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Modularbank chooses Veriff for ID verification and KYC capabilities

Wednesday 19 May 2021 14:12 CET | News

Estonia-based Modularbank, a next-generation core banking platform, has announced its partnership with AI-powered identity verification software provider Veriff.

Veriff’s compliance and KYC offering will be added to Modularbank’s product ecosystem as a ready-to-integrate, ‘plug and play' solution. Modularbank, as a cloud-agnostic, API-first platform, featuring complete retail and business banking capabilities, is transforming the way businesses are developing and rolling out new financial products by providing an alternative to traditional banking technologies.

With this partnership, Veriff’s identity verification solution enables Modularbank’s customers to simplify their adherence to compliance and KYC requirements while benefiting from Veriff’s fraud prevention technology. 

According to Veriff’s recent Fraud Report, the rate of fraud in the fintech industry more than tripled in spring 2020 during the initial COVID outbreak as people moved their banking online. The most common type of fraud in the fintech industry is identity fraud, whereby a person pretends to be someone else or uses someone else’s ID documents. This made up 70% of all fraud cases in 2020. 

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Keywords: partnership, Veriff, online banking, digital onboarding, identity verification
Categories: Securing Transactions | Online & Mobile Banking
Countries: Estonia
This article is part of category

Securing Transactions