Prime Trust & Acuant partner for all in on Trusted Identity platform

By Pavithra R

Acuant, a global provider of identity verification, regulatory compliance (AML/KYC), and digital identity solutions, has announced that Prime Trust is integrating Acuant’s Trusted Identity Platform for identity verification and compliance to meet Anti-Money Laundering (AML) regulations, manage fraud & fight financial crime in a single platform.

Prime Trust provides API-enabled B2B financial infrastructure spanning payments, liquidity, and custody for others to build FinTech applications on top of including payment & neobanking applications, crypto exchanges, crowdfunding portals and more at scale. The COVID-19 pandemic has escalated risk of monetary fraud while performing digital transactions. The need for businesses to seamlessly and quickly process transactions while preventing fraud has become critical.

“The increase in digital transactions over the past year has spurred great growth for our company, but has also escalated our need for a sophisticated yet simple solution to meet the digital identity needs of our expanding customer base. We were pleased to learn that IdentityMind had become part of Acuant and are excited to expand our relationship and leverage the platform’s full capabilities as part of our Prime Compliance offering to meet the needs of our customers within our API solutions. We maintain a complex smart routing platform on top of our integrations with key vendors in the compliance and risk spaces and view Acuant as an important part of that network,” said Kevin Lehtiniitty, CPO of Prime Trust.

Prime Trust is integrating Acuant Compliance, for onboarding, sanctions screening and authorization to ensure that transaction parties are meeting all KYC regulations. Its transaction monitoring feature provides Prime Trust with greater transparency and the ability to maintain processes in an efficient and cost-effective manner. This includes case management, velocity alerts and historical behavior deviation, and built-in SAR filing should there be any issues.

The KYC workflow engages Acuant Verify to provide best in class document verification. Its library has 6,000 documents from over 200 countries and territories. Continuous updates to the ID library ensures that customers get a solution that automatically passes more good customers and reduces manual review. Prime Trust will also utilize Acuant’s proprietary electronic DNA (eDNA) technology to securely analyze and verify digital identities for re-use and to flag patterns that may reflect fraud to bring greater trust and compliance to its financial services customers.

“Prime Trust is important to the financial ecosystem because it provides the foundation for organizations to build compliant, world-class financial applications at scale. By partnering with Acuant, Prime Trust is able to add a deeper layer of trust to its customers’ transactions. We look forward to continuing to support their business growth,” said Yossi Zekri, President and CEO of Acuant.

Acuant is a provider of identity verification, document authentication, and fraud prevention technology services. The company is said to have over 30 patents currently. Beyond identity proofing, Acuant Compliance (formerly IdentityMind) offers online risk management and automation for AML, KYC, transaction monitoring, and sanctions screening.