Mitek (NASDAQ: MITK), a global leader in mobile capture and identity verification software solutions, has launched in the UK with a new office established in London. The US-based company works with over 5,500 organisations providing its technology to 70 million consumers across the globe. Mitek provides financial institutions and other highly regulated businesses with mobile verification technology underpinned by artificial intelligence (AI) that establishes an individual’s identity remotely to accelerate the digitisation of Know Your Customer (KYC) and Customer Due Diligence (CDD) processes around on boarding and payments.
“Despite market uncertainty over Brexit, we believe that London will remain the heart of global financial markets for decades to come and our presence there is critical to developing our European footprint.” said James DeBello, Chairman and CEO, Mitek.
“Now is exactly the right time to for Mitek to launch in the UK – financial services providers are facing unprecedented challenges in Europe due to new PSD2 regulation, new AML rules, and the increasing sophistication of fraud. Meeting these challenges while competing with new market entrants and remaining digital-first will mean innovative solutions are a must.”
Mitek’s key offering to the European market is Mobile Verify, which allows an enterprise to verify a user’s identity simply by using the device’s camera to check the authenticity of ID documents. The information gathered when verifying an ID can also be used to pre-fill forms, making account opening painless. Mobile Verify uses machine-learning verification technology, built on experience gained from ID documents experts including Interpol and military intelligence, to give it the very best intelligence on identity document forgery. Its AI means that this intelligence is able to respond to ever-changing fraud techniques.
This technology is already used by more than 70 million consumers, and is embedded in over five thousand apps by banks, insurance providers, payments providers, and other financial services. Mitek also offers “selfie authentication”, where the user can use their mobile device’s camera to perform a facial recognition scan in order to on-board into a service or authorise a transaction.
The launch of the new headquarters coincides with Mitek showcasing its unique machine-learning passport verification technology at Finovate London, the conference dedicated to cutting-edge banking and financial technology.