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US fintech Plaid has added a biometric identity verification solution with KYC and AML capabilities to its onboarding platform.
Enterprise Identity Verification is said to verify identities in less than 30 seconds with facial authentication from selfie and secure biometrics against synthetic identity fraud, presentation attacks and account takeovers . It also incorporates a risk engine that analyzes email, phone, IP address and device ID to prevent fraud.
Additionally, Plaid takes a step forward in KYC and AML checks with Monitor, which compares candidate clients against government AML and Politically Exposed Persons (PEP) lists. Integrating biometrics to build a digital identity onboarding solution was made possible with the company’s acquisition of Cognito in January 2022. The buyout was completed for $250 million in cash and stock .
Plaid has currently raised $734.3 million according to Crunchbase, with its most recent figure being a $425 million Series D fund in April 2021 led by Altimeter Capital. It joins a biometric identity verification market that Goode Intelligence predicts will be a $17.2 billion market by 2026.
