RIGA, Latvia (October 5, 2021) – Identity verification solutions company Authologic partnered with open banking platform Nordigen to offer businesses a new way to check the identity of their clients online. Nordigen now connects to over 2,000 financial institutions across 31 countries.
Authologic provides solutions that include tools for identity verification through online video, data, and digital IDs. With businesses facing a growing number of ways to check identity, Authologic offers its customers a full range of online verification methods without making them choose. Cooperation with Nordigen enables Authologic to offer businesses a new and exciting way to verify identity – open banking – across a network of banks larger than ever.
“Open banking provides a secure and reliable way to access banking data. Banks are a great source for identity verification and they also allow our clients to learn more about users through their account history. When it comes to identity verification, open banking is a far better alternative than penny transfers,” says Krzysztof Klimczak, co-founder and CEO of Authologic.
Using Nordigen’s account information API, Authologic clients can now access their open banking data to verify their identity, securely transfer their account history from one or many accounts at the same time, and gain flexible access transaction history. Using tools like open banking, Authologic clients can create custom workflows with ready-to-use connectors for the most popular KYC methods. Nordigen’s API is fully PSD2-compliant, which enables Authologic to ensure data privacy.
“Identity verification is critical to reduce fraud, which today amounts to more than $4.5 trillion per annum globally. But it’s not a simple problem to solve – many service providers don’t have the right tools for accurate identity verification or they use tools that are not ideal for the use case. Authologic partnership with Nordigen allows service providers to check the reputation of their customers using data from a wider network of banks. This significantly increases how many people can be verified using open banking,” says Rolands Mesters, co-founder and CEO of Nordigen.
Founded in 2020, the Y Combinator backed Authologic is an identity verification solutions company out of Warsaw, Poland. Authologic helps businesses check the identity of their clients online. Their solutions include tools for determining identity through online video, data, digital IDs, and now open banking. Using these tools, businesses can create custom workflows with ready to use connectors for the most popular KYC methods.
Nordigen is a freemium open banking platform that provides free access to open banking data and premium data insights. Nordigen’s free API connects to more than 2,000 banks in Europe and serves fintech companies and developers in 31 European countries. Nordigen is a licensed Account Information Service Provider (AISP), regulated by the The Financial and Capital Market Commission of Latvia and authorised in 31 European countries.