The enhancements include new reporting, archiving and administration features to simplify compliance and make audits less onerous.
InstantID rapidly scans aggregated information from more than 36 billion public and proprietary records, covering 95 percent of the U.S. adult population, including individuals with limited credit and financial histories.
LexisNexis, through its identity research, has found that 10 percent of consumers are not reported to a credit bureau. In addition, only 36 percent of applications for identity verification contain the same address for the consumer by all three major credit bureaus. With the new enhancements, InstantID is able to verify successfully over 40 percent of underbanked consumers that are not reported at a credit bureau, while reducing address discrepancy resolution. This allows InstantID customers to generate a robust Customer Identification Program (CIP).
"Helping customers mitigate risk by verifying and validating their identities is at the center of everything we do," said Tom Brown, Senior Vice President, Financial Services, LexisNexis. "With the new InstantID enhancements, our customers can make more confident acquisition decisions without compromising their customer's experience."
The InstantID enhancements have been released to AML and Risk Management Solutions, Risk Research, and in LexisNexis batch and real-time (XML) delivery environments. InstantID is endorsed by the American Bankers Association.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions (lexisnexis.com/risk) is a leader in providing essential information that helps customers across industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced analytics, Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of Reed Elsevier, a leading global provider of professional information solutions across a number of sectors.
Our financial services solutions assist organizations with preventing financial crime, achieving regulatory compliance, mitigating business risk, improving operational efficiencies and enhancing profitability.