Qore, a banking-as-a-service platform provider in Africa, has partnered with QoreID, a VerifyMe firm, to deliver robust, reliable, and real-time identity verification and AI-powered authentications that will safeguard financial institutions against financial crime and ensure regulatory compliance.
The alliance between Qore and QoreID is expected to drive the ‘Know Your Customer’ (KYC) automation and validation process for financial institutions which will enhance transaction quality, streamline customer onboarding processes, minimise and mitigate fraud resulting from impersonation, according to a statement.
“Ensuring regulatory compliance and safeguarding the integrity of our customers’ data is paramount. By partnering with QoreID, we are reinforcing our commitment to delivering the highest standards of trust, transparency, and security to our valued clients,” Mudiaga Umukoro, chief operating officer, and co-founder of Qore in the statement.
“The robust KYC services offered by QoreID, combined with our advanced solutions, will allow us to provide our customers with an even more secure and reliable identification process to curb fraud cases,” he said.
Olutunji Oluwole, executive chairman, and co-founder of QoreID, while commenting on the partnership, said, “We could not be more excited about teaming up with Qore. Our mission goes beyond just verifying identities, we are focused on providing our users with a holistic view of the customer they are onboarding.
“By integrating our AI-powered KYC and data analytics services into Qore’s network, we’re simplifying onboarding processes, mitigating business risks, and enriching the overall experience for institutions and their customers. We are passionate about connecting businesses with trusted identities and valuable consumer insights,” Oluwole said.
“This partnership is a big step towards building a more secure, efficient and compliant financial landscape in Africa,” he added.
According to the statement, the alliance helps financial institutions leverage Qore’s Artificial Intelligence capabilities to assess the risk associated with onboarding customers, thwart identity theft, prevent money laundering, and uphold compliance standards.
“This achievement stems from the integration of QoreID’s photo-matching biometric service, which ensures that a customer’s photo is captured and matched against the image on their government-issued ID using the government agency database before an account is opened,” it said.
