Global identity verification and onboarding
As companies move beyond domestic markets and capture new business and revenue streams in other countries, they need to step up efforts to ensure that they allow the ârightâ customers to transact, while keeping remote fraudsters.
James Mirfin, global head of digital identity and fraud solutions at Refinitiv, told PYMNTS that integration and verification must be done on a global scale in order to reduce fraud and false declines, improve the user experience and increase competitiveness.
The conversation took place as GIACT, a Refinitiv company, said it has added a global consumer and business identity verification solution, gIDENTIFYÂ® Global, to its EPIC platform. As Mirfin told PYMNTS, âWe have global customers and we’ve brought them global digital identity capabilities. “
The company said in the statement that the new solution allows U.S. organizations to validate non-U.S. People in 38 countries and businesses in 11 countries, using data from various U.S. and international sources in real time. The end result is that US companies can embark and deal with foreign entities with less risk, while still meeting regulatory requirements. The new solution is an addition to the existing platform and integrations, Mirfin said.
Cross borders, digitally
Mirfin noted that such a cross-border focus is important as businesses rely on digital channels. But along the way, he said, companies are “paying the price for this change when it comes to things like fraud – the numbers have exploded and this trend won’t slow down anytime soon.”
The continuing question, of course, is how to balance protection with friction in the customer experience. By adopting and adapting to new data-driven solutions to create an optimal experience, Mirfin said that a single point of integration with these solutions is essential.
As Mirfin told PYMNTS: âFor a customer in any industry who is trying to have a smooth customer experience and trying to protect themselves along that journey, have a single integration and have multiple services that relieve their technology and development team. . “
A more nuanced, risk-based approach can lead a client to travel a smoother journey in the event that certain triggers and factors introduce friction. GIACT customers who leverage corporate APIs see lower rates of fraud and identity theft.
The return on investment goes beyond improving loss rates and extends to an increased number of âgood customersâ passing through the proverbial digital doors. And, as Mirfin noted, there is no real debate about stepping up security efforts, as compliance becomes increasingly stringent around the world.
âYou don’t have a choice, you have to do it,â he said.
Asked by PYMNTS about which industries could be the first to adopt the enhanced global ID offerings, Mirfin said cryptocurrencies remain an “obvious choice” because they have global reach, cross borders, and are bought and sold. sold by individuals and businesses. , because regulations change rapidly.
âEven in retail and high-value jewelry, where people do very high-risk transactions, they also want to use identity as a service,â Mirfin said.
At a high level, all companies need to expand and improve their protection. âBut they have to do it in a way that doesn’t bother the customer or drag them into a cumbersome and expensive sign-up process,â he said, adding that âif you ask customers to emailing documents or filling out forms and then scanning or capturing them is very clunky. You’re going to see a lot of payoff for consumers. The new solution, he told PYMNTS, “is highly relevant across a range of sectors and industries “.