Refinitiv launches anti-graft, money laundering solution in SA
Financial technology company Refinitiv today launched identity verification solution Qual-ID for financial services providers in South Africa.
Qual-ID combines digital identity verification with risk screening to help improve digital onboarding of consumers and compliance with Know-Your-Customer (KYC) and anti-money laundering (AML) regulations around the world.
Refinitiv said Qual-ID is designed to protect against fraud and money laundering. It enables service providers to verify identities against trusted data sources, proof legal documents, conduct anti-impersonation checks, and screen for regulatory and financial risk; such as sanctions, politically exposed persons and adverse media. The process can be completed in one transaction and via a single point of access.
Phil Cotter, MD of the risk business at Refinitiv said: “Financial services are in the midst of a digital identity revolution, which is being driven by a host of inter-connected factors such as regulations mandating enhanced privacy and consumers who demand more choice and flexibility.”
He said further: “Refinitiv Qual-ID was built to solve these challenges, backed by established, proven technology and reliable data from two leading organisations. Qual-ID enables financial services providers to reap the benefits of the digital identity revolution through a global solution that facilitates trusted transactions regardless of location.”
The launch of Qual-ID comes as analysts say ID theft is one of the fastest-growing crimes across the globe.
According a cyber insurance company, MyCybercare, more than 7.1 billion identities have been exposed in data breaches since 2010, a number that is growing daily.
From 2013 to 2018, identity theft in South Africa had grown by 200%.
Globally, financial services providers are rapidly embracing digital technology to transform their operations, ensure a positive consumer experience, and comply with financial crime regulations.
According to Refinitiv, the move to a more digital and mobile service exposes new risks, including digital identity theft and synthetic identities.
“This pattern of fraud is impacting a wide range of financial services providers from banking to payments,” the company said.
Refinitiv Qual-ID is the result of a partnership between Refinitiv and Trulioo, first announced earlier this year and aimed at fighting financial crime while increasing financial inclusion.
“Being a financial institution is not simple these days; regulations are rapidly evolving, money-laundering is at an all-time high and consumers are increasingly mobile yet expecting seamless user experiences. Unfortunately, many solutions fail to address this complex environment, leading to revenue loss and abandonment,” said Stephen Ufford, CEO and founder of Trulioo.
“Refinitiv Qual-ID fills this void and allows forward-thinking financial institutions to tap into the promise of the digital transformation that’s powering financial inclusion while safeguarding trust and privacy.”