The GetID team has returned from the IFX EXPO that took place in Dubai on 19-20 May 2021. IFX EXPO is one of the biggest events in the financial industry, bringing together payments service providers, brokerage companies, and other services in the industry. GetID showcased its new product features and highlighted the main trends of the sector.
According to the GetID team, the iFX EXPO audience in Dubai showed a genuine interest in GetID KYC solutions. In addition to the core set of services for KYC onboarding (ID documents verification, biometrics check, AML screening), the no-code implementation and highest flexibility were met with great interest, as well as the recently announced service to speed up the Proof of Address verification. Attendees were amazed that the identity verification process with GetID takes seconds. In a matter of clicks, the GetID was able to set up and launch the verification flow according to the requirements of the booth visitors and show immediate verification results.
“We were surprised that nearly half of the companies aren’t using any KYC providers” – comments Vladimir Popov, Head of Product at GetID. “So we had to explain the advantages of an external service over a company’s internal resources – it’s faster, more cost-effective, and more professional. Our team is focused on onboarding process optimization and improvement. Thus, we can be more efficient, having the experience of working with hundreds of companies. We can say with confidence that our new product features have great potential and competitive advantage over the already existing solutions”.
“FX brokerage and payments verticals are already being well established and companies are already using GetID alternatives but we saw an interest in testing the GetID platform as well. Especially, when there is not much IT development resource is needed for that”. – adds Vladimir.
Dmitri Laush, CEO of GetID, discussing GetID with one of the IFX EXPO attendees
Participants of the EXPO loved GetID’s KYC Flow Builder. They were able to witness how literally in a matter of minutes GetID platform was able to set up the preferred verification flow, preferred integration option, and other settings customized for their individual business requirements. This has also proved that there’s a demand for low-code KYC solutions. This way a customer can start using a high-quality product and service within a matter of minutes.
Also, GetID introduced its newest product feature – the Proof of Address.
“Not many KYC companies offer this feature. And the already existing solutions don’t have what the market needs. We approached the POA from an angle of how we can help compliance teams to organize their job in a more efficient way, to monitor and audit the results. We’re aiming to offer a fully functional product for compliance teams that will enable them to control the results and get into details”, – comments Vladimir Popov.
Alex Arhipov, Business Development Executive at GetID, showcasing GetID’s new product features with one of the IFX EXPO attendees
The companies testing GetID’s new features turned out to be crypto services, like exchanges, so no doubt that the industry is growing. The EXPO also has shown the long-term trend for digitalization, a lot of financial industry players are switching to automated solutions. Turns out that the pandemic has changed the mindset of many decision-makers – the companies continue to automate and streamline processes to provide a seamless online experience to customers.
“Regulations in new countries are still emerging. We’re trying to pass our experience in finance and investments on to the crypto industry. A big portion of the crypto industry players still doesn’t understand what are regulations, how they work, and what can be the consequences of non-compliance with those regulations. In this sense we are often acting as “connecting link” and advisor for new crypto businesses”, – adds Dmitri Laush.
GetID team at IFX EXPO Dubai. From L to R: Alex Arhipov (Business Development), Dmitri Laush (CEO & Co-founder), Vladimir Popov (Head of Product)
“We’ve made a great number of new connections with companies from the forex industry, crypto industry, and payments solutions providers”, – says Dmitri Laush. “We understand the pains of all these types of companies. We understand what requirements and needs they have in terms of regulations and global expansion. We have proved that we are able to offer one of the best solutions on the market”.
IFX EXPO was one of the biggest industry events after the world pandemic, but it seems like the conferences are coming back. The GetID team is planning to visit the Money 20/20 conference in Amsterdam in September this year.
“These days you’re not able to innovate while ignoring the compliance procedures. Identity verification is a big part of the digitization process. Every innovation that is close to digitization is often tied to identity verification. And we are sure that progressive countries [like the Emirates] might switch to digital identity in the near future as well”, – summarizes Dmitri Laush.
IFX EXPO Dubai 2021 – main exhibition hall