Kony DBX Teams Up with IDology to Help Banks and Credit Unions Meet Stringent Compliance Regulations
AUSTIN, Texas & ATLANTA–(BUSINESS WIRE)–April 24, 2019–
Kony, Inc., the leading provider of digital banking applications and low-code platform solutions, and IDology, a GBG company and leader in multi-layered identity verification and fraud prevention, have inked an agreement to integrate IDology’s identity verification and authentication services to Kony DBX digital banking solutions to help customers in North America better meet regulatory and compliance requirements. The solution will be available as part of Kony DBX’s layered fraud solution offering, and it will also include new account opening and loan origination applications.
The partnership with IDology will enable Kony DBX to help its bank and credit union customers to satisfy stringent and time-consuming compliance requirements, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, while also reducing loss and preventing fraudulent transactions. IDology’s platform has access to over 10,000 data sources and more than 45 billion records covering 585 million people.
By accessing IDology services via an API, Kony is able to deliver powerful and unique customer use cases and workflows. “Banks and credit unions are looking to optimize new account opening and onboarding for their members and customers,” said Jeffery Kendall, executive vice president and general manager, Kony DBX. “Kony DBX makes the workflow of financial institutions more efficient, secure, and effective through the use of our powerful, secure digital banking platform,” he said.
“We are pleased to be working with IDology in the North American market. Its breadth of data sources, additional identity-confirmation methods, and functionality for fraud protection add increased value for Kony DBX customers,” he said. “By adding IDology’s solution to the Kony DBX portfolio, digital banking customers have immediate, turnkey access to the very best in identification and verification services.”
“We look forward to working with Kony DBX, which is like-minded to IDology in its relentless pursuit of security, innovation, and excellence,” said IDology senior vice president of operations, Chris Luttrell. “IDology’s multi-layered service offerings, including email address verification, geo-location, and mobile attributes, provide an increased level of confidence to financial institutions on their mission-critical identity verification services.”
Kony DBX represents a major advancement to help banks and credit unions deliver frictionless digital experiences to customers across every point of interaction. Kony is the first vendor to provide pre-built, native and web apps along with a purpose-built digital banking platform for financial institutions. The Kony DBX platform builds on Kony’s digital expertise in multiple industries, with advanced technology solutions supported by an expansive partner network.
Kony has been named a “Leader” in The Forrester Wave™: Digital Experience Development Platform, Q2 2018 report and The Forrester Wave™: Low-Code Development Platforms for AD&D Professionals, Q1 2019. Kony has also been recognized as a “Leader” in the IDC MarketScape: North America Digital Banking Customer Experience Platforms 2019 Vendor Assessment Report. Kony is also a Callahan’s 2018 Innovation Series winner, and earned two top honors at the American Banker Digital Banking 2018 event: Runner Up for Best in Show and People’s Choice.
About Kony, Inc.
Kony is a fast-growing leader in digital experience development platforms and the emerging low-code platform market; and a recognized leader in digital banking. Kony Quantum provides low-code without limits, a next-generation low-code app development platform that delivers rich digital experiences. Kony DBX is the banking and financial services arm of Kony, Inc. and is a globally recognized leader in digital banking transformation. With a portfolio of modern, frictionless applications powered by the industry’s most recognized platform, Kony DBX enables banks and credit unions of any size to accelerate innovation – without compromising what’s critical.
IDology, a GBG company, provides real-time technology solutions that verify an individual’s identity and age for anyone conducting business in a consumer-not- present environment to help drive revenue, decrease costs, prevent fraud and meet compliance regulations. Founded in 2003, IDology offers a solution-driven approach to identity verification and fraud prevention that ultimately helps increase customer acquisition and improve the customer experience. IDology has developed an innovative and on-demand technology platform that allows customers to control the entire proofing process and provides the flexibility to make configuration changes that are deployed automatically-without having to rely on internal IT resources or IDology’s customer service so businesses can stay ahead of the fraud landscape while maintaining compliance. For more information, visit www.IDology.com.