IdentityMind Global has picked Oracle Cloud Infrastructure to host its SaaS-based, trusted digital identities platform for compliance, risk management and fraud prevention.
The IdentityMind Version 2.0 platform, which was released earlier this year, provides, machine learning for know your customer (KYC) and overall anti-money laundering (AML) compliance, anomaly detection, regulatory compliance, and product development. It enables clients’ compliance, risk and fraud analysts to take a risk-based approach based on the understanding of the user behind the transaction.
“We migrated to Oracle Cloud Infrastructure so that we could support our growth demands and meet clients’ requirements for an enterprise-grade solution that delivers on the requirements for high availability, scalability and performance,” said Kieran Sherlock, Chief Technology Officer, IdentityMind.
“Oracle’s high performance and elastic scaling helps enable us to quickly and cost effectively expand our transaction processing capabilities as we continue to add new clients, features and services.”
IdentityMind also chose Oracle, in part, because of its ability to help secure all phases of the cloud migration process.
As part of the deal, Oracle enables the digital identity company to secure all phases of the cloud migration process with Oracle Dyn Web Application Security. The solution is a cloud-based security suite that lets customers secure critical infrastructure before, during, and after the transition of services from their data centres to the cloud. It includes next-generation Web Application Firewall (WAF) and DDoS Protection among other components.
Kyle York, vice president of product strategy for Oracle Cloud Infrastructure. “With Oracle Dyn Web Application Security, customers can peacefully lift and shift their existing applications and security posture to Oracle Cloud Infrastructure whenever they’re ready. Our best-of-breed edge security solutions let customers maintain strong security no matter where IT systems are running.”
IdentityMind Global recently integrated its compliance, risk management and fraud prevention platform with CipherTrace’s digital currency risk assessment technology. The integrated solution allows virtual currency exchanges, ICOs, hedge funds, financial institutions, and any company that accepts cryptocurrency to ‘understand the risk they present’.
The move came just weeks after IdentityMind Global launched a RegTech webstore to enable firms to integrate KYC and AML compliance functions. The online store, dubbed IdentityMind Webstore, will allow firms located anywhere in the world to integrate regulatory compliance functions directly into their solutions. It is designed to be completely self-serve where customers can select a “plugin”, try a free demo if desired, prepay with a credit card (with virtual currencies and other payment methods soon to be available), and be up and running.
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