We are proud to announce that ID-Pal has been shortlisted in the “Best Digital Solution Provider – RegTech” award category at the 2024 UK Banking Tech Awards. The Banking Tech Awards celebrate excellence and recognise the achievements of individuals, projects and companies in the financial technology industry. The Best Digital Solution Provider – RegTech category is awarded to a software provider for its regulatory/compliance solution that is built on modern technologies, has comprehensive functionality, and delivers clear and measurable improvements to its users. 

Check out the full shortlist here. 

This shortlisting recognises how our identity verification solution enables banks and financial institutions to remain compliant while meeting the increasing demands for digital-only customer onboarding. 

Tackling the Industry’s Challenges 

Financial institutions face rising pressure to prevent fraud while balancing the demands of operational efficiency and compliance. ID-Pal’s multi-layered identity verification system addresses these challenges head-on by: 

1. Regulatory Compliance: Deploying ID-Pal’s KYC and AML screening solution provides a robust framework to establish trust, comply with regulations, increase operational efficiencies, and safeguard customers from fraud and illicit activities, as well as any reputational damage. By streamlining compliance processes, ID-Pal helps financially regulated institutions reduce the risk of non-compliance and navigate the complexities of regulatory frameworks.  
2. User Experience: ID-Pal places a strong emphasis on delivering a seamless and user-friendly experience. The ID-Pal platform simplifies the onboarding process, making it convenient for clients to submit their identification documents and personal information.  
3. Expediting Onboarding: ID-Pal’s solution enables the rapid onboarding of genuine customers, allowing them to verify their identity and address in under a minute. 
4. Omnichannel: Whether online, in-branch, or across multiple offices, our platform enables companies to customise the end-to-end user experience via a no-code platform in the dedicated business portal, tailoring the identity verification process across their customer channels, product types, and jurisdictions.  
5. Preventing Fraud: Every business is a prime target for fraudsters seeking to exploit vulnerabilities in the onboarding process. ID-Pal’s multi-layered verification system, which includes biometric analysis and document validation, effectively detects and prevents fraudulent activities, safeguarding the organisation and its customers.  
6. Data Security: Unlike other providers, ID-Pal has zero access to customers’ data. This policy safeguards data confidentiality and ensures customer privacy.  
7. Reduction of Manual Effort and Errors: Through automation, ID-Pal reduces the reliance on manual effort, minimising paperwork and potential human errors. 

Banking Tech Awards Ceremony 

The awards ceremony is taking place on December 4th in the Royal Lancaster Hotel, London, and you can find out more about it here.