MIAMI, Jan. 16, 2020 /PRNewswire/ -- 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.
About Netki:
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).
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SOURCE Netki