IDnow is looking to strengthen its position in the UK market. The company reported eight-fold growth in the country earlier this month, and it is now trying to build on that through a new channel partnership with Sphonic.
Sphonic is an established provider of Know Your Customer (KYC) and Know Your Business (KYB) solutions. The company’s portfolio is able to monitor transactions in real time to watch for signs of fraud. It can also reference other third-party data sources during onboarding to make sure that a customer’s personal information is legitimate.
Thanks to the partnership with IDnow, Sphonic will be able to supplement that with an extra layer of biometric identity verification. IDnow is best known as a provider of selfie-based onboarding technology, and Sphonic will be offering the IDnow solution to potential customers as part of a comprehensive onboarding and fraud prevention platform.
The joint Sphonic and IDnow solution will be delivered through a single unified API, which will simplify identity verification for client organizations. The two companies noted that the demand for digital onboarding solutions has skyrocketed in the past two years, as businesses prioritized digital transformation in response to the COVID-19 pandemic. In that regard, they cited a Gartner report that suggests that the percentage of organizations that use a single identity vendor will jump from less than 15 percent in 2021 to 75 percent by 2023.
“By partnering with IDnow, we are able to offer an integrated solution that brings all identity profiles into one place for more intelligent identity scoring,” said Sphonic founder Andy Lee. “When combined with its relationships with European regulators, IDnow was the ideal choice as we continue to deliver great customer experiences to the highest standards of compliance.”
IDnow is based in Germany, though it set up offices in London and Manchester back in 2019. The company announced the acquisition of the French onboarding provider ARIADNEXT in June, and then joined the IDunion in July.
November 25, 2021 – by Eric Weiss