Achieves Best-In-Industry Success Rates for Facial Recognition for ID Validation
MIAMI, — Today at The North American Bitcoin Conference, Netki announced the release of a significantly improved face-matching technology for its OnboardID solution. The updated capability delivers major increases in scanning images of faces from different sources to determine whether the faces are those of the same individual. “Our face-matching algorithm now outperforms industry-leading solutions by more than 60%,” said Steve Scott, Director of Software Engineering at Netki. “We’re especially proud of the algorithm’s ability to successfully match a wide variety of skin tones, from very light to very dark, as well as find and match faces in darker lighting conditions.”
Netki’s OnboardID solution is used by its clients to validate the identity of new users and existing customers. Typically, Netki’s customers, such as financial institutions, direct new users to take a selfie as well as a picture of their photo ID. OnboardID uses face-matching technology to determine whether the face from the selfie is the same person as the one in the ID document. This helps banks and other organizations prevent fraudulent account creation, thereby reducing their risk. Netki’s latest update has demonstrated a 62% improvement over industry-leading face-matching algorithms in its ability to detect and match faces.
“In the past, we licensed best-of-breed third party algorithms inside of our face matching platform, but these solutions often were unable to successfully find and match faces in the wide variety of environments and lighting conditions end users experience in the wild,” said Justin Newton, CEO of Netki. “Frankly, we were ecstatic to see such a significant increase in face detection and matching with our newest update.”
OnboardID’s face-matching algorithm update also delivered impressive improvements in reducing costs for its customers. When any face-matching technology is unable to detect a face in an ID document, or is unable to match it with the selfie, the case must then be routed to a customer’s compliance team for manual inspection. “Manual inspections are costly and time-consuming for customers. With the most recent update to our in-house technology, we have been able to reduce the number of cases requiring manual inspection by 83%!” said Newton. “It’s a dramatic improvement, which will reduce costs for our customers as well as speed their new account creation.”
Netki’s updated face matching technology offers additional value to businesses that operate globally by successfully identifying people with a wide variety of skin tones. This is in contrast to the findings of a recent NIST study, in which 189 different facial recognition algorithms were found to perform poorly when trying to identify people who weren’t young, white and male. “We wanted to ensure that Netki’s algorithms were different than the others,” said Dawn Newton, COO of Netki. “That focus enabled us to develop our latest facial recognition algorithm, that recognizes faces from around the globe.”
Netki’s updated face-matching technology is being rolled out to all of its customers over the course of the next few weeks.
For more information, visit netki.com.
Founded in 2014, Los Angeles-based Netki is the only KYC-AML compliance technology provider developing remote identity verification solutions purpose-built for the blockchain era. Its flagship KYC and AML solution, OnboardID has licensed validations for over 750,000 identity documents. Netki’s scalable, flexible, automated technology increases trust in regulated transactions on the parts of sellers, buyers and regulators. Our products are included in the IBM blockchain ecosystem, Microsoft Azure Blockchain as a Service, PwC Australia’s Digital Asset Services and the Bitt’s Central Bank Digital Currency Platform and mMoney mobile wallet. For more information, visit netki.com.
Netki is a keiretsu company of Medici Ventures, the blockchain subsidiary of Overstock.com, Inc. (NASDAQ:OSTK).
CONTACT: Tom Lazaroff, Netki, Inc., [email protected], +1 213-924-6466