Mitek (NASDAQ:MITK), a global leader in mobile capture and identity verification software solutions has announced that MoneyGram, a global provider of innovative money transfer services, is using Mobile Verify™ to meet Anti-Money Laundering (AML) requirements for identifying individuals who send and receive funds.
To complete the identity verification step in the money transfer process, MoneyGram customers simply take a picture of their passport or other identity document using their mobile device camera. Mobile Verify then uses advanced machine learning technology to instantly validate the authenticity of the ID.
“Mobile Verify™ helps us provide a fast and easy experience for our customers while ensuring that we’re complying with local laws and regulations,” said Nash Ali, Head of Online Risk at MoneyGram. “It replaces tedious and often paper based processes, dramatically increasing accuracy while reducing the time it takes to identify both parties in the transaction.”
“MoneyGram’s challenge of protecting its business and its customers without creating a cumbersome process is one that many companies face,” said James DeBello, Chairman and CEO, Mitek. “We are proud to be able to help this global money transfer leader deliver a quality digital experience that is compliant with regulatory requirements.”
Mitek (NASDAQ:MITK) is a global leader in mobile capture and identity verification software solutions. Mitek’s ID document verification allows an enterprise to verify a user’s identity during a mobile transaction, enabling financial institutions, payments companies and other businesses operating in highly regulated markets to transact business safely while increasing revenue from the mobile channel. Mitek also reduces the friction in the mobile users’ experience with advanced data prefill. These innovative mobile solutions are embedded into the apps of more than 5,400 organizations and used by tens of millions of consumers for mobile check deposit, new account opening, insurance quoting, and more.