Kony DBX, a provider of digital banking applications and low-code platform solutions, and identity verification and fraud prevention specialists IDology have announced a new partnership agreement.
The deal will see IDology’s identity verification and authentication services integrate into Kony DBX digital banking solutions.
Both firms expect the integration to help clients in North America better meet regulatory and compliance requirements.
Available as part of Kony DBX’s fraud solution, it will also include new account opening and loan origination applications.
“Banks and credit unions are looking to optimise new account opening and onboarding for their members and customers,” said Jeffery Kendall, executive vice president and general manager, Kony DBX.
“Kony DBX makes the workflow of financial institutions more efficient, secure, and effective through the use of our powerful, secure digital banking platform.”
Kony DBX will now be able to provide support to its bank and credit union customers to satisfy compliance requirements such as Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
The two firms say the new partnership will also reduce loss and help prevent fraudulent transactions.
Kendall added: “We are pleased to be working with IDology in the North American market. Its breadth of data sources, additional identity-confirmation methods, and functionality for fraud protection add increased value for Kony DBX customers,”
IDology’s platform has access to over 10,000 data sources and more than 45 billion records covering 585 million people.
By accessing IDology services via an API, Kony said it is now able to deliver “powerful and unique customer use cases and workflows.”
IDology senior vice president of operations, Chris Luttrell commented: “We look forward to working with Kony DBX, which is like-minded to IDology in its relentless pursuit of security, innovation, and excellence.
“IDology’s multi-layered service offerings, including email address verification, geo-location, and mobile attributes, provide an increased level of confidence to financial institutions on their mission-critical identity verification services.”