OCR Labs has been featured in the Federal Reserve’s FedNow Service Provider Showcase, an online resource that connects FIs looking to adopt and innovate the FedNow Service. OCR Labs plans to offer instant payment services to organisations that are adopting the FedNow Service.

OCR Labs is a player leader in Remote Identity Validation Technology. Its RIVT capabilities enable the secure flow of instant payments for financial institutions, businesses, and individuals. Based on enterprise-class artificial intelligence, the company’s fully automated platform verifies the identity of users in seconds so that all FedNow participants can safely send and receive funds in real time, around the clock, every day of the year.

Officials from OCR Labs said that they’re thrilled to be part of the FedNow Service Provider Showcase and look forward to helping other organisations implement instant payments. With their solutions, financial institutions, businesses, and consumers will be able to access the speed, convenience, and other benefits the FedNow Service will provide when it launches in 2023. In a statement, representatives from the Federal Reserve Bank stated that they appreciate the commitment of OCR Labs to enabling FedNow adoption and participating in the showcase.

The time is now for organisations to identify and connect with partners they’ll need to build the end-to-end solutions the market is demanding. What does OCR Labs do? OCR Labs Global helps businesses to quickly scale globally. They 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.

OCR Labs Global 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, OCR Labs Global is a Series B venture-backed company with headquarters in London and offices in North America, Asia, and Europe. .