ThirdEye, an anti-money laundering platform owned by Jade Software, has chosen Ireland-based ID-Pal to power the know-your-customer and know-your-business functions of its service in Australia and New Zealand. Institutions there and in the UK can now use ID-Pal’s document authentication, biometric verification and address verification alongside ThirdEye’s existing modules.
ThirdEye’s platform handles customer screening, transaction monitoring, case management and regulatory reporting for banks, financial institutions and other regulated organizations. “We have a really strong ongoing transaction monitoring and customer screening solution, but we wanted a complementary offering, which is best-in-breed in the upfront and onboarding part of compliance,” said Hamish Shaw, ThirdEye’s general manager. “Being able to offer our customers in the Australian and New Zealand market, who are looking for an all-in-one solution through a single supplier, that full suite is really compelling.”
The partnership marks a shift for ThirdEye, which has traditionally developed new capabilities in-house. “This partnership enables us to focus on where we are the best, which is ongoing monitoring,” Shaw said. “We can do the parts we’re best at and partner with others who are the best at what they do.”
ID-Pal, founded in 2016 and based in Dublin, uses AI to authenticate identity documents, verify individuals and businesses, and support fraud detection. It bought the UK business verification specialist NorthRow last year. “Fraud and financial crime know no borders, and increasingly, neither does the technology used to commit them,” said Colum Lyons, ID-Pal’s founder and CEO.
The companies point to recent warnings in both markets. AUSTRAC’s Fintel Alliance in August identified potentially hundreds of millions of dollars in suspected fraudulent mortgage loans across 10 major Australian banks, involving falsified documents, misrepresented employment and misleading financial information. New Zealand’s National Cyber Security Centre, in a report published in September, highlighted large-scale breaches exposing the identity information of thousands of New Zealanders.
ThirdEye says it will keep developing its own monitoring product as well. “For example, our customer risk assessment module – we’re looking at augmenting our current product with AI to make the solution more efficient and effective,” Shaw said. “That will be the focus for us for the next six months, in combination with bringing the ID-Pal solution to market.”
Sources: Reseller News, The Paypers, Australian FinTech
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By the ID Tech Editorial Team
