IdentityMind Global Market Momentum Accelerates at Midyear 2018 Driven by Growing Market Adoption of Its Pioneering Trusted Digital Identity Platform
August 16, 2018
Growth in Customers, Products, International, Partners and More
PALO ALTO, CA., August 16, 2018 – IdentityMind Global™, Digital Identities You Can Trust, today announced highlights through midyear 2018 driven by global market adoption of its pioneering trusted digital identity-based compliance, risk management, and fraud prevention platform.
“IdentityMind continued to gain rapid market adoption of its digital identity-based Version 2.0 platform in the first half of 2018,” said Garrett Gafke, Chairman and CEO, IdentityMind. “It has proven to be a reliable and effective means of identity proofing. The more you know about a user, the easier it is to assess the risk of doing business with them. IdentityMind accurately evaluates digital identities while legacy authentication and methods for regulatory identity verification are increasingly less reliable.”
Key 2018 IdentityMind milestones to date include:
- Booming Global Customer Growth: Market recognition for the benefits of IdentityMind’s trusted digital identity-based platform has resulted in more than 120% global customer growth since the beginning of the year and 250% compared to the same time last year.
- Non-stop Product Innovation: IdentityMind successfully executed, and the market embraced, two major product introductions in the first half of 2018. IdentityMind released Version 2.0 of its award winning platform that is focused on advancing transaction monitoring anti-money laundering (AML) through the introduction of a user-centric, risk-based approach, which regulators favor. Additionally, capitalizing on the extraordinary global growth in initial coin offerings (ICOs), IdentityMind delivered KYC Plug-in for organizations (small and large) performing ICOs — enabling companies to perform all the required know your customer (KYC) and anti-money laundering checks on ICO participants to meet compliance regulations.
- GDPR-ready: In anticipation of the May 25 deadline for EU General Data Protection Regulation (GDPR) – which dictated how companies address data privacy and protection in the EU – IdentityMind updated its digital identity-based platform and KYC Plugin to meet GDPR readiness requirements. KYC decisioning process takes into consideration the third-party data sources being used for KYC and their GDPR compliance. In addition, KYC Plugin takes care of consent flow, consent management, right to erasure and data minimization.
- Leading Analyst Recognition: IdentityMind was recognized in Gartner’s “Market Guide for Identity Proofing and Corroboration.*” In the report, IdentityMind was recognized as one of just three vendors — out of 24 vendors mentioned — that fulfilled six of the six use cases required to deliver full functionality. IdentityMind was also highlighted in Aite Group’s “Synthetic Identity Fraud: The Elephant in the Room” Impact Note.
- Partner Ecosystem Expansion: IdentityMind recognizes that its comprehensive risk and compliance solution is made even better by its robust ecosystem of technology, reseller and referral partners. In the first half of 2018, IdentityMind signed three new technology partners – KYC2020, DarkOwl and CipherTrace and over 40 new referral and reseller partners.
- New Business Unit Drives Rapid Growth in Virtual Currencies: Early in the year IdentityMind made a strategic investment to create a new business unit specifically dedicated to providing KYC and AML solutions to address the regulatory and compliance requirements for virtual currency businesses (exchanges, payments, broker/dealers) and organizations performing ICO offerings. The payoff? Today, IdentityMind is working with over 25 virtual currency exchanges around the world and over 10% (165+) of all companies worldwide conducting a compliant ICO or security token offering (STO).
- Patents: IdentityMind remains at the forefront of technological innovation and R&D investment and vigorously protects its intellectual property that drives business benefits for customers. IdentityMind secured two additional digital identity patents from the U.S. Patent and Trademark Office (USPTO) – one for enhanced sanctions screening which enables institutions to determine if they are allowed to execute a financial or cryptocurrency transaction with individuals or other businesses. The second patent protects the integration of an identity graph with a consumer-facing identity protection service.
- International: IdentityMind continues to expand operations in Latin America. As part of this business focus, it launched Version 2.0 of its platform at an event in Mexico City with the participation of key clients and partners in the region. Additionally, it saw important growth in Western Europe fueled by GDPR readiness, as well as in Asia Pacific responding to new, AML regulatory frameworks.
- Key Industry Awards: The company secured two top industry awards: CIO Review’s 50 Most Promising FinTech Solution Providers and Disruptor Daily’s 10 RegTech Companies Making Waves in the Industry. IdentityMind customer AirTM won “Greatest Social Impact Through Identity” for its use of the IdentityMind platform to revolutionize the digital economy and aid Venezuelans through their current humanitarian crisis at One World Identity’s 2018 KNOW Conference.
- Medium Article: Trusted Digital Identities – Creating a Common Framework for Proofing, Monitoring, and Trusting Digital Identities
- Guide: Trusted Digital Identities – Creating a Common Framework for Proofing, Monitoring, and Trusting Digital Identities
- IdentityMind 2.0 Webinar: IdentityMind 2.0: How Our Clients Helped Us Shape Transaction Monitoring
- Video: IdentityMind 2.0 Introduction Video
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About IdentityMind Global
IdentityMind Global, Digital Identities You Can Trust, provides a SaaS platform that builds, maintains and analyzes digital identities worldwide, allowing companies to perform identity proofing, risk-based authentication, regulatory identification, and to detect and prevent identity fraud. Built-in transaction monitoring enables e-commerce fraud prevention, anti-money laundering (AML), and counter terrorism financing (CTF). Our patented eDNA® technology securely tracks the entities involved in each transaction (e.g. onboarding, account origination, money transfers, online payments, etc.) to build unique digital identity trust reputations. This reputation is anonymously shared between customers in IdentityMind’s Global Identity Network. For more information, visit IdentityMind on Web, Twitter, LinkedIn, Facebook, Blog, and Google+.
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Director of Corporate Communications