of applicants through fast and mobile electronic document collection, which is recorded and displayed in the PassFort platform.
BENEFIT TO CLIENTS FROM THE PARTNERSHIP
PassFort customers running their series of compliance checks to complete due diligence on applicants can now build automated ID verification into their workflows. This is a fully digital service that’s fast and simple to use.
Financial services firms integrating this form of document collection to verify IDs from individuals can speed up the compliance process on genuine applications (ensuring customer data is secure), while protecting themselves against the risk of fraudulent applications.
HOW THE INTEGRATION WORKS
An individual making an application for a product will submit their documents to GBG IDscan via a computer or mobile device.
GBG then checks for signs of forgery and extracts the individual's name and, where possible, other personal information, such as date of birth, gender, and address from the documents.
PassFort can then cross-reference this extracted data with the details recorded in the individual's profile on its platform to verify whether the application is legitimate and returns a pass or fail result, in seconds.
ON THE PARTNERSHIP
Simon Vallis, Global Partnerships Director, GBG said:
“The continued growth of the partnership is fantastic. Mixing the maturity of products GBG can offer with the agility and inventiveness of PassFort gives customers a truly unique offering.
The addition of the IDscan product allows PassFort to further drive friction-free user experiences, while maintaining global compliance at a time when more and more businesses are migrating to digital processes.”
Henry Irish, CTO and Co-Founder, PassFort added:
“We are extremely pleased to be building on our successful partnership with GBG. GBG has an incredibly far-reaching data set and its use of innovation to develop new digital ID validation solutions is exciting when integrated with PassFort, benefitting our clients and their customers in turn.”
GBG offers a range of solutions that help organisations quickly validate and verify the identity and location of their customers.
Our market-leading technology, data and expertise help our customers improve digital access, deliver a seamless experience and establish trust so that they can transact quickly, safely and securely with their customers online.
Headquartered in the UK and with over 1,000 team members across 16 countries, we work with 20,000 customers in over 70 countries. Some of the world's best-known businesses rely on GBG to provide digital services and keep the economy moving, from US e-commerce giants to Asia's biggest banks and European household brands.
To find out more about how we help our customers establish trust with their customers, visit www.gbgplc.com and follow us on LinkedIn and Twitter @gbgplc.
PassFort is a single SaaS solution transforming Customer Lifecycle Management processes for financial services firms. From onboarding to off boarding to ongoing risk monitoring, PassFort delivers compliance with great customer experiences.
Headquartered in London and founded in 2015, PassFort has now supported clients with more than 4 million compliance journeys worldwide.
www.passfort.com | email@example.com