ID-Pal & ThirdEye launch AML partnership across markets

ID-Pal and ThirdEye have formed a strategic partnership covering New Zealand, Australia and the United Kingdom.

The tie-up combines ID-Pal's identity and business verification tools with ThirdEye's anti-money laundering monitoring and reporting platform for financial institutions and other regulated organisations.

The combined offer is aimed at organisations that need to verify customers at onboarding and monitor activity over time as fraud and financial crime become more complex.

ThirdEye, owned and developed by Jade Software, is used by more than 170 reporting entities globally. It processes more than 350 million transactions a year and screens more than 20 million customers each day, according to the business.

ID-Pal, based in Ireland, provides Know Your Customer and Know Your Business checks. Its platform covers more than 16,000 identity documents and more than 400 data sources across 250 countries and jurisdictions, according to the company.

The partnership follows warnings from New Zealand's National Cyber Security Centre about the growing severity of cybercrime and extortion. The centre said malicious actors could soon gain access to tools currently available only in advanced AI models, while large-scale data breaches have exposed the identity information of thousands of New Zealanders.

Against that backdrop, pressure has grown on banks, financial institutions and other regulated businesses to confirm customer identity at the start of a relationship and detect suspicious activity throughout it.

Hamish Shaw, General Manager of ThirdEye, linked the move to the changing methods used by criminal groups and the wider use of artificial intelligence.

"The financial crime landscape has never been static. Bad actors are always evolving new techniques to keep us on our toes. Now, with AI accelerating the threats, it's so crucial for those of us on the right side to work together to ensure we stay ahead," Shaw said.

ID-Pal's technology is used to authenticate identity documents, verify individuals and businesses, and support fraud detection. ThirdEye's system covers customer screening, transaction monitoring, case management and regulatory reporting.

Combined offer

Under the partnership, institutions in New Zealand, Australia and the United Kingdom will be able to use ID-Pal's document authentication, biometric verification and address verification functions alongside ThirdEye's existing modules.

This will give customers a more joined-up process across onboarding, screening and ongoing monitoring. It also extends ThirdEye's product set in markets where it already serves banks and other regulated organisations.

For ID-Pal, the deal adds a regional anti-money laundering partner with an established presence in three markets. For ThirdEye, it adds identity and business verification functions from a specialist provider with broad international document and data coverage.

Colum Lyons, Chief Executive Officer and Founder of ID-Pal, said the cross-border nature of fraud had shaped the partnership.

"Fraud and financial crime know no borders, and increasingly, neither does the technology used to commit them. ThirdEye has built a strong AML proposition across Australia, New Zealand and the UK, and we're delighted they've chosen ID-Pal to power identity and business verification within it. Together, we can help organisations establish trust at onboarding and manage fraud and compliance risk throughout the customer lifecycle," Lyons said.

ThirdEye was launched in 2012 and sits within Jade Software, a New Zealand business that is part of the Skipton Group. Jade has offices in New Zealand, the United Kingdom and Australia.

The partnership adds to a wider trend in financial crime compliance, as providers combine identity checks, business verification, transaction monitoring and reporting tools to reduce operational gaps between onboarding and ongoing supervision.

ID-Pal said its service uses a privacy-preserving approach while delivering real-time verification results.