BASIS ID

regtechekyc/aml/cft/digital identity

FOUNDING YEAR: 2017
LOCATION: Estonia
Last Update: 08/09/2020

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About

The story of BASIS ID brand starts off in Singapore where the most innovative companies and startups seek to offer the best service to customers, which is based on effectiveness and trust.BASIS ID brand was built in effort to give companies a tool to speed up operational processes, provide ultimate security and to form trustworthy relationships through compliance with regulatory requirements.Tested in Asian market, BASIS ID was able to offer advanced verification engines unavailable by other companies and provide service recognised by the whole community. Identifying needs of companies, governments and end-users, BASIS ID seek to offer a balanced solution that gives capabilities for identification, verification and management of the most significant value of 21st century personal data. The goal is to make the whole online and offline infrastructure simple, effective and secure. Philosophy of BASIS ID is to treat data as a value. And personal data as a personal value.

MEDICI Analysis

Focus

PRODUCTS & SERVICES

BASIS ID is a KYC & AML workflow management platform ensures regulatory compliance, increases conversion rates and connects fraud, support and marketing teams in one window. - Automated identity verification such as biometric facial recognition motion capture and identity document verification; - Application fraud detection including on-going name screening, risk scoring for false-positives and documents fake detection; - Customer return and retention triggers;
 - Manage risky applications and track actions in embedded messenger; - Enhanced due diligence and random sampling; - Generate reports for risk departments and authorities.

REVENUE MODEL

Setup fee & recurring payments

PRIMARY PROBLEM SOLVED

1. We have developed a machine learning document recognition algorithm. 2. Created a state of the art KYC/AML system operating in full compliance with MAS, FINMA, CySEC regulations. 3. Developed a platform for deployment of financial services that require integration with a bank. (Allowing to launch the service in 3 months and operating in Singapore, Australia, Philippines, Europe, Brazil and Mexico) 4. Designed a personal data management system and fraud monitoring for risk & compliance managers.

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

Traction

REVENUE

$100k - $499k

REVENUE COMMENT:

We have long-term customers with a long life cycle.

ACTIVE USERS:

1000000+

ACTIVE USERS COMMENT:

At the moment, verification with the service has passed more than a million users.

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BASIS ID

About

BASIS ID is a KYC & AML workflow management platform ensures regulatory compliance, increases conversion rates and connects fraud, support and marketing teams in one window. - Automated identity verification such as biometric facial recognition motion capture and identity document verification; - Application fraud detection including on-going name screening risk scoring for false-positives and documents fake detection; - Customer return and retention triggers; - 
Manage risky applications and track actions in embedded messenger; - Enhanced due diligence and random sampling; - Generate reports for risk departments and authorities

Focus

PRODUCTS & SERVICES

BASIS ID is a KYC & AML workflow management platform ensures regulatory compliance, increases conversion rates and connects fraud, support and marketing teams in one window. - Automated identity verification such as biometric facial recognition motion capture and identity document verification; - Application fraud detection including on-going name screening, risk scoring for false-positives and documents fake detection; - Customer return and retention triggers;
 - Manage risky applications and track actions in embedded messenger; - Enhanced due diligence and random sampling; - Generate reports for risk departments and authorities.

REVENUE MODEL

Setup fee & recurring payments

TOP PROBLEM SOLVED

1. We have developed a machine learning document recognition algorithm. 2. Created a state of the art KYC/AML system operating in full compliance with MAS, FINMA, CySEC regulations. 3. Developed a platform for deployment of financial services that require integration with a bank. (Allowing to launch the service in 3 months and operating in Singapore, Australia, Philippines, Europe, Brazil and Mexico) 4. Designed a personal data management system and fraud monitoring for risk & compliance managers.

PRODUCT DEVELOPMENT STAGE

V2.0 or BEYOND

PRODUCT DEVELOPMENT COMMENT

All elements of the system are developed by BASIS ID - OCR of documents, biometrics, CRM. Machine learning is developing, and already covers several hundred documents.

KEY DIFFERENTIATORS

We have created the request functionality, which allows to increase conversion up to 17%! Our CRM acts as a one system for risk managers, support and compliance specialists. BASIS ID provides security that competitors do not provide. Our partnership allows us to launch FinTech in three months. We not only provide a verification service, we provide a platform for launching.

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

PRODUCT ATTRIBUTES

SaaS

White label

Back Office

Traction

ANNUAL REVENUE:

$100k - $499k

REVENUE COMMENT:

We have long-term customers with a long life cycle.

ACTIVE USERS/ACCOUNTS:

1000000+ Million

ACTIVE USERS COMMENT:

At the moment, verification with the service has passed more than a million users.

LIVE USERS/TRANSACTIONS:

Yes, in live production

CHANNEL STATUS

MULTIPLE CHANNELS

NUMBER OF CLIENTS OR PAYING CUSTOMERS

23

People

NUMBER OF EMPLOYEES

11-50

TEAM COMMENT:

Now there are 16 people in the team, including the advanced development department.

Momentum

FUNDED

YES

FUNDING COMPLETED

NO

LISTED

NO