The 10 most visionary and 40 most innovative luminaries shaping the financial services industry were named in the 2022’s Fintech Power 50. With over 1,200 companies nominated and compiling over 18,000 votes, the final results were presented at Fintech Week London on July 11th, 2022.
The Fintech Power 50 continues to highlight the financial industry’s creativity, innovation, and desire to grow the sector while improving the overall customer experience.
Incode Technologies is honored to have been included in the chosen 50 for 2022.
Incode Technologies is the identity company that is reinventing the way humans authenticate and verify their identity online to power a world of trust. Incode’s identity proofing solution, Incode Omni, delivers the highest standard in security, user experience and regulation with a set of Incode-developed, machine learning, computer vision, anti-fraud, and digital onboarding components. Incode’s end-to-end fully automated orchestration platform enables seamless access across multiple channels with products focused on onboarding, authentication and payment verification that increase conversion and reduce fraud.
Incode Omni supports the needs of financial institutions such as banks, credit unions, wealth management firms and brokers, lenders, and fintech services. It also supports the needs of other organizations that depend upon identity, including organizations in the public sector, hospitality, gaming, and other areas.
Incode Omni offers four benefits to financial institutions and their customers:
Massive Fraud Prevention. Incode Omni stops bad actors from opening or taking over accounts across devices, geographies, and platforms — making sure customers are protected at all times. Incode Omni includes over 50 modules that organizations can orchestrate to meet their individual fraud prevention needs, including the stringent requirements of financial institutions. Among other things, Incode Omni modules verify the validity of presented identity documents such as driver’s licenses and passports, compare live faces against those in identity documents and government databases using an algorithm tested by the U.S. National Institute of Standards and Technology, and confirm faces are not spoofed by applying a liveness detection algorithm validated to conform to the ISO/IEC 30107-3 Presentation Attack Detection (PAD) standard.
Regulatory Compliance. Incode Omni meets Anti-Money Laundering (AML), Counter Terrorist Financing (CTF), and Know Your Customer (KYC) requirements in real time across borders. Incode’s identity verification is highly customizable and delivers a high speed-of-service to enable fintech companies to implement the technology fast, maximizing time-to-revenue. Incode Omni’s modules support searches of government Systems of Record (SoRs) to comply with European Union, United States, and other regional AML and other regulations. In the United States, these regulations include the Bank Secrecy Act, the USA Patriot Act, Foreign Assets Control Regulations, and New York State’s Transaction Monitoring Certification (504) requirements.
Quick Onboarding. Incode Omni eliminates friction with automated, accurate, and fast digital workflows and locks in customer loyalty with a seamless first impression. Incode Omni was designed from the outset to ensure that fraud prevention and regulatory compliance does not require an increase in customer friction. Incode Omni’s automation features, present both in onboarding identity verification and in post-onboarding authentication, allows financial institutions to drastically improve their customer experience with lower risk and cost. Removing onboarding friction at scale and streamlining the authentication process results in greater customer satisfaction, higher conversion rates, and improved brand loyalty — a definitive competitive edge.
Organizational and Customer Privacy by Design. At Incode, we take a fundamentally unique and differentiated approach to privacy. It begins with a platform that eliminates the need for human analysts to access data, to an architecture that minimizes the movement and enhances the controls over data residency. Customer personal data is handled in accordance with partnerships formed with governments across the world.
Incode Technologies is honored by its recognition in the Fintech Power 50 2022 cohort and looks forward to serving financial institutions in the years to come.