TORONTO, Oct. 25, 2016 /CNW/ - Securefact today announced it is launching its SIDni™ (Secure Identification Network for Individuals) solution, which helps financial institutions meet Know-Your-Customer (KYC) requirements. This announcement was made at the ACAMs 4th Annual AML & Financial Crime Conference Canada in Toronto.
SIDni™ provides instant verification of individual names, addresses, date of birth and a three-year credit file existence against multiple authoritative databases to enable fast, customer friendly account onboarding. It replaces manual or fragmented processes that are used by financial institutions to verify a customer's identity.
"It's essential that financial institutions are assured that they are ascertaining the identity of the individual being onboarded," says David Sudbury, President and CEO of Securefact. "SIDni is designed to be dynamic so, as FINTRAC guidelines evolve, SIDni will adapt to the changes, too."
SIDni's launch follows updates to Canadian anti-money laundering (AML) regulations (PCMLTFA) in late June 2016 that allow for customers to be identified remotely, without having to provide identification documents in person, in order to open an account with a financial institution. This paves the way for significant growth of the digital economy and Securefact is further enabling this growth with its SIDni platform.
SIDni can also be used to validate signing authorities within Securefact's Attestanet™ commercial account onboarding solution.
Key features of SIDni include:
- Meets FINTRAC Guidelines for customer-not-present ID verification
- Provides instant validation against authoritative data sources of:
- Date of birth
- Three-year credit file existence
- Validates address existence and type (business / residential)
- Integrates through web services (API)
- Ensures high ID verification rate by using multiple sources (credit file or dual source process)
SIDni will be available in November 2016.
Securefact is a trusted provider of both on-demand and managed services for our customers' know-your-customer (KYC) requirements, regulatory compliance needs and secured lending portfolios.
™SIDni and Attestanet are trademarks of Securefact Transaction Services, Inc.
SOURCE Securefact Transaction Services, Inc.