Inside IdentityMind’s Digital Identities FinTech Growth

IdentityMind Global, a provider of identity-based risk management and regulatory compliance solutions for the financial and digital commerce ecosystem, has set another record year for growth.

The company announced this week that it has reached a significant amount of growth in its client base — more than tripling its base globally. The IdentityMind platform has added banks, payment service providers (PSPs), e-tailers, money service businesses (MSBs), virtual currency exchanges, Internet lenders, online gaming and gambling, and other FinTech businesses to its client base in 2015.

What sets IdentityMind apart in this space is its patent-pending Electronic DNATM (eDNATM) technology that recognizes a combination of digital and physical attributes used to identify and validate entities across the Internet — including users, businesses and affiliates. This proprietary technology builds reputations associated with each of the identifying attributes, as well as their activity within the IdentityMind client network. This enables IdentityMind to provide a private source of trusted digital identities and reputations for financial transactions.

“Digital identities have finally become the focus in preventing financial crimes and mitigating risk,” said Garrett Gafke, President and CEO of IdentityMind Global. “Trust in digital commerce is built on the ability to accurately identify an individual on the other side of a transaction. We founded IdentityMind and started building our technology and database on that premise. It has taken years to operationalize this technology and grow our understanding of how clients can benefit from this information, but today we are thrilled to see the worldwide market reacting so positively to our solution.”

“More importantly, we are deeply satisfied to be helping our clients become more productive, expand their businesses, and serve difficult markets such as underbanked and unbanked demographics. They know they can count on our technology and expertise to manage risk in a safe and reliable manner,” he added.

The company’s identity-based approach to risk that’s caught the attention of financial service providers and institutions through its static databases, and a method for complying with Bank Secrecy Act regulations. The IdentityMind platform also provides an ecosystem of data and technology partners that’s fully integrated into the platform, which enables clients to automate the decision process, or access partners in an arranged manner in the review process.

“Our team is proud of our accomplishments this year, not only in growth, but also in being recognized twice by the industry, with back-to-back FinTech Forward and CIO Review awards,” Gafke said. “We have so much more to accomplish in the years to come, and we truly believe our solution will be fundamental in supporting the growth of digital commerce”