How does Customer Screening compare to The Real Identity Platform?

ComplyAdvantage's Customer Screening solution streamlines the process of identifying high-risk individuals by automating checks against global watchlists, PEP databases, and adverse media sources. This solution ensures compliance with know-your-customer (KYC) and anti-money laundering (AML) regulations while reducing the time and effort required for manual screening.

The platform provides real-time risk assessments with instant alerts for flagged individuals, enabling swift action to mitigate potential risks. Its advanced matching technology minimizes false positives, ensuring that compliance teams can focus on genuine threats. Comprehensive audit trails and reporting tools support regulatory documentation and compliance reviews.

With its robust capabilities, ComplyAdvantage's Customer Screening solution enhances due diligence workflows and strengthens risk management practices across industries.

The Real Identity Platform by Onfido is a comprehensive identity verification and authentication solution designed to enhance trust and security in digital interactions. By combining document verification, biometric analysis, and real-time data validation, the platform ensures that users are who they claim to be, mitigating risks associated with identity fraud.

Onfido's platform is built with scalability and flexibility in mind, offering seamless integration into customer onboarding and authentication workflows. Its advanced AI-driven technology delivers accurate results quickly, improving user experience while maintaining robust security. The Real Identity Platform empowers organizations to reduce fraud, streamline operations, and build lasting trust with their customers.

• 🏆 Best Use of AI for Authentication by AI Breakthrough Awards (2024)

ComplyAdvantage, founded in 2014, is a RegTech company that specializes in providing AI-driven financial crime risk detection and anti-money laundering (AML) solutions. ComplyAdvantage leverages artificial intelligence, machine learning, and natural language processing to offer real-time risk insights and AML data solutions.

The company provides a range of services, covering:

- AML onboarding and monitoring
- Transaction monitoring
- Payment screening
- Politically exposed persons (PEPs) and adverse media screening
- Real-time sanctions and watchlist screening

ComplyAdvantage has experienced significant growth since its inception, raising $88.2 million through three rounds of venture capital funding and expansion of its operations with offices in the United States, Singapore, and Romania. The company serves over 1,600 businesses across the globe, including major financial institutions like Santander and Affirm, and clients have reported a 70% reduction in false positives and a 50% decrease in onboarding cycle time.

Onfido is a technology company specializing in digital identity verification, founded in July 2012 by three former Oxford University students: Husayn Kassai, Eamon Jubbawy, and Ruhul Amin. The company’s name is derived from the Latin word “Confido,” meaning “I trust.”

Onfido’s primary product is the Real Identity Platform, which includes:
• Verification Suite: Document and biometric verifications, trusted data sources, and fraud detection signals.
• Atlas™ AI: In-house developed AI technology for automated identity verification.
• Smart Capture SDK: Software for capturing identity documents and biometrics.
• Onfido Motion: Advanced biometric technology using facial recognition and liveness detection.

Onfido leverages artificial intelligence and machine learning to verify identities through photo-based identity documents and selfies. Their technology is capable of verifying over 4,500 document types across 192 countries, detecting document anomalies in as little as 15 seconds. Additionally, it employs advanced facial recognition and liveness detection technology to prevent spoofing attempts, ensuring secure and accurate identity verification processes.

Onfido has established itself as a global leader in digital identity verification, serving over 1,100 companies worldwide. With a team of more than 600 employees across international offices, Onfido continues to innovate and expand its reach. In April 2024, the company was acquired by Entrust Corporation, becoming a wholly owned subsidiary and further solidifying its position in the market.

Onfido’s solutions cater to various industries, particularly:

• Financial Services and E-commerce: For KYC compliance.
• Customer Conversion & Fraud Reduction: Helping businesses improve customer onboarding and reduce fraud.
• Global Compliance: Supporting companies in meeting KYC and AML regulations.

Onfido’s technology has received several awards, including recognition for accessibility and algorithmic bias mitigation, positioning it as a significant player in the digital identity verification market.