According to Parallel Markets CEO, Tony Peccatiello, the business is a pioneer in the field of reusable electronic identities, and the combination of Passbase's resources with Parallel's infrastructure would enable smooth, safe, and rapid customer onboarding.
Parallel Markets acquires Passbase assets to make #KYC faster, more efficient@parallelmarkets @Passbase https://t.co/mnngUHxnM7
— Biometric Update (@BiometricUpdate) March 29, 2023
It was further stated that organisations waste funds on unnecessary tasks as a result of the lengthy and irritating nature of KYC and AML verification for financial institutions. Even delayed KYB verifications and rising fraud rates, with up to $2 trillion in yearly money laundering, are both problems.
Using technology for one-time identity verification, Parallel tackles the issue and enables consumers to share data with financial firms in a manner that guarantees compliance regulations and expedites onboarding. As per the statement, this initiative also offers perceptions into cross-platform connections that can aid in lowering money laundering.
Passbase has developed to be able to verify identities using facial biometrics and government-issued IDs from more than 190 different countries. In several rounds, it raised $13.5 million. an investment round in late 2021 to expand activities and create a strategy and process manager for its biometric identity verification system.
According to Passbase CEO David McGibbon,
"At Passbase, we've always believed that powerful compliance solutions shouldn't burden organisations or consumers. We're thrilled to provide a wider range of customized solutions and speed up the implementation of solutions for digital identity networks by partnering with Parallel Markets.”
The next vice president of business at Parallel Markets will be McGibbon.
However, the transaction's terms weren't made public.