Embedded finance platform FutureBank has partnered with digital ID verification company IDVerse to augment its customer onboarding with secure digital identity verification. Bank technology is clunky and rigid, and it needs forward-thinking technology partners to stay up to date, as per the press release.

Middleware platforms offer technological flexibility that banks and fintechs can’t build themselves, thus preventing downstream fraud and supporting the full customer journey. Through this partnership, new FutureBank customers can access the IDVerse software as part of its offering. IDVerse customers looking for a middleware platform can connect their API credentials to benefit from FutureBank’s platform.

Safeguarding against emerging threats in financial services FutureBank is an integration platform for core banking providers that embeds finance services. It acts as the glue between a bank and a third-party provider they want to integrate with. It helps banks and fintechs launch new products better, faster, and more securely.

IDVerse is an Identity Service Provider (IDSP), with 20 certifications for the Right to Work, Right to Rent, and Disclosure and Barring Service (DBS) from the United Kingdom’s Digital Identity & Attributes Trust Framework (DIATF). Through its Zero Bias AI tested technology, IDVerse is establishing the use of generative AI to train deep neural network systems to protect against discrimination on the basis of race, age, and gender. Sergio Barbosa, CEO at FutureBank, said that generative AI is breeding many different fraud types.

With ChatGPT, fraudsters can create very authentic documents and profiles for people at a low cost. They were impressed by IDVerse’s capability to stop fake IDs from making their way through the system and its fully automated approach that works better than humans. They are happy to partner with IDVerse to protect their customers from unwanted attacks.

Officials from IDVerse added that it is already very easy to create a realistic fake person in as little as 15 minutes using online tools readily available on the internet. Synthetic media is becoming the new tool of choice for fraudsters looking to make money. They estimate that there is a 400% year-on-year increase in the use of deepfakes in creating fake identities.

Their fully automated identity verification system can offer FutureBank customers a reliable solution to spot deepfake accounts that fraudsters are increasingly trying to create. IDVerse’s technology maps the facial genome and can detect below-the-skin activities, such as a heartbeat changing the colour of the skin, which the human eye cannot see. These natural yet invisible patterns from faces help verify that an image is of a real human, not a deepfake.

What does FutureBank do? FutureBank is a scalable, secure, customisable, and compliant banking platform, and fintech marketplace that helps banks, brands and fintechs deploy new banking and financial service products at scale with minimal cost and effort. Its simplified integration technology and partner network enable customers to directly embed enhanced offerings in any CX or core system to get to market faster. FutureBank reduces integration costs by up to 85%, supports up to 80% of customer-facing functionality off-the-shelf, and integrates with 96% of core banking infrastructure (including FIS, 10x Banking, and Mambu).

More information about IDVerse IDVerse helps to quickly scale business globally. Their fully-automated solution verifies new users in seconds with just their face and smartphone - in over 220 countries and territories with any ID document - without the burden of human intervention. They empower true identity for people around the world.

Through our Zero Bias AI tested technology, they are pioneering the use of generative AI to train deep neural network systems to protect against discrimination on the basis of race, age, and gender. Their advancements in Natural Vision Processing (NVP) are enabling machines to autonomously see and perceive as humans and excel in ways that humans cannot. IDVerse is trusted by startups, governments, and global enterprises, including HSBC, Vodafone, BMW, Virgin Money, and ANZ, for borderless and inclusive identity verification.

Founded in Australia in 2018, IDVerse is a Series B venture-backed company with headquarters in London and offices in North America, Asia, and Europe. .