LOS ANGELES, March 09, 2021 (GLOBE NEWSWIRE) -- Acuant, a leading global provider of identity verification solutions, and Scalable Solutions, a white label digital asset exchange provider, today announced their partnership to deliver Anti-Money Laundering (AML) and Know Your Customer (KYC) solutions on a single platform for banks, exchanges and financial institutions to manage fraud, fulfil compliance and streamline onboarding.
One of the greatest concerns financial institutions face in relation to trading digital assets is security. Regulatory hurdles become an obstacle in the development, innovation and implementation of new technologies, especially in industries with many stakeholders. This in turn leads to the loss of potential new products and services that institutions can offer, as well as a diminished ability to attract new customers or improve the offering for existing ones. Acuant and Scalable Solutions are partnering to solve this dilemma bringing together their combined expertise and technology in one platform.
Scaleable Solutions benefits from the combined experience of both blockchain technology pioneers and traditional finance professionals allowing them to understand certain challenges first-hand and then cater to them directly. They chose Acuant to alleviate the concerns new technology causes institutions. The strength of Acuant’s Trusted Identity Platform for identity proofing, risk scoring, transaction monitoring and regulatory compliance with options for rapid omnichannel deployment were key. Additionally, Acuant’s recent acquisition of IdentityMind brought deep global AML expertise.
Scalable Solutions, which specializes in digital asset exchange and tokenization services, will use Acuant’s complete identity verification, regulatory compliance and digital identity solutions, which leverages Artificial Intelligence (AI) with Machine Learning (ML) and human oversight, to automatically approve or deny prospects and automate transaction monitoring for secure digital exchanges. The integration will further enhance efficiency for compliance teams and enable fraud teams to analyze risk of specific identities and apply appropriate security controls in real time to provide necessary due diligence to suspicious users and ensure trusted users are shown the fast lane.
“We know how difficult it can be for financial institutions to ensure that all systems are in place to comply with regulations and prevent fraud, especially in our ever-changing regulatory environment,” said Mark Berger, Founder, Scalable Solutions. “Our partnership with Acuant helps financial institutions and exchanges to seamlessly integrate AML/KYC compliance, digital identity verification and benefit from secure automation.”
“It is imperative that solutions are built with an understanding of the concerns and challenges that banks, exchanges and other businesses face,” said Yossi Zekri, President and CEO of Acuant. “We are thrilled to partner with Scalable Solution’s team of experts to provide banks with a frictionless solution for securing digital exchanges.”
Acuant is a leading global provider of identity verification, regulatory compliance (AML/KYC) and digital identity solutions. Our Trusted Identity Platform is powered by AI and human assisted machine learning to deliver unparalleled results and operational efficiency. Omnichannel deployment delivers seamless customer experiences to fight fraud, increase conversions and establish trust in seconds. With leading partners in every major industry and completing more than 1 billion transactions in over 200 countries and territories, Acuant is the leader in global coverage.
About Scalable Solutions
Scalable Solutions is a global technology company that focuses on developing state-of-the-art white label blockchain solutions for our clients. The institutional-grade trading software which serves as a B2B solution for exchanges and brokers has never been compromised. Besides innovative technology, the security of exchange systems is a significant area of value, and a pain point the company is solving for its clients. Scalable clients include Bitcoin.com, Bequant, Lumi Wallet, and more.
A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cc163b2c-73af-4164-88da-f413c672df50