Global IDV Workflows Demand Multi-Source Solutions

Across the world, financial institutions (FIs) are struggling to optimize customer onboarding processes while maintaining sufficient controls for risk, fraud, and identity verification (IDV). This pressure is exacerbated by incomplete data products, data markets that vary in maturity (certain markets have near 100% coverage in identity while others are much more nascent), and a strong desire for innovation.

As they attempt to address these issues, they require (i) access to external data products throughout the world and (ii) a technological infrastructure designed for rapid deployment of external data connectors.

Multi-Source Solutions

External databases are often topic-specific, narrow in scope, and region focused (a single vendor can’t provide global coverage). One vendor may only validate phone numbers, while another exclusively contains information pertaining to email addresses, and a third records information unique to government ids, and so on. 

Developing relationships with the series of data vendors required to access such a varied dataset can take a large amount of time, money and resources. FIs that partner with Demyst can leverage data from the 1,000s of global data sources within the Demyst ecosystem —  enabling deeper insights via the analysis of a more robust dataset. 

The Demyst Ecosystem

Phone number, email, as well as name and address, are a few of the many mechanisms that can be leveraged to assess the validity of an individual. Below are a few examples of the sources available in the Demyst ecosystem for these particular attributes. 

Verification	Description	Example Sources
Phone	Verify the phone is associated with the individual listed on an application.	Telesign, PIPL
Email	Verify the email is associated with the individual listed on an application.	Seon, Ekata, Neutrino, FullContact
Name and Address	Verify the address is associated with the individual listed on an application.	Ekata, Acxiom, PIPL, Global Data Consortium

Sign up for a free Demyst Account and discover the benefits of integrating data from multiple sources through a single API.  

For more information on the technological infrastructure needed for rapid data deployment, take a look at this article.