RegTech 100 company IdentityMind has been chosen by Mexican FinTech MO Tecnologías to automate its secure onboarding.
MO Tecnologías uses credit scoring technology and an AI-driven loan management platform to provide microloans in Latin America. The company will use IdentityMind’s Digital Identities platform to automate its onboarding and identity proofing as well as monitoring and fraud prevention.
IdentityMind is an on-demand platform which offers online risk management and compliance automation. Its technology continuously builds, validates and risk scores digital identities to ensure compliance and security throughout a customer’s lifecycle.
“We are excited to continue supporting financial inclusion in Latin America, and more specifically in Mexico, where we have established ourselves with an important presence,” said IdentityMind chief product and marketing officer Jose Caldera.
“The identity-related fraud resulting from identity data breaches is pervasive worldwide. It is important to properly perform identity proofing to detect attacks by synthetic identities, stolen identities, and bots.
“IdentityMind provides this and ongoing monitoring to detect and prevent other attack vectors, including loan stacking that continues to harm online lenders.”
Earlier this year, IdentityMind was named in the RegTech 100 for the second consecutive year. The list is made up of the most innovative RegTechs that every financial institution needs to know about.
Last month the RegTech was selected by North International Bank to conduct its KYC and AML processes.
IdentityMind also rounded off 2018 with the launch of a virtual currency risk assessment solution, in reponse to recent sanctions on Bitcoin by the US Treasury.
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