Modularbank, the next-generation core banking platform, today announced a new partnership with AI-powered identity verification software provider Veriff. Veriff’s industry-leading compliance and KYC offering will be added to Modularbank’s product ecosystem as a ready-to-integrate, ‘plug and play’ solution.
This is a partnership built on shared values, as these two Estonian companies both foster cultures of continuous innovation in the pursuit of new solutions to address the pain points of their customers. Modularbank, as a cloud-agnostic, API-first platform featuring complete retail and business banking capabilities, is transforming the way businesses are developing and rolling out new financial products by providing an agile and efficient alternative to traditional banking technologies. With this partnership, Veriff’s identity verification solution enables Modularbank’s customers to simplify their adherence to compliance and KYC requirements while benefiting from Veriff’s premier fraud prevention technology.
Announcing the news, Rivo Uibo, Chief Business Officer and co-founder of Modularbank, states: “As Modularbank continues to evolve, we are very excited to be partnering with a company as forward-thinking as Veriff. Identity verification is an integral part of the customer onboarding process for any financial service provider, yet is often seen as a cumbersome task for both the provider and the customer. By integrating Veriff’s software, our clients can now automate the identity verification and KYC processes, leading to a simplified sign-up procedure for their new customers as well as an improvement in financial crime detection rates.”
According to Veriff CPO and co-founder, Janer Gorohhov the partnership with Modularbank makes Veriff’s premier identity verification service available for growing businesses who want to scale fast without going through the hassle of building in-house identity verification solutions. “Veriff’s premier technology is easy to integrate and goes beyond simple document data extraction and lightweight verifications to meet every organizations’ compliance requirements. Our video-first approach combined with data crosslinking effectively detects fraud attempts and keeps our clients safe.”
According to Veriff’s recent Fraud Report, the rate of fraud in the fintech industry more than tripled in spring 2020 during the initial COVID outbreak as people moved their banking online. The most common type of fraud in the fintech industry is identity fraud, whereby a person pretends to be someone else or uses someone else’s ID documents. This made up 70% of all fraud cases in 2020. With partnerships such as this, we can continue to stop fraudulent activity online.