IdentityMind Global, a risk management and compliance vendor, will offer document authentication technology from Confirm.io to its financial services customers so they can allow consumers to open accounts with mobile devices.
When people snap a photo of their driver’s license or other ID while signing up for services, Confirm.io’s application programming interface pings various databases to check that the document is legitimate. Clients can build their own verification apps using Confirm’s software development kits.
Trusting a digital identity “requires strong validation of the underlying identity attributes,” Garrett Gafke, IdentityMind’s CEO, said in a press release.
The firms’ combined offering “delivers on the promise of a frictionless user experience that provides the ability to understand and guard against risk while also keeping customers happy,” he said.
Some 54% of small businesses said in a recent survey that elevated rates had led to higher debt payments. And in a sign that loan demand remains soft, 37% reported delaying expansion plans or capital spending.
Investing in Main Street Act has passed the House three times with overwhelming majorities but has failed to gain traction in the Senate. Backers, including banks that invest in the funds, hope to flip the script with a third version.
The head of the Consumer Financial Protection Bureau summarized his findings from a yearlong probe into the Appraisal Foundation. He says the "lawmaking body" is not accountable to the public or market forces.
False information, job losses, diminishing skills and human interaction, among other concerns, have bankers worried about deploying both generative artificial intelligence, like ChatGPT, and more long-accepted forms of AI like machine learning, according to a new survey of American Banker readers.
Despite fresh waves of online fraud and scams, czars of social media platforms, peer-to-peer networks and blockchain products have renewed ambitions to marry financial services with social apps.
Goldman Sachs is unloading the home improvement lending platform GreenSky after a misadventure in consumer finance. However, the consortium buying GreenSky plans to invest heavily in its growth, and Synovus says it's eager to deepen its partnership with the online lender.