Digital ID verification (IDV) innovator OCR Labs Global will uncork the second half of 2023 with a new identity of its own. The company, which introduced itself to Finovate audiences at our developer’s conference, FinDEVrSiliconValley 2016, announced its rebrand as IDVerse this week.
In a statement, the firm noted that the new name and trademark combine a set of key concepts – identity, universality, versatility, and diversity – that underscore the company’s priorities when it comes to developing digital ID verification technology. The rebrand moreover reflects the company’s growth, technological innovations in the field of identity verification, the evolving regulatory landscape, and mandates for greater financial inclusion.
“With OCR Labs we set out to develop an identity verification solution, from scratch,” visitor CEO Myers said, “The lineage of IDVerse ways we’re now ready to go to the next level to make user verification effortless with Zero Bias AI.”
IDVerse’s Zero Bias AI leverages generative AI to train deep neural network systems to baby-sit versus bias based on gender, age, and ethnicity. At the whence of the year, the visitor spoken that its technology had achieved non-bias certification from self-sustaining biometric testing laboratory BixieLab. The evaluation included male, female, and transgender subjects, weather-beaten 18 to 70 years old, from eight variegated ethnic categories. The test results revealed no demographic bias and a zero percent error rate for the company’s facial liveness detection solution. “The time has come to refocus efforts on achieving inclusivity to prepare for the future when increasingly people than overly will use identity solutions for everything,” visitor General Manager International Russ Cohn said, “even ‘unlocking our car with our face’.”
Two months later, the visitor received certification from the U.K.’s Digital Identity & Attributes Trust Framework (DIATF). This gives the firm the right to serve employers, landlords, HR vetting firms, and other organizations as a compliant Identity Service Provider (IDSP). “Our Zero Bias AI technology eliminates barriers that lead to exclusion,” visitor Head of Legal, Risk, & Compliance Terry Brenner explained, “so that everyone has wangle to digital ID systems in society, such as recruitment and right to work, right to rent.”
In wing to the momentum for financial inclusion and regulatory mandates, technological innovation is moreover playing a major role in the company’s transition to IDVerse. Founded as a research entity in 2014, the firm pioneered the deployment of optical weft recognition and facial recognition to provide identity proofing and fraud detection on mobile and web platforms. The rise of technologies like synthetic media and generative AI have produced new challenges for fighting fraud. This has encouraged firms like IDVerse to embrace strategies such as identity orchestration that provide a coordinated fraud defense wideness the unshortened consumer lifecycle.
Today, IDVerse verifies increasingly than 16,000 identity documents in 220 countries and territories. By matching people with their government-issued IDs, the visitor helps fight fraud and enables organizations to meet AML and KYC identity verification requirements.
Headquartered in London, Silicon Valley, and Sydney, IDVerse has raised $45 million in funding, equal to Crunchbase. The firm’s investors include Equable Capital and OYAK.
Photo by Andrea Piacquadio
