Dublin-based Global Risk Technologies is a leading provider of risk reducing services in the payment industry.  It expects this collaboration would help itself grow progressively and sustainably in the global e-commerce market, according to Finextra.

“We have looked at dozens of similar investments over the last couple of years and are very impressed with Veridu’s technology, leadership, and composition.”- commented by Gary Cardone, Co-Founder and CEO of Global Risk Technologies.

Nowadays, the risk alongside the expansion of online payment has raised great concern from online merchants. Because they suffered significant revenue loss due to the increasing frauds occurred in the chargeback process. The technologies provided by Veridu can help to address the problems by intelligently secure the identity authentication.

Both of the two companies are confident in  in the future due to the new partnership.  The combined intelligence could provide an effective revenue-saving alternative to all e-merchants,according to Finextra.

“With this we’re able to identify and stop fraud, limiting chargebacks and saving vital revenue at a time of tight profit margins… We are very excited to see where this joint endeavor will take us.” – says Rasmus Groth, Founding CEO of Veridu.

Veridu is an innovative startup specialized in providing identity verification services. It was founded by respected industry veterans and thought leaders from 192Business and DNB. Originally established in Copenhagen, the 2 year-old Veridu is now headquartered in  London.

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This is the problem Veridu is addressing, with a solution based on advanced algorithms, and social media.

The company has created a way to score the trustworthiness of an identity, and this has attracted the attention of payment-processing company Worldpay Group, that has now decided to invest in currently London-based startup, The News Hub reports.

“We believe identity lies at the heart of payments….by verifying shoppers via their digital identity, Veridu’s technology delivers an additional level of security for higher risk transactions,” – says Ron Kalifa, Vice Chairman at Worldpay, in an interview with The News Hub

As the world becomes more and more global, with consumers who want to purchase goods from all over the world, the need for this type of service is increasing.

 “Online businesses who want to compete successfully on a global level can find themselves limited by their ability to verify the identity of their users, especially in some developing countries, where large segments of the population have been excluded from traditional financial services, or may not have official identity documents,” – says Veridu CEO Rasmus Groth, who founded the company back in 2012.

Many businesses today are declining transactions that are actually legitimate, due to verification systems that do not work in the customer’s country. This means that the type of solution Veridu offers can affect revenues directly.

“The investment from Worldpay shows that the payments industry is looking at how they can adapt processes for today’s more global and connected consumers”, says Rasmus Groth.

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Veridu offers a service that enables verifying online profiles. It’s a service used by companies to make everything from candidate vetting and building online trust, to enabling rapid onboarding with their enhanced single sign on solution.

Two startups from the region competing

The event, which was in collaboration with Startup Bootcamp was held in London and saw Veridu compete against a number of other startups. One of the others startups was Quixster that also is from this region. Their new biometric payment solution, that makes it possible to make payments in less than five seconds with just a hand, did however not manage to grab the first prize.

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It is often the case that in order to complete online transactions, customers are required to upload an image of their passport, provide social security number or maybe share their bank account information. Because the process is so cumbersome and requires extra effort, 8-12% of transactions are being lost. This adds up to large amounts of money on the global scale. The goal of Veridu is to simplify the process. The way it works is by examining whether someone’s Facebook profile seems credible. For instance, if it has friends, posts and comments.

“It’s pretty easy to fake a passport or a personal interview, but it’s hard to fake a network. So you could say that we do not believe in yourself, but we believe in your network, “explains company’s CEO Rasmus Groth in Trendsonline.

Veridu was an endeavor that has evolved from a different project called Nuffly for storing cloud content and social media. After realizing that it is very difficult to get users to use the back-up service, Rasmus Groth and his team have shifted their focus to the issue of online identity service. And that’s how Veridu came around in 2012.

The company is still developing. The product strategy is twofold: to have direct enterprise sales and self-service offerings for small businesses. Once Veridu makes appearance outside of the home market, primarily the US, it will start offering identity checks that will have the same procedure in Denmark, England and the US.

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