By Gloria Methri
Today
- Codebase Technologies
- Compliance Regulatory
- Digibanc
Codebase Technologies has partnered with IDWise, an expert in AI-based identity verification, to help financial institutions in the MENA region tackle fraud and identity theft. This collaboration integrates IDWise’s advanced eKYC technology into Codebase’s Digibanc platform, providing financial institutions with a cutting-edge solution to the challenges of digital identity verification.
By leveraging IDWise’s AI technology, the Digibanc platform empowers banks and FinTechs to detect and prevent fraudulent activities, ensuring a seamless, secure, and compliant onboarding process. The AI algorithms can process over 13,000 government-issued IDs from 190 countries, with a 95% first-time acceptance rate. This integration has reportedly led to a 40% reduction in fraud-related incidents across the region.
“The integration of IDWise’s AI-based technology into Digibanc is another step in our commitment to staying at the forefront of digital banking innovation,” said Tamer Mauge, Managing Director – MENA at Codebase Technologies. “Our platform is constantly being updated with the latest and most advanced technologies, ensuring that our clients benefit from the most effective tools to combat fraud and enhance their digital transformation journeys.”
In a region where financial institutions face unique challenges with diverse languages, scripts, and document formats, the combined solution offers accuracy in identity verification. IDWise’s proprietary algorithms are designed to handle non-Latin scripts such as Arabic, ensuring accurate and reliable data extraction. The advanced AI also excels at detecting subtle signs of fraud, dramatically improving the onboarding security for financial institutions. The advanced solution has already been implemented across several key clients in key MENA geographies.
“Through our partnership with Codebase Technologies, we are enabling banks and financial institutions in the MENA region to overcome the typical challenges associated with identity verification, from document quality to the risk of fraud,” said Baha Arab, Co-founder & CEO of IDWise. “By integrating our AI-based eKYC technology into the Digibanc platform, we are helping institutions stay ahead of fraudsters while delivering a seamless user experience.”
The Digibanc platform, augmented with IDWise’s AI-powered ID verification technology, is also ensuring financial institutions comply with the region’s stringent regulatory frameworks. By streamlining the eKYC process, financial institutions are reducing operational costs by up to 50% while delivering faster, more secure digital onboarding.
