RegTech 100 company IdentityMind Global has partnered with Ripio Credit Network (RCN), a peer-to-peer credit network.
The company has partnered with IdentityMind for KYC and AML compliance support. The RegTech provides a turnkey solution for customer onboarding, helping companies conduct know your customer (KYC) in an automated fashion, while meeting regulations worldwide. In addition, it provides anti-money laundering (AML) checks on potential contributors.
“We selected IdentityMInd based on their market leadership, successful track record and experience working with other leading companies,” said David Garcia, managing director, RCN. “Within our network, IdentityMind is one of our trusted agents providing ID verification services.”
RCN is a global peer-to-peer credit network powered by smart contracts, connecting borrowers and lenders around the world to exchange any currency. By reducing the brokerage costs and management fees associated with traditional methods, RCN claims to enable more favorable conditions for everyone involved. RCN leads the way in the democratization of credit through blockchain technology.
Initial Coin Offerings (ICOs) have grown exponentially with nearly $6 billion raised in 2017, and $6.3 billion in Q1 of 2018. However, despite ICOs acting as way for investors to get quick cash, there have been a number of calls to regulate the industry, with criminal crime still rift.
“IdentityMind is empowering businesses of the future like RCN that utilize blockchain technology and smart contract to disrupt peer-to-peer lending models,” said Garrett Gafke, CEO, IdentityMind Global. “In RCN’s case, they are breaking down traditional lending fee structures and consumers ability to access capital where they couldn’t previously and creating a credit alternative that provides an alternative to traditional finance. Crowdfunding services are at the forefront and will continue to grow going forward.”
IdentityMind provides a SaaS platform that builds, maintains and analyses digital identities worldwide, allowing companies to perform identity proofing, risk-based authentication, regulatory identification, and to detect and prevent identity fraud.
Built-in transaction monitoring enables e-commerce fraud prevention, anti-money laundering (AML), and counter terrorism financing (CTF). Its patented eDNA technology claims to securely track the entities involved in each transaction (e.g. onboarding, account origination, money transfers, online payments, etc.) to build unique digital identity trust reputations.
Earlier this year, Etherparty Smart Contracts, a Canadian blockchain technology company, partnered with the RegTech.
The announcement came months after IdentityMind Global closed a $10m Series C round of financing to meet the global demand for digital identities. In addition to all existing investors, the round was co-led by Benhamou Global Ventures and Eastern Link Capital and included Hanna Ventures, Overstock.com, and Zanadu Capital Partners.
Last year, IdentityMind was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
