PYMNTS MonitorEdge May 2024

Treasury Prime and Footprint Team on ID Verification

digital identity verification, cybersecurity

Embedded banking software firm Treasury Prime has teamed with fraud, identity and security platform Footprint.

The partnership, announced Tuesday (May 28), gives banks and their FinTech clients access to Footprint’s know your customer (KYC) and know your business (KYB) technology.

“Banks increasingly recognize that a robust KYC process is vital for fraud prevention, which includes securing the onboarding process through accurate and seamless identity verification,” said Mark Vermeersh, chief platform officer at Treasury Prime.

“As Treasury Prime continues to double down on a bank-direct approach, we’re constantly listening to and taking action on feedback from our bank partners,” Vermeersh added. “Many banks expressed interest in additional onboarding identity, KYC and KYB options, so we’re proud to deliver on this through our integration with Footprint.”

Aside from the Treasury Prime-Footprint integration, Footprint also offers a library of pre-built user interface components and tools for banks to manage vendor onboarding, the news release said, letting banks and FinTechs scale quickly while upholding a strong focus on compliance.

Speaking with PYMNTS last week, Bryan Lewis, CEO of Intellicheck, argued that it is crucial to adopt identity verification solutions that balance security with ease of use.

“We work with [financial institutions] to provide basically frictionless ways for somebody to prove who they are,” said Lewis, referencing a recent study that showed that 62% of authentication processes require four or more steps, leading to substantial drop-off rates.

“People drop out,” Lewis said. “So we work with [financial institutions] to figure out how to seamlessly integrate identity validation into their process.”

Lewis spotlighted the effectiveness of Intellicheck’s technology, which focuses on determining the authenticity of government-issued IDs.

“Our technology, the core of what we do, is we authenticate that that driver’s license, or state-issued ID, is real,” he said. This level of accuracy is a key differentiator for Intellicheck, earning the trust of 28 state-level law enforcement agencies.

Identity fraud is a pervasive problem impacting millions. Lewis pointed to examples of how easily identities can be stolen and misused.

“The simplest way to steal your identity is I buy it all online,” Lewis said, referring to the dark web, where data thefts like the attack on United Healthcare’s Change Healthcare unit and the recent AT&T breach exposed millions of individuals’ information, his included.