Decentralized finance just got safer with digital identity fraud prevention

  • Partnership will integrate thorough identity checks for a leading blockchain digital identity solution, which is currently rolling out to five million students and teachers in Ethiopia 
  • Integration will give identity platform access to over 300 sanctions lists and watch lists to prevent bad actors from infiltrating the ecosystem
  • Verifiably secure digital identity set to democratize global access to financial and social services

One of the leading blockchain-based identity platforms, Atala PRISM - the digital identity component of IOG's Atala suite of enterprise-focussed blockchain products - which is being rolled out to five million students and teachers across Ethiopia, has announced a strategic partnership to eliminate bad actors and strengthen security by integrating fraud prevention and anti-money laundering technology. 

The partnership between IOG, Atala’s developer, and fraud prevention specialist Acuant comes in response to the rapidly changing regulation of blockchain-based finance and identity platforms. Regulators want blockchains to be able to prove a user’s identity and ensure that bad actors are kept out of the system. 

By integrating know-your-customer (KYC) checks, Atala PRISM will give participants a legally verifiable identity credential, which will open up a wide range of third-party services, from opening a bank account to applying for a loan. For many people in developing countries who are currently excluded from the global financial system, this could give access to vital financial and social services for the first time. 

Global financial authorities are now extending regulations to cover decentralized finance (DeFi), a form of finance that does not involve central intermediaries such as banks, and instead is based on a blockchain. So blockchain providers need to ensure they remain compliant with these rapidly evolving regulations. This is why IOG is integrating Acuant’s trusted identity solutions for document authentication and KYC compliance into Atala PRISM, giving access to over 300 sanctions lists and watch lists to block criminals and hackers. The integration will also create more verifiable and secure identity credentials, making ID checks easier and more reliable, and increasing trust in the system. 

Atala PRISM is built on Cardano, the world’s third-largest and greenest blockchain. By combining Cardano’s market-leading levels of provable security, scalability and speed with Acuant’s market position and regulatory compliance technology, the companies can create the first feasible alternative to current national identity systems, opening up financial and social services to swathes of the global population who have previously been excluded from them. 

Dynal Patel, Chief Product Officer at IOG, said: “Individuals should be able to hold the keys to their own identities. This is something that both IOG and Acuant are firm believers in. Having a verifiable identity credential could be a game-changer for the 1.7 billion people globally who currently can't prove their identity, because it will open up access to vital services like bank accounts and healthcare. Partnering with Acuant will allow us to enrich Atala PRISM and offer a more secure digital ID verification process, ensuring provable identity is available to everyone.”

Jose Caldera, Acuant’s Chief Product Officer, added: “This partnership with IOG is so exciting to us. We share the belief in creating technologies that have a positive social impact. The fundamental concepts that are built within the Cardano blockchain align with our principle of democratization of trust.”

About Input Output

Input Output is an R&D and product engineering company, committed to using peer-to-peer innovations to provide 21st century services to the 3bn who don’t have them.

We build blockchain based products for governments, corporations and academic institutions and upskill people across the world, empowering them to solve the most pressing problems faced by people in their countries.

We have core beliefs in decentralization, the right to privacy and stand opposed to centralized control and bureaucracy.

https://iohk.io/

About Acuant

Acuant’s Trusted Identity Platform empowers businesses and governments to transact with trust in our digital world. Acuant establishes trust in seconds anywhere your customers want to transact, fighting fraud and fast-tracking trusted identities. The ability to build, verify, monitor and securely share digital identities with Acuant’s inclusive technology  is accessible to the entire global population. AI-powered identity verification and regulatory compliance (AML/KYC) solutions deliver unparalleled results and operational efficiency with omnichannel deployment.

Completing more than 1.5 billion transactions in over 200 countries and territories, Acuant powers trust globally for industry leaders in finance, crypto, retail, healthcare, gaming, hospitality and more.

Acuant empowers businesses and governments to transact with trust in our digital world. We establish trust in seconds anywhere your customers want to transact, by fighting fraud and fast-tracking trusted identities. You can build, verify, monitor and securely share digital identities with Acuant’s inclusive technology, which is accessible to the entire global population. Our AI-powered identity verification and regulatory compliance (AML/KYC) solutions deliver unparalleled results and operational efficiency with omnichannel deployment.

https://www.acuant.com/

Publication date: 
09/25/2021 - 17:45
Author: 
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