04
October
2021
|
10:30
Europe/Amsterdam

TransUnion and IDfy Partner to Expand Digital Onboarding and Verification Technology Offerings for Customers Globally

Mumbai, October 4, 2021 – As part of our ongoing commitment to meet the demands of an increasingly digital world, TransUnion (NYSE: TRU) announced today a strategic minority investment in Baldor Technologies Private Limited (“IDfy”). IDfy is an India-based provider of ID verification, authentication and onboarding solutions.

The partnership will enable TransUnion to offer expanded digital onboarding and verification technologies to its global customer base, including enriched video-based Know Your Customer identification (“Video KYC”). The transaction highlights TransUnion’s continued commitment to making its offerings more scalable, secure and efficient, as the company continues to invest heavily in technology.

“As digital adoption accelerates in the financial services sector, TransUnion is dedicated to being at the forefront in supporting our customers with this important shift,” said Todd Skinner, President of International, TransUnion. “We are thrilled to partner with IDfy to offer our customers leading Video KYC technology, for an even more integrated and secure customer onboarding solution.”

India’s financial services sector is at a critical tipping point in digital adoption, buoyed by progressive regulatory reforms and the realities of the COVID-19 pandemic,” said Rajesh Kumar, Managing Director & CEO, TransUnion CIBIL. “The TransUnion Group continues to remain committed to innovate in order to provide contemporary solutions for our customers, to assist them in scaling business growth in the dynamically changing market environment. With IDfy, we will be able to bring best-in-class onboarding technology to our customers and further help strengthen trust, while also supporting economic resurgence and financial inclusion in India.”

“Our partnership with TransUnion, one of the most trusted names in information and insight services, is an exciting opportunity to bring IDfy’s technology to more customers,” said Ashok Hariharan, Founder and CEO, IDfy. “IDfy and TransUnion have a shared goal of delivering the tools needed to help our customers thrive in a more digital world. Together, we will be able to bring more solutions to new and existing customers and lead the way in innovation – unlocking the potential of identity verification, authentication and end-to-end onboarding to create a more secure world.”

Video KYC technology is recognized as an important tool to securely reduce time, cost and friction in the customer onboarding and verification process. The Reserve Bank of India issued an Amended Master Directive to financial institutions in May 2021 focused on improving customer convenience through the implementation of Video KYC. IDfy is a leader in Video KYC, setting industry benchmarks for customer conversion rates and cost of customer acquisition at banks and financial institutions. Leading market intelligence firm IDC recognizes IDfy as an Innovator in Video KYC.[1]

IDfy’s technology will enhance TransUnion’s existing onboarding and verification solutions for financial institutions by improving background verification, fraud detection and income estimation.

IDfy also serves a diverse set of markets outside of financial services, including eCommerce, on-demand economy and online marketplaces. This provides TransUnion a platform for extending its leading solutions and products to new sectors. Together, TransUnion and IDfy will explore opportunities to provide a full suite of products to enhance existing customer offerings, as well as opportunities to create new solutions.

[1] Anand, S. (2021, June 1). Five companies Offering AI-powered VIDEO-BASED authentication in banking and financial services in India Named IDC INNOVATORS. IDC Media Center. https://www.idc.com/getdoc.jsp?containerId=prAP47840221.

Boilerplate

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good®.

A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences, and personal empowerment for hundreds of millions of people.

http://www.transunion.com/business

About IDfy

IDfy helps businesses engage with genuine people. We provide verification solutions that accurately identify entities to prevent fraud and reduce risk. Our solutions increase trust and safety while adding the least possible friction.

IDfy’s AI helps validate identity documents, verify their credentials, recognize faces and automate workflows. This allows our clients to streamline customer KYC and smooth employee onboarding. It also helps reduce transaction risks among digital marketplaces.

Since 2011, IDfy has performed more than 70 million verifications for 500 clients. We consistently rank amongst Asia’s Top 5 Regulatory Technology Companies. Our institutional investors include Blume Ventures, MegaDelta Capital (NEA) and Dream Incubators.

https://www.idfy.com/