IdentityMind helps ZED Network with KYC compliance
Just weeks after announcing that it would provide know your customer (KYC) / anti-money laundering (AML) compliance solutions for Ontology Trust Ecosystem, IdentityMind Global is back in the news. ZED Network, a payments platform, will deploy the newly-released version 2.0 of IdentityMind Global’s solution to ensure KYC and AML compliance for its money transfer operators (MTOs) around the world, reports David Penn at Finovate.
ZED Network specialises in small to medium sized MTOS, providing them with a distributed ledger-based Platform-as-a-Service solution including online and mobile apps, back office administration, and built-in compliance tools.
The company calls its solution a “comprehensive remittance in a box” that enables smaller MTOs to participate in a transfer network that does not rely on banks.
“Partnering with IdentityMind helps streamline the KYC and AML process for MTOs,” regardless of their jurisdiction, ZED Network founder and CEO Alan Safahi says.
Founded in 2009 and headquartered in Palo Alto, California, IdentityMind launched version 2.0 of its technology last month.
The firm says its enhanced platform uses dynamic modeling, a transparent access framework, and contextual identity analysis to provide AML compliance with fewer false positives.
The company has been making friends at a fast pace in 2018, helping companies like decentralised private social media platform ONe Network, Canadian blockchain technology firm, Etherparty Smart Contracts; and Mexican currency value management innovator AirTM meet KYC and AML compliance requirements, as well as conduct PEP screening and transaction monitoring.
IdentityMind has raised more than $20 million in funding. The company includes Benhamou Global Ventures, Lakewood & Company, and Eastern Link Capital among its investors.
