Prime Trust, a B2B financial infrastructure that enables fintech applications to access payment and other related solutions, has integrated Acuant’s Trusted Identity Platform, which provides automated identity verification and compliance with KYC and AML regulations. 

“The increase in digital transactions over the past year has spurred great growth for our company, but has also escalated our need for a sophisticated yet simple solution to meet the digital identity needs of our expanding customer base. We were pleased to learn that IdentityMind had become part of Acuant and are excited to expand our relationship and leverage the platform’s full capabilities as part of our Prime Compliance offering to meet the needs of our customers within our API solution” said Kevin Lehtiniitty, CPO of Prime Trust.

For Acuant, the Prime Trust partnership signifies a vote of trust in their platform to perform crucial functions: identifying fraud and enabling compliance with important financial regulations. Yossi Zekri, President and CEO of Acuant, commented on the partnership: “Prime Trust is important to the financial ecosystem because it provides the foundation for organizations to build compliant, world-class financial applications at scale. By partnering with Acuant, Prime Trust is able to add a deeper layer of trust to its customers’ transactions. We look forward to continuing to support their business growth.”

The Future of Digital Identity

Prior to the outbreak of COVID-19 in the United States, 76% of Americans were either very or extremely concerned about the possibility of data breaches involving their digital identities, according to a 2019 Mitek study. As data usage has increased 30% since the outset of the pandemic, consumers are increasing their digital footprint and their risk of exposing critical information to hackers. The Prime Trust partnership with Acuant demonstrates that in an ever-digitizing world, companies will pay a premium for privacy-first software that enables consumers to transact securely online. 

Another element of the future of digital identity is evident in this agreement: the increased importance of compliance with online privacy regulations. With the EU implementing GDPR regulations in 2018 and the California legislature enacting the CCPA in 2020, not to mention existing KYC and AML regulations, protecting consumers’ data is no longer just a choice, it is the law. Further, outside of the legal requirements, companies that fail to protect consumer data face serious reputational risks. Acuant Compliance is a microcosm of the larger trend of data infrastructure companies prioritizing regulatory compliance to comply with new legislations and address consumers’ concerns regarding data privacy. 

ABOUT THE WRITER:

Quinn Barry is a Tech Innovation Fellow from Stanford University covering the next generation of financial identity protection.