Distilled & Shyft join to combat global identity theft

Distilled Analytics and Shyft Network to combat the expanding global issue of identity verification, theft, and fraud.

The multi-year partnership will deliver next generation biometric identity solutions leveraging blockchain technology, artificial intelligence, and advanced analytics to combat the expanding global issues.

As part of the deal, Distilled Analytics’ predictive identity solution, Distilled Identity, will be integrated into the blockchain-based Shyft Network. Based on AI analytics research from MIT, Oxford, and Imperial College, Distilled identity, applies advanced biometrics and predictive identity analytics to verify customer identity and provide match capabilities using new data sources and methods.

Shyft Network is building a blockchain-based network to enable distributed identity verification that will drive efficiency around the very costly and cumbersome anti-money laundering (AML) and know-your-customer (KYC) compliance process.

According to the company, its privacy-centric data sharing framework enables service providers in regulated industries to meet compliance standards as well as provide a way around the currently ‘insurmountable barriers’ for the underbanked and unidentified global citizens to access global financial services.

“We are experiencing a global identity crisis of epic proportions. The costs associated with managing identity and compliance in financial services alone are spiraling up despite a multi-decade effort to address the problem,” said Distilled Analytics CEO and founder David Shrier.

“New solutions, based on advanced data science techniques and machine learning innovations, are needed to not only stem the tide, but tackle the issue at the root cause. Our unique partnership with Shyft Network will help to finally deliver a reprieve from these bad actors while simultaneously creating the opportunity for greater digital and financial inclusion.”

In addition to partnering, Shyft is making an equity investment in Distilled Analytics as it provides a significant level of differentiation to the Shyft ecosystem according to the company.

Joseph Weinberg, chairman of Shyft, added, “Enterprise data needs are quickly evolving, and companies are seeking innovative solutions that can tackle the arising challenges around rapid data growth, data security threats, and reliable recovery systems. By leveraging a distributed network and storing a pool of attestations on the blockchain, Shyft Network can provide Distilled Analytics with the highest level of personal data protection.”

Copyright © 2018 RegTech Analyst

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