In a significant development in the fintech sector, two partnerships are poised to revolutionize identity verification through financial data and tech integration. ATB Ventures has partnered with Flinks, a Canadian financial data connectivity provider, to enhance its digital ID verification product, Oliu. The integration leverages Flinks’ direct API bank connections, allowing Oliu to comply with Canada’s FINTRAC guidelines and streamline customer onboarding.

Revolutionizing Identity Verification with Oliu and Flinks

ATB Ventures’ Oliu product is set for a significant enhancement with the integration of Flinks. Customers opening new accounts through Oliu will now sign into their Canadian bank account, facilitating a seamless transfer of their information to the new service provider. The integration simplifies the Know Your Customer (KYC) process, thereby reducing the risk of fraudulent activities. Azim Esmail from ATB Ventures emphasized the enhancement of their platform through this partnership.

Transforming Onboarding with Financial Data

The integration of Oliu and Flinks is set to transform the onboarding process for new customers. Frederick Lavoie from Flinks highlighted their commitment to delivering superior digital experiences through the innovative use of financial data. The partnership underscores the potential of financial data integration in enhancing digital ID verification and establishing a new standard for seamless customer onboarding.

Zorrz and IDnow: New Frontiers in Identity Verification

In a separate partnership, London-based fintech startup Zorrz has joined forces with IDnow, a European identity verification platform provider. This partnership aims to streamline the verification process for users signing up for Zorrz’s BlueAccess Card, a hybrid credit card targeting a diverse demographic, including immigrants, individuals with credit challenges, students, and people with learning or physical disabilities. The card employs an AI-driven API to generate a financial health score as an alternative to traditional credit scoring methods.

Priyesh V. Mistry of Zorrz underscored the importance of fraud prevention while ensuring a seamless customer experience. He further highlighted IDnow’s AI-driven technology as key to their security and onboarding efforts. IDnow, also part of the MAMMOth project, aims to mitigate bias in AI algorithms used across various applications, including identity verification.

Reference by: https://bnnbreaking.com/world/canada/financial-data-and-tech-integration-the-new-frontier-in-identity-verification/