Identification verification company, Prove has announced the integration of TransUnion’s TruValidate feature into its offering, with a focus on launching a digital identity solution for the Hong Kong market.
The new solution will be offered to international firms seeking to extend their eKYC, identity verification and authentication coverage to Hong Kong. As the region currently has a high level of smartphone penetration, Prove believes it will make a ‘strategic addition’ to its mobile-based identity network.
Prove aims to assist businesses with confidently establishing new digital accounts for customers via the integration of TransUnion’s verification product into its Hong Kong offering, by securing customer journeys and preventing fraud.
Leveraging ‘unique machine learning algorithms’, Prove will work to provide its clients with technological solutions ensuring that data is as accurate as possible.
The announcement comes as the Hong Kong Monetary Authority strengthens its focus on the fintech sector, unveiling its strategy for developing industry development – ‘Fintech 2025’ – promoting the digitisation of the region’s banking operations.
“As the world becomes more and more digital, at Prove, we’re constantly thinking about how we can better serve our customers on a global scale,” said Geoff Miller, Prove’s Global GM.
“Our new Hong Kong offering which integrates TransUnion’s identity verification capability, is another facet underpinning our global-forward strategy, and we’re excited to continuously innovate and bring the best-in-class solutions to our customers – at scale, worldwide.”
In addition, Prove customers will be able to access its Possession, Reputation and Ownership (PRO)-based ID authentication capabilities, such as as one-time passcodes, secure links, Trust Score, behavioral biometrics, and push authentication, enabling end-to-end identity and fraud solutions leveraging Phone-Centric Identity.
Sectors which can be accessed via the new integrated solution include financial, insurance, e-commerce and retail, healthcare, gaming, and cryptocurrency, with available services covering the screening of account openings, customer onboarding, securing sensitive transactions, verifying customer identity while reducing customer experience friction and fulfilling KYC, AML and other regulatory requirements.
“Our unique identity approach is creating a wave of excitement, leading to further collaborations with major brands, where we impact positively both on fraud reduction as well as reduced customer friction,” added Ravi Bijlani, SVP, International at Prove.
“This has led to 4x growth year on year and we look forward to inspiring not just Financial Services, but also Gaming, Crypto, and Retail markets too.”
A global information and insights company, the integration of TransUnion’s capabilities falls in line with Prove’s international strategy of introducing its Phone Identity Network to 60 countries.
The firm offers its eKYC solution beyond the North American markets of the US and Canada, and has plans to launch similar services in 20 Asia-Pacific and European countries.
Jerry Ying, TransUnion APAC’s chief products officer, remarked: “In an increasingly digital world consumers expect businesses to be able to protect them and their transactions whilst still maintaining convenient experiences. By ensuring customer identity, businesses can form long-lasting relationships built on mutual trust.”