IDfy recognised amongst the World’s Top 100 Regulatory Technologies
Date Published
Listed in REGTECH100 as a leader in Regulatory Technologies that every financial institution needs to know about
IDfy has been featured in the REGTECH100 for 2019, a list of world’s most innovative companies in Regulatory Technologies (RegTech).
REGTECH100 companies are considered to be ones that every financial institution needs to know about as they consider and develop their mission critical RegTech strategy.
IDfy has been selected for our breakthrough solutions built on the latest Artificial Intelligence algorithms that process a million people profiles everyday. These solutions span digital document verifications, forgery detection, facial mapping and recognition, and realtime fraud detection keeping safe more than 200 companies across Banks, Fintechs, Cryptocurrencies, Payment Enablers, Insurance, Telecom, E-commerce, Taxi aggregation and P2P exchanges.
“The impact of the most innovative RegTech companies will be measured in billions of dollars over the next few years,” according to Mariyan Dimitrov, head of research at RegTech Analyst.
“RegTech 100 companies offer solutions that enhance processes across the entire compliance function, including onboarding verification, risk management, communications monitoring, information security and reporting by using the latest technologies such as artificial intelligence, blockchain, natural language processing and biometrics.”
IDfy’s solutions enable regulatory compliance and have become all the more relevant after the Supreme Court judgement of September 26, 2018 barring private enterprises from using Aadhaar-data for customer authentication. An IDfy study had revealed that it costs a company Rs 1 Crore to onboard their first one lakh customers using physical KYC. While it costs Rs 15 Lakhs to do the same using digital KYC.
IDfy’s solutions enable digital KYC that’s fast, accurate, and reliable, and are being rapidly adopted by leading telcos, banks, and fintechs to remain compliant with norms while keeping the KYC process economically viable.
To know more about IDfy’s solutions, write to shivani@idfy.com
Just two operational segments in banking contribute to a whopping 95% of all banking frauds. That’s right — Advances and Cards/Internet banking — together account for 95% of all banking frauds. All other operational segments like forex, deposits, cash, cheques, and clearing accounts are tiny problems, in comparison, accounting for less than a percent of total banking frauds.
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