IdentityMind Global Market Momentum Accelerates at Midyear 2018 Driven by Growing Market Adoption of Its Pioneering Trusted Digital Identity Platform
PALO ALTO, Calif., Aug. 16, 2018 /PRNewswire-PRWeb/ -- IdentityMind Global(TM), Digital Identities You Can Trust, today announced highlights through midyear 2018 driven by global market adoption of its pioneering trusted digital identity-based compliance, risk management, and fraud prevention platform.
"IdentityMind continued to gain rapid market adoption of its digital identity Version 2.0 platform in the first half of 2018," said Garrett Gafke, Chairman and CEO, IdentityMind. "It has proven to be a reliable and effective means of identity proofing. The more you know about a user, the easier it is to assess the risk of doing business with them. IdentityMind accurately evaluates digital identities while legacy authentication and methods for regulatory identity verification are increasingly less reliable."
Key 2018 IdentityMind milestones to date include:
-- Booming Global Customer Growth: Market recognition for the benefits of
IdentityMind's trusted digital identity-based platform has resulted in
more than 120% global customer growth since the beginning of the year
and 250% compared to the same time last year.
-- Non-stop Product Innovation: IdentityMind successfully executed, and the
market embraced, two major product introductions in the first half of
2018. IdentityMind released Version 2.0 of its award winning platform
that is focused on advancing transaction monitoring anti-money
laundering (AML) through the introduction of a user-centric, risk-based
approach, which regulators favor. Additionally, capitalizing on the
extraordinary global growth in initial coin offerings (ICOs),
IdentityMind delivered KYC Plug-in for organizations (small and large)
performing ICOs - enabling companies to perform all the required know
your customer (KYC) and anti-money laundering checks on ICO participants
to meet compliance regulations.
-- GDPR-ready: In anticipation of the May 25 deadline for EU General Data
Protection Regulation (GDPR) - which dictated how companies address data
privacy and protection in the EU - IdentityMind updated its digital
identity-based platform and KYC Plugin to meet GDPR readiness
requirements. KYC decisioning process takes into consideration the
third-party data sources being used for KYC and their GDPR compliance.
In addition, KYC Plugin takes care of consent flow, consent management,
right to erasure, and data minimization.
-- Leading Analyst Recognition: IdentityMind was recognized in Gartner's
"Market Guide for Identity Proofing and Corroboration.*" In the report,
IdentityMind was recognized as one of just three vendors--out of 24
vendors mentioned--that fulfilled six of the six use cases required to
deliver full functionality. IdentityMind was also highlighted in Aite
Group's "Synthetic Identity Fraud: The Elephant in the Room" Impact
Note.
-- Partner Ecosystem Expansion: IdentityMind recognizes that its
comprehensive risk and compliance solution is made even better by its
robust ecosystem of technology, reseller and referral partners. In the
first half of 2018, IdentityMind signed three new technology partners -
KYC2020, DarkOwl and CipherTrace and over 40 new referral and reseller
partners.
-- New Business Unit Drives Rapid Growth in Virtual Currencies: Early in
the year IdentityMind made a strategic investment to create a new
business unit specifically dedicated to providing KYC and AML solutions
to address the regulatory and compliance requirements for virtual
currency businesses (exchanges, payments, broker/dealers) and
organizations performing ICO offerings. The payoff? Today, IdentityMind
is working with over 25 virtual currency exchanges around the world and
over 10% (165+) of all companies worldwide conducting a compliant ICO or
security token offering (STO) .
-- Patents: IdentityMind remains at the forefront of technological
innovation and R&D investment and vigorously protects its intellectual
property that drives business benefits for customers. IdentityMind
secured two additional digital identity patents from the U.S. Patent and
Trademark Office (USPTO) - one for enhanced sanctions screening that
enables institutions to determine if they are allowed to execute a
financial or cryptocurrency transaction with individuals or other
businesses. The second patent protects the integration of an identity
graph with a consumer-facing identity protection service.
-- International: IdentityMind continues to expand operations in Latin
America. As part of this business focus, it launched Version 2.0 of its
platform at an event in Mexico City with the participation of key
clients and partners in the region. Additionally, it saw important
growth in Western Europe fueled by GDPR readiness, as well as in Asia
Pacific responding to new, AML regulatory frameworks.
-- Key Industry Awards: The company secured two top industry awards: CIO
Review's 50 Most Promising FinTech Solution Providers and Disruptor
Daily's 10 RegTech Companies Making Waves in the Industry. IdentityMind
customer AirTM won "Greatest Social Impact Through Identity" for its use
of the IdentityMind platform to revolutionize the digital economy and
aid Venezuelans through their current humanitarian crisis at One World
Identity's 2018 KNOW Conference.
Resources
-- Medium Article: Trusted Digital Identities - Creating a Common Framework
for Proofing, Monitoring, and Trusting Digital Identities
-- Guide: Trusted Digital Identities - Creating a Common Framework for
Proofing, Monitoring, and Trusting Digital Identities
-- IdentityMind 2.0 Webinar: IdentityMind 2.0: How Our Clients Helped Us
Shape Transaction Monitoring
-- Video: IdentityMind 2.0 Introduction Video
Gartner Disclaimer*
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About IdentityMind Global
IdentityMind Global, Digital Identities You Can Trust, provides a SaaS platform that builds, maintains and analyzes digital identities worldwide, allowing companies to perform identity proofing, risk-based authentication, regulatory identification, and to detect and prevent identity fraud. Built-in transaction monitoring enables e-commerce fraud prevention, anti-money laundering (AML), and counter terrorism financing (CTF). Our patented eDNA(TM) technology securely tracks the entities involved in each transaction (e.g. onboarding, account origination, money transfers, online payments, etc.) to build unique digital identity trust reputations. This reputation is anonymously shared between customers in IdentityMind's Global Identity Network. For more information, visit IdentityMind on Web, Twitter, LinkedIn, Facebook, Blog, and Google+.
© 2018 IdentityMind Global. All rights reserved. IdentityMind Global and the IdentityMind logo are trademarks or registered trademarks of IdentityMind Global in the United States and other countries. All other brand, service or product names are trademarks or registered trademarks of their respective companies or owners.
Media Contacts
Dan Rampe
Director of Corporate Communications
IdentityMind Global
Tel: 415-205-9378
Email: drampe(at)identitymind.com
SOURCE IdentityMind, Inc.
