How IDMERIT's KYX Platform Empowers Banks, Fintech, and the Insurance Industry

1. BOOK A DEMO How IDMERIT’s KYX Platform Empowers Banks, Fintech, and the Insurance Industry Posted on February 3, 2025 by Jay Raol Banks, fintech companies, and insurance companies are an integral part of the economic sector globally. In the digital era, financial businesses operate their business operations digitally, whether it be new client onboarding or a digital transaction. Because synthetic identity theft and financial crimes are on the rise, it is crucial to collaborate with a powerful identity verification partner that is able to effectively carry out an identity check and supply chain onboarding to expedite the joining process. The fintech industry that fosters the creativity of payment options has also become a victim of crime. The rapid adoption of digital platforms and services also provides some vulnerabilities. According to Financial Times(FT) news, a Nigerian fintech chief was fined $250 million after holdings were described as fiction; it describes the risks of fraudulent activities within the fintech business. According to Alloy’s 2024 State of Fraud Benchmark Report, around 60% of banks, fintechs, and credit unions reported direct fraud losses exceeding $500,000 in 2023. The report also describes a rise in fraud attempts in recent times. The Association for Financial Professionals(AFP) 2024 Payments Fraud and Control Survey Report says that 80% of organizations were victims of payment fraud attempts in 2023. GBG’s Global Fraud Report 2024 also revealed that 79% of fraud professionals observed a significant increase in the sophistication of fraud attacks over the past 12 months. A survey conducted by the Reinsurance Group of America (RGA) in 2024 revealed that 74% of insurers reported an increasing number of fraud cases compared to previous years. As per the Business Research Company’s news, the global insurance fraud detection market is projected to grow from $7.5 billion in 2024 to $9.13 billion at a compound annual growth rate (CAGR) of 21.6% in 2025 based on the rising frauds. These above fraud stats and projected growth in fraud cases highlight that robust identity verification solutions are imperative for banks, fintech, insurance and other financial industries globally. Money launderers and financial criminals also try new techniques every day to commit financial fraud in the digital business era. Every country implements regulations and laws to combat money laundering, terrorist financing, tax evasion, illicit financing and illegal activities. Just as with security control measures, banks, insurance, and fintech companies need to comply during the client onboarding process. In this scenario, IDMERIT’s KYX platform helps financial companies authenticate IDs related to clients’ identities and other identity verification methods for background checks.

2. The Role of IDMERIT’s KYX Platform: IDMERIT is an established leader in the international identity verification market. They offer an eclectic selection of identity verification services for the banking and non-banking spheres aimed at eliminating synthetic identity fraud, money laundering and financial crimes. Their comprehensive identity verification services ensure genuine business identities for safe and secure banking transactions. IDMERIT provides solutions for ID verification, document verification, age verification, KYC verification, video KYC verification, AML verification, business verification, social verification, transaction monitoring, PEP list verification, OFAC list verification, sanctions list verification, and KYX platform for multiple solutions on a single platform. Their IDMkyx platform allows banks, fintech and insurance businesses to verify the identity of the client from various identity verification methods. It includes various methods, KYC verification, AML verification, business verification, social verification and others. This KYX platform is designed according to the business needs of financial and non- financial industries. The platform provides advanced identity verification services that utilize artificial intelligence and machine learning algorithms to authenticate identities accurately, document verification, and access to over 440 official data sources across 180+ countries. They can verify 580 plus ID types of Identities globally. Their comprehensive ID Verification solutions help mitigate risk and fraud prevention. Key Features and Benefits: Global Reach: IDMERIT has 440 plus data resources worldwide to authenticate identities and direct access to 2300+ utility providers. They also provide identity verification solutions for challenging countries such as Brazil, South Korea, China, South Africa, and Nigeria. Therefore, IDMERIT assists in identifying and verifying identities globally.

3. Seamless Integration: With an API (REST), the platform can be easily integrated with any existing systems, providing quick and easy business identity verification. Liveness Detection: Their IDMscan helps to verify Government-issued IDs like driving licenses, passports and ID cards. It also provides the feature of taking pictures along with their live location during the identity verification process. OCR Technology: Their identity verification API uses OCR technology that automatically reads all information from the image of ID cards and helps with identity information collection and verification quickly. Regulatory Compliance: The KYX platform helps in identity verification according to the latest regulatory guidelines and delivers results accurately within seconds. It prevents legal procedures and regulatory fines. Quick Identification: IDMERIT’s API authenticates identities within seconds and assists with a quick authentication process for banks, fintech and the insurance industry. IDMERIT’s KYX platform helps every financial and non-financial organization with customized solutions according to their business needs. If anyone wants to add or remove any identity verification solution, then the KYX platform allows for it, and they can access it easily on the same platform. Conclusion: As financial and non-financial businesses prefer digital operations rapidly, it is imperative to adopt advanced technology-based identity verification systems that empower these sectors against financial criminals, money launderers and fraudsters. IDMERIT’s KYX platform suits not only for banking, fintech and insurance sectors but all other financial and non-financial sectors globally. Their KYC and AML solutions ensure KYC and AML regulations for the banking industry and help in fraud prevention. IDMERIT’s comprehensive identity verification solution streamlines the onboarding process, and helps in client background verification, risk evaluation and real-time identity verification. In fact, they are a one-stop solutions provider in the global identity verification market that ensures every industry is safeguarding their businesses from fraudulent identities and ensures fraud-proof transactions. Therefore, protect your business by implementing robust safety measures that assist in securing global business.