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The concept of identification has always been at the heart of financial services processes. For banks to manage customers’ money securely, they must be certain they know who they are dealing with. It’s a simple premise on the surface, but a hugely complex and costly task in reality.

Financial institutions traditionally relied on physical documents, such as drivers licenses or passports, to verify the identity of individuals or institutions. However, relentless digitalization of banking services from payments to lending, along with the growing threat of cyber fraud, have driven the need for increasingly faster, safer, and more efficient identity solutions.

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