FACEPOINT has become the latest member of Nice Actimize’s X-Sight Marketplace. The Marketplace is geared toward financial institutions, providing them with a curated list of application and service solutions that they can use to improve their security posture.
FACEPOINT is the newest addition to that roster, which now includes more than 60 companies. The company’s solution uses facial recognition to verify the identities of new customers and help financial institutions screen for high-risk individuals. To that end, FACEPOINT maintains a “picture intelligence” database of people of interest all over the world, allowing financial institutions to take action against a potential fraudster even if that person is not on any other watchlists and even in the absence of a legal name.
The offering is intended to replace outdated alphanumeric screenings that try to match the names of new customers to the names on various international watchlists. According to FACEPOINT, such methods have trouble accounting for identity theft, translation issues, or the existence of shared and common names, making them less efficient than biometric screening when it comes to fighting fraud. Financial institutions can use FACEPOINT to meet various Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
“Our unique biometrics risk engine is an ideal fit with NICE Actimize’s suite of anti-money laundering solutions,” said FACEPOINT CEO and Co-Founder Damien Martinez.
“The X-Sight Marketplace offers dozens of highly specialized capabilities which, in the case of FACEPOINT, complement our integrated AML solutions suite with enhancements to our AML and KYC risk screening capabilities,” added NICE Actimize CEO Craig Costigan.
NICE Actimize launched the X-Sight Marketplace in July of 2019, listing Facebanx as one of its first offerings for financial institutions. The company has since gone on to add dozens of other organizations, building an extensive partner portfolio that now includes major FinTech players like Jumio, Daon, and buguroo.
FACEPOINT, meanwhile, was a member of the NVIDIA Inception Program back in 2018.
December 14, 2020 – by Eric Weiss