IdentityMind Outpaces the Competition with Its Advanced Orchestration Hub
PALO ALTO, Calif., Jan. 16, 2020 /PRNewswire-PRWeb/ -- IdentityMind, creator of Trusted Digital Identities (TDIs), today announced its risk and compliance identity platform was recognized in AITE Group's recent report, "Fraud, Authentication, and Orchestration Hubs: A Path to Greater Agility."
The report focuses on the market needs for hubs to solve the evolving operational complexities of fraud prevention and AML compliance. The report includes IdentityMind as well as other vendors in the space, surveys 30 fraud and Anti-money Laundering (AML) executives, and defines AITE Group's orchestration hub maturity model.
Julie Conroy, author of Fraud, Authentication, and Orchestration Hubs: A Path to Greater Agility, notes, "Hubs can solve multiple pain points for financial services firms. While in recent years, account takeover has been the number one pain point for retail FIs, application fraud has achieved equal status as a key pain point. Harnessing internal data to feed analytics is also a top challenge for executives. The good news is that sophisticated hubs can help address all these challenges."
The report outlines the benefits of implementing a sophisticated orchestration hub, including:
1. Single contract, and access to multiple vendors.
2. One API, to access all risk, analytics, and vendors.
3. Communication layer, to normalize and integrate business' and vendors' data.
4. Risk engine to ingest alerts from multiple solutions, assess transaction risk and leverage internal customer data.
5. Profiling and decisioning layer to perform contextualization and drive decisions for next steps
"We built the IdentityMind Platform on the premise that we needed to better understand each user in order to accurately assess the risk they pose," said Garrett Gafke, IdentityMind's President and CEO. "As the threat landscape evolves, we've partnered with other leading technologies in the market to better serve our client base. Being recognized by leading analysts at the highest maturity level is a validation of our vision and our technology."
The IdentityMind Platform provides access to more than 20 data and technology partners through a single contract and API. Its Electronic DNA (eDNA™), patented digital identity technology, offers a single and unified data model to normalize the data from all partners and customer's internal business data, within its unique framework for identity proofing, fraud prevention and AML compliance. The result is an advanced orchestration hub, that provides the most accurate risk decisioning, and helps our customers deliver the best user experience.
Visit IdentityMind for complimentary access to the full AITE Group report.
- Blog: The IdentityMind Platform: A Mature Orchestration Hub
- Guide: Identity Proofing and Corroboration
- Video: Automated Transaction Monitoring for AML
IdentityMind, creator of Trusted Digital Identities (TDIs), offers a SaaS platform for online risk management and compliance automation. We help companies reduce client onboarding fraud and transaction fraud, and improve AML, sanctions screening, and KYC. IdentityMind continuously builds, validates and risk scores digital identities through eDNA™ technology to ensure global business safety and compliance from customer onboarding and throughout the customer lifecycle. We securely track the entities involved in each transaction (e.g. consumers, merchants, cardholders, payment wallets, alternative payment methods) to build payment reputations, and allow companies to identify and reduce potential fraud, evaluate merchant account applications, onboard accounts, enable identity verification services, and identify potential money laundering. For more information, visit IdentityMind on the Web, Twitter, LinkedIn, Instagram, and Blog.