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Entrust plans to acquire AI-powered RegTech firm Onfido

By Delisha Fernandes

February 08, 2024

  • Card personalization systems
  • Digital Certificates and Signatures
  • Entrust
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Entrust, Digital Account Opening Solution, Banking Experience, digital onboarding, digital transformation, financial services, eKYC compliance, physical card issuance, Fintech news, Fintech USAEntrust, a global payments, identities, and data security, has entered into discussions to acquire London-based Onfido, a cloud-based, AI-powered identity verification (IDV) technology.

With this contemplated acquisition, Entrust would add a compliant AI/ML-based biometric and document IDV tech stack to its portfolio of identity solutions. Additionally, Entrust would have the opportunity to advance the use of biometric-based, highly phishing-resistant authentication in high-value transactions and signing events.

“With the emergence of AI-based attacks, the identity verification game has changed. Deepfakes and synthetic identity are driving a global need for a powerful level of identity assurance that facilitates crucial digital journeys in banking, finance, government, travel, and more. Step-up authentication using biometric-based, AI-driven identity verification will be critical to ensuring security, privacy, and trust in these high-value digital-first interactions,” said Todd Wilkinson, president and chief executive officer, Entrust. “Onfido IDV solutions have proven their value in Europe’s high-compliance environment.”

The Onfido platform allows businesses to tailor verification methods to individual user and market needs in a no-code orchestration layer – combining a mix of document and biometric verifications, trusted data sources, and passive fraud signals to meet their risk, friction, and regulatory requirements. Onfido Atlas™ AI powers the platform’s fully automated, end-to-end identity verification.

This potential acquisition would bring industry-leading technology together to provide enhanced identity-based solutions that enable more trusted and secure interactions at scale for people, enterprises, and institutions.

“We’re excited to be entering into early and exclusive discussions with Entrust to potentially expand access to the most advanced and secure digital identity verification solutions worldwide,” said Mike Tuchen, Onfido’s chief executive officer. “Digital identities are enabling new levels of simplicity and access for people across the globe. The potential of Onfido’s powerful AI and machine learning-driven identity verification and Entrust’s proven identity security solutions would make a new world of digital trust possible.”

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