As part of our ongoing commitment to meet the demands of an increasingly digital world, TransUnion (NYSE: TRU) announced today a strategic minority investment in Baldor Technologies Private Limited (“IDfy”). IDfy is an India-based provider of ID verification, authentication and onboarding solutions.
The partnership will enable TransUnion to offer expanded digital onboarding and verification technologies to its global customer base, including enriched video-based Know Your Customer identification (“Video KYC”). The transaction highlights TransUnion’s continued commitment to making its offerings more scalable, secure and efficient, as the company continues to invest heavily in technology.
“As digital adoption accelerates in the financial services sector, TransUnion is dedicated to being at the forefront in supporting our customers with this important shift,” said Todd Skinner, President of International, TransUnion. “We are thrilled to partner with IDfy to offer our customers leading Video KYC technology, for an even more integrated and secure customer onboarding solution.”
“India’s financial services sector is at a critical tipping point in digital adoption, buoyed by progressive regulatory reforms and the realities of the COVID-19 pandemic,” said Rajesh Kumar, Managing Director & CEO, TransUnion CIBIL. “The TransUnion Group continues to remain committed to innovate in order to provide contemporary solutions for our customers, to assist them in scaling business growth in the dynamically changing market environment. With IDfy, we will be able to bring best-in-class onboarding technology to our customers and further help strengthen trust, while also supporting economic resurgence and financial inclusion in India.”
“Our partnership with TransUnion, one of the most trusted names in information and insight services, is an exciting opportunity to bring IDfy’s technology to more customers,” said Ashok Hariharan, Founder and CEO, IDfy. “IDfy and TransUnion have a shared goal of delivering the tools needed to help our customers thrive in a more digital world. Together, we will be able to bring more solutions to new and existing customers and lead the way in innovation – unlocking the potential of identity verification, authentication and end-to-end onboarding to create a more secure world.”
Video KYC technology is recognized as an important tool to securely reduce time, cost and friction in the customer onboarding and verification process. The Reserve Bank of India issued an Amended Master Directive to financial institutions in May 2021 focused on improving customer convenience through the implementation of Video KYC. IDfy is a leader in Video KYC, setting industry benchmarks for customer conversion rates and cost of customer acquisition at banks and financial institutions. Leading market intelligence firm IDC recognizes IDfy as an Innovator in Video KYC.
IDfy’s technology will enhance TransUnion’s existing onboarding and verification solutions for financial institutions by improving background verification, fraud detection and income estimation.
IDfy also serves a diverse set of markets outside of financial services, including eCommerce, on-demand economy and online marketplaces. This provides TransUnion a platform for extending its leading solutions and products to new sectors. Together, TransUnion and IDfy will explore opportunities to provide a full suite of products to enhance existing customer offerings, as well as opportunities to create new solutions.