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Global identity verification solution firm ID-Pal (Dublin), has introduced its offerings into the U.S. market to meet demand for its platform across the United States in the insurance and other industries. Championed by Irish government entity Enterprise Ireland, the U.S. launch is building on ID-Pal’s success in serving both SMEs and enterprises across 30-plus industries with simple, secure, and convenient identity verification, according to a statement from the vendor.
Offering global coverage of more than 6000 identity documents across 200 jurisdictions and countries, clients now include payments and gift cards provider Blackhawk Network (BHN), leading procurement and compliance platform Certa, global payments company and a subsidiary of US Bancorp Elavon and the recent J.P. Morgan-acquired Global Shares, the vendor notes. ID-Pal says presence in the U.S. is further bolstered by recent partnerships with financial service providers such as Spirit of Alaska Credit Union and lending and deposit account opening platform CreditSnap.
Columbia Lyons, Founder and CEO, ID-Pal.
The company reports that it also has an existing network of strategic partners in the United States, that includes Salesforce, Corporate One and Melissa.
Simple, Secure and Convenient
“The standard of security, fast deployment, and digital transformation we provide organizations sets us apart,” comments Colum Lyons, founder and CEO, ID-Pal. “We work with industry leaders from across 30 sectors, which is evidence that our technology-first approach to identity verification makes it simple, secure, and convenient for any organization.”
ID-Pal offers businesses an easy way to verify the identity of an individual. Using a unique blend of biometric, document, and database checks to verify identities in real time, the solution leverages automated decisioning and smart workflows to deliver industry-leading accuracy, and better outcomes, with data protection compliance built in.
Available off-the-shelf to go live in minutes, ID-Pal also integrates seamlessly with existing processes via an API or SDK. It can be deployed same day and is fully customizable thus reducing lengthy development time and demands on in-house resources.
“The ID-Pal solution also offers a Unique Broker Model, developed to reduce the identity verification process between broker sales agents and head office from taking days to being done in minutes. Using the ID-Pal app, brokers invite customers to capture and submit their identity information either remotely or in person. The experience is fast, easy and secure. Brokers submit this to the ID-Pal business portal of head office for review and approval in minutes, so they can onboard new clients right away and spend less time on chasing identity information approval.”
ID-Pal says its expansion into the U.S. allows the firm to support financially regulated organizations struggling to balance compliance and fraud prevention with a friction-free user experience. The identity verification solution streamlines anti-money laundering (AML) and Know your Customer (KYC) compliance while offering a robust audit trail. Knowledge-based authentication (KBA) and database-focused solutions also struggle to match the sophistication of modern-day fraud, for which a multi-layered approach to verification via a platform like ID-Pal is needed.
Insurance Solution
“The ID-Pal solution also offers a Unique Broker Model, developed to reduce the identity verification process between broker sales agents and head office from taking days to being done in minutes,” notes Lyon. “Using the ID-Pal app, brokers invite customers to capture and submit their identity information either remotely or in person. The experience is fast, easy and secure. Brokers submit this to the ID-Pal business portal of head office for review and approval in minutes, so they can onboard new clients right away and spend less time on chasing identity information approval.”
“Enterprise Ireland warmly welcomes ID-Pal’s launch in the U.S. market,” comments Karen Cohalan, Department Manager for Fintech, Financial & Business Services, Enterprise Ireland. “Supporting Irish-owned companies to achieve greater scale and expand their global footprint is an ongoing priority for Enterprise Ireland. Enterprise Ireland looks forward to working with the ID-Pal team to continue to support their growth ambitions as they expand their customer base in the US whilst continuing to create jobs here in Ireland.”
The company’s official entrance into the U.S. market comes less than a year after its launch in the U.K. and a Series A funding round. ID-Pal reports that, today, U.K. businesses now account for over 30 percent of its revenue and, following continued market traction there, 15 percent of their the company’s revenue is now from the U.S.
The ID-Pal statement notes that the solution is ISO 27001 certified, which is the global SOC 2 equivalent. ID-Pal joined the 2022 AIFinTech 100 and 2023 RegTech100 lists of the world’s 100 most pioneering businesses in AI and regulatory technology, as well as ranking sixth in the Deloitte Fast 50 2022, the company says.
In addition to the backing of the Irish government organization Enterprise Ireland, ID-Pal reports that it has received investment from European Inspire Investments, Act Venture Capital and U.S. investors FA Ventures Fund, LTD, all of which have endorsed ID-Pal’s impressive expansion into new markets.
“2022 was a landmark year for ID-Pal. In just nine months we launched in the U.K., secured Series A funding, and now, with the support of Enterprise Ireland, our U.S. and European investors, and our strategic partners, we are officially launching into the U.S. in 2023,” adds ID-Pal’s Lyons.
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