IDmission is making the case for more flexible Know Your Customer (KYC) systems. In doing so, the company highlighted the utility of its own identity verification platform, describing it as a Composable KYC solution that can be deployed in a number of different sectors.
According to IDmission, the term Composable KYC simply refers to a solution that can be customized to meet the needs of different organizations. Financial institutions, for instance, are highly regulated, and often need to cross-reference customer names against criminal watchlists. However, other institutions may only need to confirm someone’s age and address, and may not need to perform the full battery of sanctions tests.
A Composable KYC solution gives an organization the identity verification tools that make sense for its business, without adding any unnecessary layers of complexity. IDmission contrasted that with a more traditional, less modular solution that forces each client to implement the same onboarding and identity verification workflow, regardless of actual need.
“We’ve found that no two customers are the same and its never one-size-fits all, so we’ve reconstructed our platform to make sure that people can pick and choose and put the puzzle pieces together for their own,” explained IDmission COO Angela Schmuck. “This way, they can compose it into a workflow that meets their needs.”
IDmission went on to emphasize the importance of utility. The company revealed that it is trying to make its platform more user-friendly, and that it has already moved forward with the beta launch of the IDmission IDentity 2.0 SDK. The improved SDK will deliver a cleaner and more accessible user interface, which will in turn make it easier for clients to integrate IDmission’s technology into their own apps and websites. IDmission is also trying to strengthen its underlying technology to improve its overall processing speed and performance.
In doing so, IDmission is hoping to make its solution more appealing to clients beyond the financial sector. The company identified cryptocurrency, social media, gaming, and the gig economy as potential areas of expansion, and stressed that it wants to provide comprehensive identity coverage for the complete customer lifecycle.
IDmission noted that the pandemic has increased the demand for digital KYC technologies. The company’s platform boasts ISO 27001 certification and Level 2 iBeta certification for passive liveness detection.