DUBLIN-BASED identity verification platform ID-Pal has acquired NorthRow in the latest step to deliver scalable AI-powered solutions for future compliance challenges.
The deal for the London-based software firm also brings financial service leaders like Caxton, Equifax and Hargreaves Lansdown into the existing ID-Pal global portfolio.
ID-Pal says the combination of both its own and NorthRow's capabilities will see it well-placed to tackle the rising issue of AI-powered document fraud.
"Alongside co-founders James O'Toole and Robert O'Farrell, ID-Pal was created to support businesses with accurate identity verification built on privacy preservation," said Colum Lyons, founder and CEO of ID-Pal.
"As the financial services space becomes more regulated, and with AI-driven document fraud becoming the biggest threat our industry has faced, it is essential that businesses have a unified view of the risks ahead and how to manage them.
"Our acquisition of NorthRow allows ID-Pal to unify this process within one comprehensive platform that defends businesses against fraud at every entry point and avoids noncompliance fines."
Since 2016, ID-Pal has delivered AI-powered Know Your Customer (KYC) and Anti-Money Laundering (AML) screening innovation to organisations across Europe, Britain and the US.
Its service currently spans more than 250 jurisdictions, with coverage of over 16,000 document types and access to more than 400 trusted data sources.
Clients include government organisations such as the Irish Department of Justice, as well as Blackhawk Network, Zurich International, Mercer, US Bank and Elavon.
The acquisition of NorthRow adds native end-to-end Know Your Business (KYB) checks to the ID-Pal platform, giving firms state-of-the-art tools to verify businesses and continuously monitor changes in their structure, directors or status.
By combining NorthRow's verification solutions with its own capabilities, ID-Pal can now deliver one perpetual risk view on both individuals and companies.
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