Refinitiv Integrates GIACT’s EPIC Platform And World Check for Enhanced KYC

Refinitiv has bundled the EPIC Platform from GIACT and World-Check to be accessible together via a single API.

The integration aims to deliver a multi-dimensional view of consumer and business identity, payments, and compliance risk, across the customer lifecycle.

World-Check provides a comprehensive risk intelligence solution and GIACT offers identity verification, bank account validation and fraud protection solutions for banking and business applications.

Bundling both solutions together will enhance firm’s capability to attract and retain customers, safeguard their reputations, and protect supply chain and vendor relationships.

The integration announced today is set to address all manner of fraud and risk-related threats and inefficiencies by combining industry-leading solutions into a single API that can be deployed across an organization.

The integration will feature Refinitiv’s access to an unparalleled real-time network of identity verification, authentication services and compliance screening as well as a holistic set of enrollment, payment, identity, compliance, screening, and mobile solutions built on a single platform.

Clients will be empowered to proactively identify and mitigate both traditional and emerging risks, including payments, identity and vendor fraud; money laundering, bribery and corruption; as well as enforcements and fines.

The solution offers the ability to address newer, more sophisticated fraud threats, including identity theft; synthetic identity fraud; true name fraud; account takeover; business email compromise; and others.

James Mirfin, Global Head of Digital Identity and Fraud Solutions at Refinitiv, said: “For over a decade, legacy solutions have failed to adequately protect financial institutions, businesses and consumers from identity and payments fraud. Until today, no one has been able to deliver a fraud and risk mitigation solution that spans the customer lifecycle.

“Refinitiv responded to the industry’s calls by combining the power of the EPIC Platform and World-Check into a single comprehensive solution that eliminates gaps in the fraud prevention process; helps protect financial institutions, businesses, government entities and others against the latest fraud threats; and improves customer experience through real-time, fact-based decisioning.”

Nearly half (47%) of U.S. consumers were impacted by identity theft in the past two years, with resulting losses increasing 42% year-on-year to $712.4 billion in 2020, according to Aite Group.

Concurrently, both traditional and emerging fraud risk, alongside complex compliance requirements, has delivered record financial losses and reputational risk to organizations across almost every industry.