Mastercard-owned e-commerce verification platform Ekata announced on Tuesday (November 2) that it has partnered with Advance.ai of Singapore on a suite of B2B digital identity offerings and risk prevention solutions for consumers. customers in South and Southeast Asia, according to a Tech in Asia report. .
Through this partnership, Ekata’s account opening platform will be integrated with Advance.ai’s service offerings – which include digital identity verification, risk and credit scoring, and digital lending – to provide risk data and information to its customers.
Advance.ai, part of the Advance Intelligence group, works with companies in the banking, financial services, fintech, payments, retail and e-commerce verticals. Mastercard acquired Ekata for $ 850 million in April.
“Together, we are creating a holistic one-stop-shop platform that accelerates and simplifies customer onboarding, risk management and business transformation,” said Dong Shou, co-founder and CEO of Advance.ai, in the Tech in Asia report. “The end result for businesses is better resource efficiency, faster time to market and lower costs. “
Related: Singaporean tech start-up ADVANCE.AI wins $ 200 million funding round
Advance.ai uses artificial intelligence-based technology to offer digital identity verification, fraud detection and credit scoring. The company works with over 1,000 clients and seeks to expand beyond Southeast Asia and India, to Mexico and other countries.
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A recent PYMNTS study shows that 60% of millennials and more than half of high-income people said they had increased their use of online and mobile banking, and 24% of those surveyed would like to use multi-factor authentication, conducted by millennials and high income earners.
Our research also shows that 38% of businesses believe it is more important to use digital processes to authenticate customer identities today than it was before the COVID-19 pandemic began, including through use more powerful authentication tools, such as Fast IDentity Online (FIDO).