ID-Pal Wins Best Financial Crime Solution Award: Its Second Consecutive Win at the RegTech Insight Awards USA
26th November 2024, USA: ID-Pal, a leading provider of identity verification and OFAC screening solutions, has been recognised once again as a trailblazing RegTech, winning the Best Financial Crime Solution award at the 2024 RegTech Insight Awards USA. This follows last year’s recognition as the Best KYC Solution at the awards, reinforcing ID-Pal’s consistent growth in regulatory technology innovation.
The RegTech Insight Awards USA celebrate providers who address the complex compliance challenges facing North America’s financial services industry. This prestigious accolade highlights ID-Pal’s cutting-edge approach to tackling financial crime, blending 100% AI-powered technology with an intuitive and seamless user experience. By combining biometric analysis, document verification, and database checks into one streamlined solution, ID-Pal empowers enterprises to detect document fraud in real-time—a critical capability in the face of escalating fraud threats and regulatory demands.
Market Success in the United States
Since entering the U.S. market in 2023, ID-Pal’s AI-powered identity verification solution has seen exceptional traction there. Now used by market leaders such as S2 Capital, Bayer Heritage Federal Credit Union, American National University, and CreditSnap, ID-Pal has also built strong partnerships with global players, including Salesforce, Mastercard, and Melissa Global Intelligence.
The company is poised for even greater growth with the addition of John Purdy to its board. As the co-founder of Ergo, he scaled the company into a €200 million enterprise, and his expertise will further bolster ID-Pal’s expansion trajectory.
AI-Driven Solutions for Accurate Fraud Prevention
ID-Pal offers enterprises industry-leading data security, real-time biometrics, and AI-powered fraud detection. Unlike traditional digital transformation projects that incur high costs and lengthy delivery times, ID-Pal deploys the latest fraud prevention techniques seamlessly, allowing for real-time fraud detection and prevention at scale.
By combining AML/OFAC screening with KYC compliance, ID-Pal enhances operational efficiency and mitigates regulatory risks, ensuring enterprises stay ahead of evolving compliance requirements while maintaining a streamlined workflow.
Privacy-Preserving Technology
Data security and privacy are central to ID-Pal’s approach. The platform guarantees zero access to customer data, delivering unparalleled protection while ensuring compliance with global privacy standards. It enables enterprises to tailor identity verification processes across jurisdictions, customer channels, and product types, creating a truly omnichannel solution that meets specific business needs.
Commenting on the Win
Colum Lyons, CEO & Founder of ID-Pal, stated:
“We’re thrilled to take home the Best Financial Crime Solution award. The numbers speak for themselves—our solution prevents enterprises from incurring fraud losses valued in the millions. As fraudsters increasingly automate and iterate threats at scale, only world-class document fraud detection technology can keep pace. ID-Pal delivers this capability in a streamlined, comprehensive platform.”
Continuing to Combat Financial Crime
Winning this award reflects ID-Pal’s unwavering commitment to innovation. Following last year’s recognition as the Best KYC Solution, this year’s accolade cements ID-Pal’s position as a trusted partner for financial institutions worldwide. As financial crime becomes increasingly sophisticated, ID-Pal is dedicated to equipping businesses with the tools needed to mitigate risks, enhance compliance, and maintain customer trust—all while delivering a seamless user experience.
To learn more about ID-Pal’s award-winning solutions, visit www.id-pal.com.
About ID-Pal
ID-Pal is an award-winning, ISO 27001 and ISO 9001-certified identity verification solution powered by 100% AI technology, offering real-time identity verification without compromising security or data privacy.
The platform combines biometric, document, and database checks in one GDPR-compliant solution. Available out-of-the-box, as an API/SDK, or through Salesforce AppExchange integration, ID-Pal offers global coverage of over 7,000 identity documents and 200 verified address data sources, supporting clients across 200 countries and jurisdictions.
Recognised as a leader in RegTech, ID-Pal’s accolades include winning Security Innovation of the Year at the 2024 Payments Awards as well as Best RegTech Solution at the 2024 MPE Awards (Berlin). ID-Pal also took home Digital ID Tech of the Future in this year’s PayTech Awards in London and was included on the RegTech 100 list for the third consecutive year.
