IDVerse and Hastings Direct Loans Collaborate for Finovate Event

Identity verification solution and infrastructure company IDVerse announced a partnership with Hastings Direct Loans.

The U.K.-based lender will leverage IDVerse’s technology to enhance the accuracy and reliability of its identity verification process.

Hastings Direct Loans is working with IDVerse to further automate the customer journey by adding IDVerse’s identity tools to its offering. The lender will put IDVerse’s identity tools to work to boost the accuracy and reliability of its identity verification process.

Calling IDVerse’s technology a “perfect match,” Hastings Direct Loans Head of Digital, IT and Change, Sam Kerr added, “Hastings prides itself on giving our customers a fair, easy to understand loan process by implementing innovative technology solutions into our stack, which also enable our ambitious growth plans. The API approach from IDVerse has allowed us to ingest more data to further insights in our decision process leading to better outcomes for our customers and business.”

IDVerse’s tools and infrastructure empower businesses to verify identities within seconds using only their face and smartphone. IDVerse’s identity verification technology covers more than 16,000 identity documents, and works with more than 140 different languages and typesets to produce face matching accuracy of 99.998%. Equipped with Zero Bias AI Tested technology, IDVerse enables businesses to verify a wider range of identities, ensuring greater accessibility, for example with those with disabilities.

Additionally, the technology leverages light refraction analysis to determine liveness, removing the need for users to turn or move uncomfortably or endure unnatural lighting in order to establish their identity. Zero Bias AI also means normalizing user photos to account for individuals that may not have the most modern smartphone camera technology or high-speed data connection. In addition to integrating and testing within a month, Hastings Direct Loans noted that it had experienced a 4x ROI within a month of launch based on the amount of fraud the company has caught.

IDVerse Commercial Director Adam Desmond complimented the Hastings team for its eagerness to embrace enabling technologies. “They understand the need for fintechs to use the latest technology and data to drive improved outcomes in customer experience – which led to better business outcomes. Being able to exchange information at speed during the integration has allowed us to show the true value of the tech (in) near instant time.”

Headquartered in the U.K., Hastings Direct Loans has offered personal loans to consumers for more than three years. To date, the firm has financed nearly $655 million (£500 million) for more than 50,000 customers, and currently processes more than $39 billion (£30 billion) worth of loan quotes per month. Hastings Direct Loans is part of the Hastings Group, a U.K.-based digital insurance provider with more than 3.1 million live customers policies.

Founded as OCR Labs, the company won Best of Show for its demo at FinovateAsia 2017 in Hong Kong. The firm rebranded as IDVerse in May 2023. More recently, the company has forged partnerships with data and compliance infrastructure company Prembly, age and identity verification solutions provider Veratad Technologies, and identity verification and fraud prevention specialist TrustID.

Last month, IDVerse announced the beta launch of its real-time face matching solution, Face Access, that offers 99.998% accuracy and instant, secure user authentication. Face Access features both Zero Bias AI and the company’s Deepfake Defender protection, which provides 100% liveness video fraud assessment with ISO 30107-3 compliance for presentation attack detection (PAD).

IDVerse has raised $45 million in funding according to Crunchbase, and includes Equable Capital and OYAK among its investors. The company is headquartered in London. John Myers is CEO.

Photo by Yoss Traore

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In conclusion, the partnership between IDVerse and Hastings Direct Loans marks a significant step forward in the world of identity verification technology. By incorporating IDVerse’s innovative tools, the lender aims to streamline its processes and enhance security for its customers. The success of this collaboration underscores the importance of leveraging cutting-edge technology to drive better outcomes in the financial industry.

With IDVerse’s state-of-the-art solutions, businesses can now verify identities rapidly and accurately, revolutionizing the way we approach identity verification. The company’s commitment to accessibility and inclusivity, as evidenced by its support for diverse languages and face matching accuracy, sets a new standard for the industry.

As IDVerse continues to expand its offerings and forge new partnerships, the future of identity verification looks promising. The company’s dedication to leveraging the latest technology and data for improved customer experiences bodes well for the fintech sector as a whole.

Overall, the collaboration between IDVerse and Hastings Direct Loans exemplifies the power of innovation and collaboration in driving positive change. It sets a precedent for other companies seeking to enhance their services through advanced technology and demonstrates the potential for transformative growth in the financial industry.