ComplyCube, the Artificial Intelligence (AI) company, has launched Flow™, a cloud solution that enables businesses to automate their onboarding and Anti-Money Laundering (AML) processes quickly.
The launch of Flow™ comes on the back of the leading Digital Identity company announcing a 500% growth for its services in H1 2021. The reported increase is driven by the global digitalization drive caused by the COVID-19 Pandemic.
The AI firm says the Know Your Customer (KYC) solution allows people to verify their identities by simply following a secure URL, which launches an easy-to-follow User Interface (UI). Identity documents, biometrics, and proof of address are then securely collected in under 30 seconds. Flow™ automatically performs authenticity and identity checks, including state-of-the-art liveness detection. The latter prevents face presentation attacks such as 3D Masks without increasing the user friction.
This enables companies of any size to reduce compliance and fraud risk without the need for costly AML specialists, says ComplyCube. It will particularly appeal to businesses currently engaging in manual identity verification checks, which are expensive, time-consuming, and vulnerable to numerous operational risks (Security, Privacy, GDPR). Similarly, companies using conventional KYC solutions can leverage Flow™ to streamline onboarding processes and reduce customer acquisition costs.
The RegTech company says it intends to triple its deep learning team by the end of the year, as it continues Research & Development (R&D) on novel techniques to improve Presentation Attack Detection (PAD) and deepfake anti-spoofing technology.