Plastyc, Inc., a consumer financial services company, and IDology Inc, a leading identity verification provider today announced a partnership to better serve the prepaid card industry. Plastyc has integrated IDology’s identity proofing solutions within its Internet and mobile money management platform to perform automated CIP. This partnership will help make approvals more reliable and faster across its platform especially for under-banked applicants.
Plastyc provides affordable deposit, payment and saving financial services for people with limited access to, or distrust in large banks. Through its UPside cards and iBankUP portal, consumers are provided with the same conveniences of having a bank account but without risks of overdraft or credit.
“We give our customers the advantage of full banking services regardless of their prior experience with traditional bank accounts,” said Patrice Peyret, co-founder and CEO of Plastyc. “We found IDology’s solution to be the best in helping us make the Customer Identification Process (CIP) more reliable and convenient for our applicants”
IDology’s ExpectID solutions are being used to verify consumers enrolling for Plastyc’s services at upsidecard.com and ibankup.com. In addition, if a discrepancy exists in the initial CIP verification, IDology automatically escalates transactions to a higher level of verification. By incorporating IDology’s ExpectID IQ to generate out-of-wallet questions and verify someone is who they say they are, Playstic is able to efficiently verify people in a way that is friendlier for consumers than having to fax in a copy of a utility bill or some other sort of documentary evidence. Plastyc also uses IDology’s intuitive ID Notes feature to detect when certain conditions are associated with an ID, such as an address discrepancy, to ensure cards are being shipped to both the right place and person.
“Before we were relying on a manual verification process to resolve uncertainties with an identity,” said Peyret. “IDology’s services provide us with the right balance between resolving mistakes made by consumers and detecting someone trying to game the system and commit fraud.”
“Verifying people with limited credit histories is an area in which we excel,” said John Dancu, CEO of IDology. “This partnership gives Plastyc an automated way to increase the number of issued cards and drive more revenue.”
About Plastyc, Inc.
Plastyc, Inc. (plastyc.com) is a privately held US corporation with a mission to provide payment and money management services to anyone with Internet access who would rather not drive to a bank and wait in line there. Plastyc address consumers of all ages, including teenagers (13-17), provided that an adult is involved in their enrollment to our services. They also help companies get paid by consumers easily and efficiently, or even pay contributors out instantly and at no cost. Plastyc Inc. has partnered with established financial institutions such as Meta Payment Systems, payment systems networks like Visa & Green Dot Corporation, and processors like Fidelity Information Services.
About IDology, Inc.
IDology, Inc. (idology.com) provides real-time technology solutions that verify an individual's identity and age for anyone conducting business in consumer-not-present environments to help drive revenue, decrease costs, prevent fraud and meet compliance regulations. Founded in 2003, IDology is the only provider to offer an on-demand change management tool that allows client business-unit managers to control the entire identity proofing process, including within an integrated solution, without having to rely on internal IT resources or contact IDology's customer service.