In a world that has moved online, how do we make sure people are who they say they are?
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.