Covercy Cross-Border Payments Provider Deploys AU10TIX ID Authentication & Onboarding Service for Online Cross-Border Payment Solutions

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Covercy, a provider of online international cross-border payments which eliminates the hidden costs and fees associated with money transfers handled by banks, now powers customer onboarding and KYC with 2nd generation customer ID authentication and record generation technology. Covercy’s clients can benefit from seconds-fast response speed and deep, multi-factor ID forgery forensics that are unique to 2nd generation technology.

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With more than 20% in monthly growth of new customers - we use AU10TIX to mitigate fraud risks and accelerate our in-house onboarding processes. AU10TIX strengthens our fraud control.

AU10TIX BOS cloud service is the forerunner of 2nd generation Secure Customer Onboarding automation. Covercy joins the growing ranks of forward looking online service providers who strive to stay ahead of their game by enabling frictionless, speedy customer onboarding experience while enhancing fraud protection and KYC compliance with forensic-level authentication.AU10TIX 2nd generation technology also improves not just speed but also overall processing success rates thanks to advanced algorithms that are more quality-variation tolerant that conventional solutions.

“With more than 20% in monthly growth of new customers - we use AU10TIXto mitigate fraud risks and accelerate our in-house onboarding processes. AU10TIX strengthens our fraud control”, says Gonen Tiberg, CTO of Covercy: “We can keep an easy to use, streamlined process for new clients that are normally used to offline, slow, and inefficient workflows with their current bank. Our clients are just amazed at how fast & simple it is to start making international payments with Covercy!”, Gonen adds: “Implementing AU10TIX BOS is an important step and it helps us with ID fraud detection at a level that can exceed human capacity. Better, faster and a much safer service is in Covercy’s DNA. This technology helps us stay ahead of the game”.

“We are happy to welcome Covercy on board”, says Ron Atzmon, Managing Director of AU10TIX: “These are professionals that want to do it right but also to make it simpler and safer. We are glad to contribute to Covercy’s success by powering customer acquisition, fraud protection and regulatory compliance with latest ID authentication and onboarding cloud technology”.

“Automating customer ID authentication and onboarding with 2nd generation technology puts Covercy in a game changing position”, says Ofer Friedman, VP Marketing of AU10TIX: “While many still use manual back office examination and others suffice with conventional1st generation OCR-centric solutions, Covercy is in a position to be a class of its own. It is already well acknowledged that manual processing is too slow, ineffective and costly to rely on for the long term. It is also dawning on many that 1st generation solutions are too image quality sensitive and too restricted in terms of breadth and depth of forgery detection. Covercy has the technology that can enhance their competitiveness while enabling highest security and compliance standards”.

About Covercy
A provider of online international cross-border payments, Covercy eliminates the hidden costs and fees associated with money transfers handled by banks. A conventional bank transfer requires three banks to complete: the sender, an intermediary, and a receiver. Instead, Covercy offers a peer-to-peer solution that uses fast and low-cost local payment networks. From start to finish, the transaction takes 24–48 hours—and costs a fraction of the fee typically charged by banks. The highly secure platform complies with rigorous regulatory requirements. The company supports 25+ currencies and a global customer base that includes mostly SMBs and individuals.

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About AU10TIX
AU10TIX Limited, a fully owned subsidiary of ICTS International N.V, deals with the authentication and digitization of identifying documents including Passports, identity cards, driving licenses and other complementary identifying documents. The company specializes in implementing hardware & software based applications used for scanning, identifying, content retrieval, authentication and validation of identifying documents. AU10TIX is a pioneer of all-channel (front-end and online) ID authentication and processing solutions. The company's products drastically reduce identifying document-based fraud, reducing the costs associated with client processing and enabling effective regulatory compliance, while making the sales and support operations speedier and considerably more efficient.

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About ICTS International N.V.
ICTS specializes in the development and implementation of innovative security concepts and solutions designed to meet the needs of a variety of industries, mainly aviation transportation, border control and sensitive facilities. ICTS International benefits from over two decades of expertise and international operational experience in transportation security, with a particular emphasis on high-risk environments, passenger processing transactions and the integration of security services to provide a comprehensive security solution. It also offers a wide variety of customized training programs, tailored procedures and a wide range of security consulting services. The company has developed and implemented unique technological solutions, based on its comprehensive approach to security, designed to enhance the level of security while accelerating the security check process.

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This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the Company’s business strategy and future plans of operations. Forward-looking statements involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These and other important factors, including those mentioned in various Securities and Exchange Commission filings made periodically by the Company, may cause the Company’s actual results and performance to differ materially from the future results and performance expressed in or implied by such forward-looking statements. The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in the Company’s expectations or future events.


Gonen Tiberg, CTO
Email: gonen.tiberg(at)covercy(dot)com
Tel.: +44 (203) 38567 888 , +972 (3) 720 8883

Ofer Friedman, VP Marketing
Email: ofer.friedman(at)au10tix(dot)com
Tel.: +357 (22) 007698

ICTS International NV
Alon Raich
Email: mail(at)ictsinternational(dot)com
Tel.: +31-20-716 3421

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Ofer Friedman
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