AU10TIX BOS, an authentication and digitsation company, has partnered with large UK business e-lenders, Everline and ezbob, to provide the FinTech startups with the second generation ID fraud detection service.
Unlike first generation solutions, the new iteration features a fully automated end-to-end process that includes document auto-classification, direct content retrieval and multi-factor data and image authentication (including additional risk related indicator checks). AU10TIX BOS requires no data inputs by customers, which the company says allows for highly frictionless onboarding experience.
Alternative financing on the rise
Alternative financing is gradually becoming a very popular avenue and has the potential to make traditional banks concerned about one of the channels they traditionally dominated. Part of the reason they could become concerned is because e-lenders such as Everline and ezbob are seen as companies that are plugging the gap faced by smaller companies, whereby they struggle to secure funding from larger funding institutions.
The sister companies have provided over £90 million and over 8,000 loans since 2012 and raised £30m earlier this year, showing that the alternative lending sector is attracting serious investments.
When money is involved security will always be a major concern for people, and at a time when the banks are in the news for all the wrong reasons, it is interesting to see alternative financing companies shoring up their anti-fraud protection.
“We now have in place the only second generation ID authentication and record generation service on the market, meaning we can offer customers the reassurance of even stronger ID fraud protection,” said said Yaron Shoshani, CTO, Everline and ezbob.
Using Ripple's enterprise blockchain solutions, Standard Chartered has completed its first real-time cross-border payment for businesses with another major correspondent bank.
Digital payments giant ACI Worldwide is teaming up with VocaLink for real-time payments infrastructure.
Fresh from its $4.5bn IPO, Nordic payments processor Nets has picked Spire as its partner to help with the physical roll out of mobile payments for Dankort customers.
It seems laptops are about to catch the biometric fever as PayPal, Intel, Lenovo and Synaptics are collaborating to introduce FIDO-enabled embedded fingerprint solution to PCs.