Entrust, a renowned global leader in payments, identities, and data security, has initiated discussions to acquire Onfido, a prominent London-based company specializing in cloud-based, AI-powered identity verification (IDV) technology.
The proposed acquisition aims to augment Entrust’s existing portfolio of identity solutions with a compliant AI/ML-based biometric and document IDV tech stack. This strategic move positions Entrust to lead in providing biometric-based, highly phishing-resistant authentication solutions for high-value transactions and signing events.
Todd Wilkinson, the President and CEO of Entrust, emphasized the evolving landscape of identity verification, stating, “With the emergence of AI-based attacks, the identity verification game has changed. Deepfakes and synthetic identity are driving a global need for a powerful level of identity assurance that facilitates crucial digital journeys in banking, finance, government, travel, and more.”
Wilkinson further highlighted the significance of step-up authentication using biometric-based, AI-driven identity verification, particularly in Europe’s high-compliance environment, where Onfido’s IDV solutions have demonstrated efficacy.
Onfido’s platform empowers businesses to customize verification methods according to individual user and market requirements through a no-code orchestration layer. It combines document and biometric verifications, trusted data sources, and passive fraud signals to meet diverse risk, friction, and regulatory demands. At the core of Onfido’s platform lies Onfido Atlas™ AI, facilitating fully automated, end-to-end identity verification processes.
The potential acquisition of Onfido by Entrust holds promise for synergizing industry-leading technologies to deliver enhanced identity-based solutions. This collaboration seeks to enable more trusted and secure interactions at scale for individuals, enterprises, and institutions globally.
Mike Tuchen, CEO of Onfido, expressed enthusiasm about the prospect of expanding access to advanced and secure digital identity verification solutions worldwide. Tuchen highlighted the transformative potential of combining Onfido’s powerful AI and machine learning-driven identity verification capabilities with Entrust’s proven identity security solutions.
In essence, the envisioned partnership between Entrust and Onfido promises to usher in a new era of digital trust, empowering individuals and businesses alike with seamless and secure digital identity verification solutions on a global scale.