Prove integrates TransUnion ID verification tech

Prove integrates TransUnion ID verification tech

Risk Disclaimer >>
Ad disclosure Fintech-Insight stands firm in its mission to facilitate sound financial decisions for you. We forge alliances with specialists to provide the latest in news and facts. Engagement with designated links, sponsored entries, products and/or services, leading transfers to brokers, or promotional content might entail financial recompense for us. We pledge to protect our users from any negative repercussions arising from utilizing our site. Be informed that no content hosted here should be interpreted as authoritative in legal, tax, investment, financial matters or any expert counsel; it is meant for informational purposes exclusively. Should there be any concerns, securing the guidance of an independent financial consultant is recommended.

Prove, the modern way of proving identity with just a phone number, announced today that it has integrated TransUnion’s TruValidate identity verification feature into its offering to launch a new, instant, digital identity solution in Hong Kong.

The launch into this new market continues Prove’s expansion of its Phone Identity Network into approximately 60 countries around the globe.

Benefit for Customers

Prove’s new solution will allow firms with a global footprint to extend their eKYC, identity verification, and authentication coverage to Hong Kong. With such high smartphone penetration, Hong Kong is a strategic addition to Prove’s Phone Identity Network, helping clients bring an easier and more secure identity verification experience to millions of customers.

The integration of TransUnion’s TruValidate® identity verification capability into Prove’s Hong Kong offering will help businesses confidently establish new accounts with customers in a digital world. The solution will help businesses better secure customer journeys and help stop fraud before it happens. With unique machine learning algorithms, Prove provides the essential technology to ensure that data is as accurate as possible.

Customers will also be able to access Prove’s unique Possession, Reputation, and Ownership (PRO)-based identity authentication capabilities, such as one-time passcodes, secure links, Trust Score™, behavioral biometrics, and push authentication, to orchestrate end-to-end identity and fraud solutions leveraging Phone-Centric Identity™. The expansion also complements Prove’s Multi-Factor Authentication capabilities already live in 195 countries worldwide.

Prove’s identity verification and PRO™ solutions can help clients across sectors such as financial, insurance, e-commerce and retail, healthcare, gaming, and cryptocurrency with use cases spanning:

– Screening account openings and onboarding customers

– Securing sensitive transactions with step-up authentication measures

– Verifying customer identity while reducing customer experience friction

– Fulfilling PSD2 SCA, KYC, anti-money laundering (AML), and other regulatory requirements

Continued Global Expansion & Growth for Prove

TransUnion is a leading global information and insights company, and Prove’s integration of its capabilities into its wider offering underscores Prove’s continued global-forward strategy to bring the Phone Identity Network to 60 countries. This integration expands Prove’s eKYC solution coverage beyond the US and Canada, with plans to scale similar services in 20 other Asia-Pacific and European countries in the near future.

“As the world becomes more and more digital, at Prove, we’re constantly thinking about how we can better serve our customers on a global scale,” said Geoff Miller, Prove’s Global GM. “Our new Hong Kong offering which integrates TransUnion’s identity verification capability, is another facet underpinning our global-forward strategy, and we’re excited to continuously innovate and bring the best-in-class solutions to our customers – at scale, worldwide.”

Commenting on the announcement, Jerry Ying, TransUnion APAC’s chief products officer, said: “In an increasingly digital world consumers expect businesses to be able to protect them and their transactions whilst still maintaining convenient experiences. By ensuring customer identity, businesses can form long-lasting relationships built on mutual trust.”

Prove’s international team also continues to grow to support its global footprint.

“Our unique identity approach is creating a wave of excitement, leading to further collaborations with major brands, where we impact positively both on fraud reduction as well as reduced customer friction. This has led to 4x growth year on year and we look forward to inspiring not just Financial Services, but also Gaming, Crypto, and Retail markets too,” said Ravi Bijlani, SVP, International at Prove. 

Risk Disclaimer

Fintech-Insight is dedicated to delivering unbiased and dependable insights into cryptocurrency, finance, trading, and stocks. However, we must clarify that we don't offer financial advice, and we strongly recommend users to perform their own research and due diligence.

Leave a Reply