ATLANTA – LexisNexis® Risk Solutions today announced enhancements to its industry-leading InstantID® identity verification solution. The enhancements include new reporting, archiving and administration features to simplify compliance and make audits less onerous.
InstantID rapidly scans aggregated information from more than 36 billion public and proprietary records, covering 95 percent of the U.S. adult population, including individuals with limited credit and financial histories.
LexisNexis, through its identity research, has found that 10 percent of consumers are not reported to a credit bureau. In addition, only 36 percent of applications for identity verification contain the same address for the consumer by all three major credit bureaus. With the new enhancements, InstantID is able to verify successfully over 40 percent of underbanked consumers that are not reported at a credit bureau, while reducing address discrepancy resolution. This allows InstantID customers to generate a robust Customer Identification Program (CIP).
"Helping customers mitigate risk by verifying and validating their identities is at the center of everything we do," said Tom Brown, Senior Vice President, Financial Services, LexisNexis. "With the new InstantID enhancements, our customers can make more confident acquisition decisions without compromising their customer's experience."
The InstantID enhancements have been released to AML and Risk Management Solutions, Risk Research, and in LexisNexis batch and real-time (XML) delivery environments. InstantID is endorsed by the American Bankers Association.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information and analytics for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.