Global developer of IDV solutions and forensic devices Regula has announced the launch of its Regula IDV Platform, aimed at facilitating identity lifecycle management.
With this orchestration solution, Regula aims to replace fragmented identity verification and management systems with a single, unified workflow. Developed to expand based on an organisation’s growth pace and fully vendor-agnostic, the platform allows businesses to handle every stage of the identity lifecycle, starting with onboarding and through continuous reverification, without imposing legacy constraints.
The decision to launch the Regula IDV Platform comes amid increasing identity verification issues faced by companies globally. Many of them utilise legacy systems that lead to fragmentation and create challenges throughout the process. Additionally, most of the time, enterprise environments leverage a mix of services, including one vendor for document checks, another one for biometrics, and another for sanctions. Data is then manually put together, which can result in inconsistency. With every new application and layer added, the complexity of the IDV infrastructure increases, leading to more costs, growing security risks, and higher customer drop-off rates.
Regula’s plans to mitigate these issues
With the launch of its Regula IDV Platform, the company aims to address the most challenging aspects of IDV, providing companies with:
- A comprehensive solution that merges identity checks, eliminating repeated uploads and unnecessary steps;
- Flexible workflow orchestration, with the platform turning complex, multi-step identity verification workflows into an efficient process;
- Unified tools, including document and biometric checks, Anti-Money Laundering (AML) and Politically Exposed Persons (PEP) screenings, and databases, among others;
- Advanced identity management, with the solution maintaining a single source of truth with centralised user profiles, secure storage, and analytics;
- Built-in compliance, including Know Your Customer (KYC), AML, General Data Protection (GDPR), and California Consumer Privacy Act (CCPA), among others;
- Cost efficiency and the ability to expand with more efficacy.
In addition to the orchestration of identity verification and management tools, the Regula IDV Platform focuses on ensuring flexibility and speed, with its ready-to-use workflows allowing companies to get started instantly, without encountering long setups. User data management and analytics tools support businesses in storing, processing, and analysing identity data to improve operations and decision-making, while multilingual, multi-document, and multi-device support offers native user experiences across geographies and channels.
Furthermore, Regula IDV Platform assists in the creation and reuse of digital credentials, and once a user’s identity is confirmed during the KYC process, they can be securely reused to authorise access to other services. Through this approach, businesses are set to be able to simplify user journeys, scale security, and solidify their position in the digital identity ecosystem.
