ComplyCube, the London-based AI company has unveiled Flow, a cloud-based Know Your Customer (KYC) solution that enables businesses to reduce their AML/KYC compliance and fraud risks significantly. The solution will complement ComplyCube’s market-leading Software as a Service (SaaS) and API platform.
The Global KYC firm has recently reported a growth of 500 percent growth of biometric KYC business. The launch of Flow capitalizes on the current biometric security boom amid the substantial global digitalization drive caused by the pandemic.
The Digital Identity firm says that Flow is a GDPR-compliant web-based solution that businesses can start using “in minutes”, with no coding needed. It allows people to verify their identities by following a secure URL.
The highly customizable Flow guides users through a slick User Interface (UI), securely collecting identity documents, biometrics, and proof of address – all in less than 30 seconds. Once documents and biometrics are submitted, Flow™ automatically conducts authenticity and identity checks and sends real-time alerts to the business indicating any red flags and providing rich explains.
ComplyCube’s Flow integrates cutting-edge certified liveness detection technology, which prevents face biometric spoofing and presentation attacks, including 3D Masks, without additional user friction. It also allows companies to leverage a detailed audit trail for compliance purposes in line with the Financial Action Task Force (FATF) recommendations.
Flow™ will appeal to businesses that are still undertaking identity verification checks manually, with documents sent via email, which is costly, time-consuming, prone to human error, and not adequately secure. Similarly, businesses with legacy KYC solutions can leverage Flow™ to simplify onboarding processes and reduce the Total Cost of Ownership.