The company is using Belvo’s banking data aggregation solution to provide its identity verification services in Latin America.
As more and more transactions and interactions move online, the importance of online identity verification has become increasingly crucial. Authologic, a startup founded in 2020 that specializes in supercharging KYC with gov issued digital IDs, identity wallets and BankIDs, has found a solution to one of its biggest challenges in its partnership with Belvo, the leading open finance solution in Latin America.
Authologic’s co-founder, Jarek Sygitowicz, explains that their mission is to help companies establish trust with their customers through efficient and secure identity verification processes. Their target customers include online lenders, fintech, crypto companies, and other KYC/AML regulated entities, as well as telco companies and e-commerce marketplaces.
Traditionally, the KYC (Know Your Customer) process is performed in a way that is too rustic and can generate too many risks, since it is done by taking a photograph of any physical ID document. Authologic is automating this process through Bank IDs, gov issued digital IDs, and identity wallets, since they are fully digital, very secure, and provide a much better user experience than the traditional “take a photo of a plastic document” process.
One of the main pain points that Authologic was experiencing was the inability to support companies operating in Latin America. This was where Belvo came in.
Since the partnership started, the experience has been positive, with great feedback about Belvo’s API docs and support. The most important benefits of the Belvo platform, according to Sygitowicz, are its great support, good business terms, and excellent coverage for all the Latin America region.
Looking ahead, Authologic plans to market this new capability to its customers and take open finance ID in Latin America to the next level. The benefits of open finance extend beyond just identity verification, as it enables many different use cases that can benefit the financial sector as a whole.
Authologic’s partnership with Belvo has allowed the company to overcome its biggest challenge and provide better solutions for its customers. As more companies recognize the importance of efficient and secure online identity verification, solutions like Belvo’s open finance platform will undoubtedly play a crucial role in meeting these needs.