IDC selects iiDENTIFii for remote identity verificationApr 8th, 2020
The Industrial Development Corporation assessed the market locally and abroad for the top suppliers of a financial crime mitigation solution, and local identity authentication specialists, iiDENTIFii, came out on top.
The crisis the South African government is currently facing is beyond a medical disaster, it affects all sectors of operation. This multifaceted pandemic affects online security in a way that will transform the sphere forever. In the face of such adversity, local identity authentication company, iiDENTIFii, has received the tender to supply, implement, support and maintain a financial crime mitigation solution for the Industrial Development Corporation (IDC).
In a time where South Africa is looking to boost entrepreneurship, the IDC needs to ensure fraud is minimized. That’s where iiDENTIFii comes in. Their ground-breaking technology will be used to confirm the identity of individuals, directors and companies who are applying for IDC investments, loans and grants. This will ensure that sorely needed economic stimulus is allocated to bona fide entities. Working alongside multibillion-dollar company, FICO Tonbeller for screening and monitoring, iiDENTIFii ensures that the IDC is able to grant as many SMEs with funding opportunities as possible, by bringing identity fraud to an all-time low.
“It’s an incredible honour to partner with IDC to ensure that this country’s key sectors and companies obtain the economic support they require during this difficult pandemic,” said Gur Geva, Co-CEO of iiDENTIFii.
The iiDENTIFii software uses neural networks and deep-learning to achieve a seamless turnkey solution for comprehensive identity authentication. Having spent over 4 years coding this robust technology which tokenizes the identity of a user for storage in a traditional database or onto the blockchain, their leading-edge facial recognition AI technology has been proven on massive data sets at optimal accuracy rates which far outweigh that of any other facial recognition technology, let alone standard biometric authentication systems.
The algorithms and patented light technology used are specifically tailored according to respective ethnic groups, ensuring the security of this authentication process regardless of geography and ethnicity. Ticking all the boxes from a governance and legislative perspective, the iiDENTIFii product meets the stringent demands laid out by KYC, RICA, FICA, AML, and other government implemented requirements.
The benefits of IDC choosing iiDENTIFii are not limited to their leading-edge technology, but also the geographical proximity – through close engagement and tier 1 support.
iiDENTIFii is built by a local team with a deep understanding of the African biometric terrain, with technology that is specifically built for South Africa, Africa and emerging markets after being proven in Europe, Asia and North America.