IdentityMind Global Strengthens Market Position in Anti-Money Laundering (AML) and Anti-Fraud with Version 1.15 of its Flagship Risk Management Platform

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Latest version enhances Know Your Customer (KYC) services to broaden international reach, reduces false positives with improved Anti-Money Laundering (AML) analytics, and expands anti-fraud rules for automated manual review process.

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We are growing rapidly in all applications. By listening to our customers, we’re carefully building and expanding on the features that make them operationally efficient and successful, while keeping track of our innovation goals.

IdentityMind Global™ announced today Version 1.15 of its flagship Anti-Fraud and Risk Management Platform. This version enhances key aspects across the platform, introducing document and SMS text verification during the consumer validation process, adding tuning and rules to the AML analytics to reduce false positives, and incorporating multiple geo-location related anti-fraud rules to automate the manual review process.

“We are innovating across our entire platform,” said Garrett Gafke, IdentityMind Global CEO and President. “We are growing rapidly in all applications. By listening to our customers, we’re carefully building and expanding on the features that make them operationally efficient and successful, while keeping track of our innovation goals.”

The new version of the platform includes features and improvements in the following areas:

1. Transaction Monitoring for Money Service Businesses (MSB’s) and Money Transmitters- specifically Bitcoin related businesses. With improved rules for excessive incoming and outgoing fund transfers. Version 1.15 supplements the current offering with additional search filters allowing clients to set more focused alerts based on both dollar amount, and percentage of the transaction.

2. Automated Review Engine with added rules to further reduce manual reviews. Particular customers who applied the expanded rule set in historical data showed an additional 30% reduction in manual reviews. The updated set includes specific analysis for disparate geo locations from billing addresses, issuing countries, and the ability to exclude re-bills from anti-fraud scrub.

3. Document Verification. Integration of Jumio™ document verification services for KYC and Anti-Fraud services. Jumio’s Netverify turns a user’s smartphone or computer into an ID scanning terminal, making it fast and easy to capture and verify consumers’ government identifications – including passport, driver license, ID card or utility bill – for more than 100 countries worldwide.

4. Visual Analysis. Updated Entity Graph improves manual review process by highlighting key findings from the analysis of the entities’ key relationships and attributes that may have been classified as fraudulent.

This version of the platform is immediately available to clients worldwide. For more information about the features in this release, or the overall IdentityMind Global platform, please contact: evangelist(at)identitymind(dot)com or sales(at)identitymind(dot)com.

About IdentityMind Global™:
IdentityMind Global™ is an e-commerce company offering an on-demand platform providing payments, risk management, anti-fraud and anti-money laundering services for online merchants, acquiring banks, payment processors and gateways, payment service providers (PSP/ISO/MSP,IPSP), digital currency exchanges, and financial institutions (banks, money service businesses (MSBs), money transmitters).

© 2014 IdentityMind Global. All rights reserved. IdentityMind, IdentityMind Platform, IdentityMind eDNA, IDMPay and the IdentityMind logo are trademarks or registered trademarks of IdentityMind Global, Inc. 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.

IdentityMind Global™ is privately held. For more information please refer to our website http://www.identitymindglobal.com, or reach us at info(at)identitymind(dot)com.

Media Contact:
pr(at)identitymind(dot)com
Office: 650-618-9977

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Jose Caldera
@IdentityMind
since: 02/2012
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