Neofy Partners with Leading Identity Provider IDmission to Provide Cloud-Based Digital Banking Solution to FinTechs

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Democratizing the FinTech Industry Using AI

Neofy selected IDmission as KYC, AML and identity provider for its cloud-based “Bank-in-a-Box” SaaS solution

BOULDER, COLORADO, UNITED STATES, December 14, 2021 /EINPresswire.com/ – Neobanks are disrupting the fintech (financial technology) industry with their innovative technologies and unique business models. Sometimes referred to as “challenger banks,” neobanks are financial technology companies that offer financial services only in digital form or through a mobile app, with no physical branches.

In recent years, as customers have become more comfortable with technology platforms, customers’ banking preferences have evolved into a more convenient and easily accessible digital experience. This change revealed a gap between the offerings of traditional banks and the expectations of their consumers. Neobanks are eager and uniquely positioned to fill this market gap, taking advantage of cutting-edge technologies that help deliver more dynamic customer service.

However, neobanks face their own challenges. Setting up a neobank is a long and expensive process. Getting a neobank that’s compliant with regulations and ready to go typically requires at least 18 months and $ 15-20 million in initial capital expenditure. Neobanks must meet these challenges to compete effectively with incumbent operators.

Neofy, a digital financial cloud provider, offers a compelling solution: a pre-orchestrated financial services cloud that allows a bank or fintech company to start from scratch with predominantly software as a service. pay-as-you-go. model (SaaS). Neofy has partnered with the world’s leading technology providers to include all the functional systems needed to launch a bank or fintech, from core banking systems to card management systems, into a complete stack. All of these components come pre-integrated and preconfigured, not only creating a cost advantage, but also reducing the time to market to less than three months.

With the aim of providing users with a frictionless transaction experience powered by the most modern biometric verification, Neofy selected IDmission as the provider of KYC, AML and identity.

Puneet Gupta, CTO and co-founder of Neofy, says: “Innovations based on AI and machine vision are at the heart of Neofy’s proposition for its customers. IDmission is an important part of our solution set to automate client onboarding and deliver cutting-edge security solutions to our clients in a way that presents the lowest level of friction.

Niraj Vedwa, CEO and co-founder of Neofy, comments: “Our partnership with IDmission significantly improves our offerings in the eKYC digital integration and electronic workflow spaces. We are excited about the value IDmission offers today and the broad track record it has. “

Ashim Banerjee, CEO of IDmission, shares: “Banking as a service offerings like Neofy need flexibility to be able to compose user experiences that span the customer identity lifecycle. IDmission’s AI-based multimodal biometric platform with integrated global AML and other compliance checks offers this kind of composable KYC.

About Neofy
Neofy, an out-of-the-box digital banking provider, offers a global financial cloud that enables NeoBanks, Fintechs and existing financial institutions to deliver cutting-edge digital banking experiences to their customers with cost-effectiveness and leverage. the market for unprecedented time savings in the market. Neofy’s pre-orchestrated financial services cloud can reduce the capital expenditure required to start a new business by a fifth and convert technology spend into a pay-as-you-go Opex model. The offering includes a comprehensive engagement layer with over 100 user journeys, a cloud-native microservices stack, data, analytics / AI kernel, open banking API management, event architecture and infra and secure operations. Via a powerful ecosystem of partners, Neofy provides pre-integrations with the main banking and card management systems and economies of scale via multi-entity contracts integrated into a single subscription service. Neofy’s focus includes new digital banks, OTT initiatives of existing banks as well as existing banks that envision rapid digitization.
Website: https://Neofy.cloud

About IDmission
IDmission, a global leader in biometric and AI technology, provides end-to-end digital transformations for applications relying on identity and identity verification. IDmission delivers an effortless customer journey using standards-compliant security, passive biometrics of life, AI, and industry expertise to complement complex applications in many markets.

Angie schmuck
IDmission
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