IdentityMind Global releases version 1.19 of their Platform, Emphasis on Digital Currencies
IdentityMind Global is a company that deal with Bitcoin in a less direct way that is still important nonetheless. Instead of introducing a new Bitcoin technology, IdentityMind Global works on issues that come with accepting Bitcoin like money laundering and KYC issues.
“We are impacting and neutralizing some of the most pressing issues facing our society and the financial ecosystem including Money Laundering, Transactional Fraud and boarding risk/Know Your Customer (KYC).”
IdentityMind Global in a press release May 26, 2015, announced version 1.19 of their Fraud Prevention and Risk Management platform that, among other products, is their flagship.
According to MicroMarketMonitor, such a market for products like IdentityMind’s that can help business prevent fraud and discourage anti-money laundering is increasing with an increasing number of transactions occurring online thanks to the evolving pace of technology.
“MicroMarketMonitor expects the global fraud detection & prevention and anti money laundering market to grow from $9,622.8 million in 2014 to $21,441.4 million by 2019, at a CAGR of 17.4% during the period under consideration.”
Version 1.9 of this platform also brings with it the IdentityMind rule engine 2.0, which allows risk analysts to spot and conform to real-time potentially risky situations. What’s most important for users interested in Bitcoin is that the new engine uses a feature set based on experience working with digital currencies on top of the traditional financial institutions such as banks and payment service providers.
“Digital Commerce continues to progress, and these businesses and financial institutions are facing an evolving spectrum of risk challenges… Digital commerce now combines money transfers, account creation for digital wallets, alternative payment methods, provisioning, and remittances, to name just a few. We’ve stepped ahead to create the platform these professionals need to develop cutting edge programs, detect unseen risk across all applications and channels, and adapt their programs to protect both their institution and customers in real time.”
Additional features introduced in version 1.19:
- Ability to segment policies based on the consumer’s risk profile and the inherent risk of the application.
- Separate controls for the mobile channel, including designated fraud prevention and risk management capabilities designed specifically for Mobile applications.
- Data prioritization – Redesigned analysis tab layout improving data review efficiency by 35%
- Enhanced automated review processes to reduce manual reviews by 20%
With digital currencies legality in a gray area, only now are we seeing the slightest trickles of regulation seeping in. IdentityMind Globals platform is a solution that may fit your needs if you are looking to stay 100% AML and KYC compliant while looking to keep an edge by integrating cryptocurrency into your company.
Have you used IdentityMind Globals platform? Do you see a need for services like this when regulation of cryptocurrencies is uncertain? Let us know in the comments below!
Original Press Release seen here
Media Source: IdentityMind Global