Mitek: Sandbox success use cases

Apr 12, 2021

Mitek: Sandbox success use cases

Mitek has capture tools that guide the user at all times to maximize the quality of what is called evidence, i.e. the user’s face together with the images of the front and back of his or her ID card.

Businesses need greater certainty that they are actually interacting with real people. In the context of a global pandemic and given the growing volume of users in digital channels, companies need greater certainty that they are indeed interacting with real people in onboarding processes.

For this reason, Mitek, world leader in digital identity verification solutions, has presented a project for the first cohort of the Spanish Sandbox with the aim of standardizing a new generation of techniques to identify people online to prevent fraud and reduce operational costs. The goal is to offer fast, safe and reliable onboarding processes, which enable companies to know if they are really interacting with real people.

Verification occurs using NFC and AI-based computer vision. Biometric technology is then used to ensure that the person presenting the document is who they say they are through active and passive life tests and approved facial comparisons. Finally, and in those cases where it is required, the revalidation of the entire process is carried out by a forensic expert who performs double and even triple checks.

“Mitek finds in Sandbox an opportunity to standardize a new generation of online people identification techniques”

Why is Mitek submitting to the Regulatory Sandbox?

The Spanish Sandbox is an opportunity for Mitek to a new generation of techniques to identify people online and to have the possibility of demonstrating the capabilities of this service with real users and providing them with legal certainty. It is essential for the scalability of these type of products and technologies, especially in sectors such as finance, whose needs in this regard are increasingly pressing.

With the Sandbox, it is possible to test these types of innovative solutions and provide legal certainty to the people involved in the project. In general, business scalability will thus be greater, motivating investments, helping to prevent costs and reduce operational risks. In addition, new product launches will be more efficient, with clear benefits for the end consumer, who will have access to more competitive prices and more refined services.

Do you need help to boost your business?

If you’re a FinTech, InsurTech, RegTech or a large corporation in the financial market, you are interested in entering the Sandbox.

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How does the Sandbox contribute to driving innovation in the financial sector?

The integration of a solution of these characteristics can have an unprecedented impact on the Spanish financial sector, assuming an improvement in the client registration process and allowing entities to take a step further within the framework of digital transformation.

Mitek’s solutions are internationally tested with real clients and comply 100% with the current regulations of some European countries, such as the Netherlands, the United Kingdom and Italy.

In the context of the global pandemic and given the growing volume of users using digital channels, companies need greater certainty that they are indeed interacting with real people in the registration processes to avoid losses due to fraud.

The creation of a Sandbox was urgent to make new projects flourish on a stable and committed system.

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