Smart Engines Enhances Korean RegTech Platform’s OCR Capabilities

Korean regtech company Argos KYC, in its quest to improve the speed and accuracy of its Optical Character Recognition (OCR) capabilities, has partnered with AI-based document recognition specialist Smart Engines. The alliance will see Argos KYC leveraging Smart Engine’s Green AI and Smart ID SDK to extract ID document data and identify document types, respectively.

The Smart Engines technology has a small footprint, making it energy efficient and versatile in terms of deployment. Notably, its OCR solution can extract data in over 100 languages.

“We are proud that our OCR performs exceptionally well for the Korean language,” said Smart Engines CFO Nikita Arlazarov. “Our partnership with Argos KYC not only corresponds to the needs of their business but will help it to get in the head place among its competitors.”

OCR is a crucial part of ensuring KYC and AML compliance through remote enrollment technologies, which take a two-pronged approach to digital identity verification: document recognition and biometric face matching. When signing up for an account online, a user will take a photo of their identity document, then snap a selfie. The onboarding technology will match the user’s face to the photo on the ID, ensuring they are who they claim to be. A strong OCR solution ensures the data captured from the ID is both legitimate and accurate.

As the ID verification space heats up, flooded with new startups and loads of investment, speed and accuracy are clear differentiators. Users are coming to expect frictionless enrollment, with surveys suggesting that undue user friction around ID verification and authentication can lead to lost customers. In this regard, Argos KYC is taking the prudent strategy.

“I have no doubts that positive experience with the KYC solution will enable further expanding the services based on ID scanning for our customers and to effectively apply legal, regulatory and operational measures for combating identity theft, money laundering, and terrorist financing,” said Argos KYC CEO Q Lee.

This latest partnership comes on the heels of Smart Engines’ latest OCR upgrade, which enabled it to extract payment data from credit cards.

(Originally posted on Mobile ID World)

Related News

Partners

FaceTec’s patented, industry-leading 3D Face Verification and Reverification software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ finally make trusted, remote identity verification possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for 3D Liveness and Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

AuthenticID provides 100% automated identity verification and fraud detection solutions that are leveraged by companies worldwide, including 2 of the top 3 U.S. Banks, 8 out the top 10 wireless providers in North America, and 2 of the 3 credit bureaus. Using proprietary computer vision and machine learning technology, these solutions help companies accurately verify the identity of their users across retail, digital and call center environments for onboarding and ongoing re-authentication events; KYC, IAM, and more. The solutions are easy to integrate and provide customers a large ROI by stopping fraud losses, increasing customer conversion at onboarding, reducing operational costs and allowing quick and cost-effective operational scalability, all while ensuring global privacy regulations are complied with. https://www.authenticid.com/

Anonybit is a privacy-focused technology platform that provides decentralized solutions for securing personal data, particularly biometric information. Rather than storing sensitive data in centralized repositories, which are vulnerable to breaches, Anonybit uses a distributed architecture that breaks data into smaller encrypted bits and stores them across a network of decentralized nodes. This approach ensures that no single entity has access to the full dataset, enhancing privacy and security, even preventing insider threats. Anonybit is used by leading banks, fintechs and other enterprises for critical biometric identity functions like deduplication and blocklist checks, step up authentication, passwordless login and account recovery https://anonybit.io/

Identity Week aims to be a significant identity industry catalyst. It’s our mission is to help accelerate the move towards a world where trusted identity solutions enable governments and commercial organisations to provide citizens, employees, customers and consumers with a multitude of opportunities to transact in a seamless, yet secure manner. All the while preventing the efforts of those intent on doing harm. https://identityweek.net/

The Biometric Digital Identity Prism is a market landscape framework designed to help influencers and decision makers understand, innovate, and implement digital identity technologies and solutions. This innovative framework for understanding and evaluating the rapidly evolving biometric digital identity marketplace is the only market model that is truly biometric-centric based on the foundational conviction that in the age of digital transformation the only true, reliable link between humans and their digital data is biometrics. https://www.the-prism-project.com

ID R&D is an innovator of biometric facial liveness, document liveness, and voice biometrics. Ranked #1 by NIST, our patented passive approach to liveness, and specialized detection of voice clones, injection attacks and deepfakes, empowers KYC and authentication systems with fast, accurate and secure biometric verification technologies. Over 140 partners in more than 70 countries are collectively processing hundreds of millions of identity checks per year. ID R&D solutions easily integrate with mobile, web, messaging, smart speakers, set-top boxes, and IoT devices. Learn more: www.idrnd.ai

Related News

Footer

Follow Us