Kantox, the pioneering peer-to-peer foreign currency exchange for businesses, has announced implementation of the AU10TIX BOS solution for automated authentication of customer submitted ID images and their conversion to ready-to-use digital records. With the AU10TIX technology in place, Kantox will be able to set new standards in fraud protection and KYC compliance, while speeding-up customer processing and increasing effective customer traffic handling capacity.
Integrating the AU10TIX BOS solution enables Kantox to auto-classify and authenticate and extract data from of images of customers ID documents – all at typical speed of 2-5 seconds. The recently announced AU10TX 3-way authentication standard provides the most comprehensive security analysis of ID images available today: Logical data analytics, document tempering forensics and file meta-data examination. By integrating AU10TIX BOS intro their process flow, Kantox benefits from latest standard fraud protection and KYC compliance capabilities, while streamlining customer screening and onboarding and reducing exclusive dependence on manual back-office processing.
“Kantox prides itself on keeping ahead of the market”, says Laurent Descout, CFO of Kantox: “Our customers trust us to make currency exchange as secure and friendly as possible and regulators want to know that we deliver best KYC practices possible. At the same time, everyone in online financial services knows that customer ID authentication and “time to yes” are critical factors and a serious bottle neck. That is why, for the benefit of our clients, our regulators and ourselves as a business, we have taken the initiative to catch the security bird and the operating efficiency bird at one stroke. With the AU10TIX BOS system we benefit from better security and compliance, while reducing customer hassle and making our own operation more effective and cost-effective.”
“Our friends at Kantox know what they want and they got it”, says Ron Atzmon, Managing Director of AU10TIX: “They understood immediately that AU10TIX BOS enables much more than fraud prevention and KYC compliance. They are well aware of the fact that speedy, hassle free customer acquisition means less churn and higher volume handling capacity. They also are well aware that manual back-office examination and processing become a bottle-neck and resource drainer as you grow. Now security and compliance go together with a more streamlined and cost-effective business.”
“Up to 45% of customers abort online processing because of the time and hassle. Up to 30% of manually entered data contains errors and gaps”, says Ofer Friedman, VP Marketing of AU10TIX: “Online is not front-end. Customer patience is different. Intensity of traffic is different. And, yes, increasing fraud is causing regulations to become tighter. What we offer is simple: Enable your back-office team to work on speedy “Time to Yes”, and focus more effectively on those cases that are borderline and attention worthy. “
About Kantox
Founded in 2011 by former Deloitte employee Philippe Gelis, London and Spain-based Kantox enables SMEs and “mid-caps” to exchange currency. Its trading platform provide full transparency by displaying the mid-market rates and the fees charged and offers businesses the opportunity to match their transaction requirements with other companies through its P2P model.
For more information, visit http://kantox.com
About AU10TIX
AU10TIX Limited, a fully owned subsidiary of ICTS International N.V, deals with the authentication and digitization of identifying documents including Passports, identity cards, driving licenses and other complementary identifying documents. The company specializes in implementing hardware & software based applications used for scanning, identifying, content retrieval, authentication and validation of identifying documents. AU10TIX is a pioneer of all-channel (front-end and online) ID authentication and processing solutions. The company’s products drastically reduce identifying document-based fraud, reducing the costs associated with client processing and enabling effective regulatory compliance, while making the sales and support operations speedier and considerably more efficient.
For more information, visit http://www.au10tix.com
About ICTS International N.V.
ICTS specializes in the development and implementation of innovative security concepts and solutions designed to meet the needs of a variety of industries, mainly aviation transportation, border control and sensitive facilities. ICTS International benefits from over two decades of expertise and international operational experience in transportation security, with a particular emphasis on high-risk environments, passenger processing transactions and the integration of security services to provide a comprehensive security solution. It also offers a wide variety of customized training programs, tailored procedures and a wide range of security consulting services. The company has developed and implemented unique technological solutions, based on its comprehensive approach to security, designed to enhance the level of security while accelerating the security check process.
For more information, visit http://www.icts-int.com
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the Company’s business strategy and future plans of operations. Forward-looking statements involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These and other important factors, including those mentioned in various Securities and Exchange Commission filings made periodically by the Company, may cause the Company’s actual results and performance to differ materially from the future results and performance expressed in or implied by such forward-looking statements. The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in the Company’s expectations or future events.
Contact:
Kantox
Laurent Descout, CFO
Email: Laurent.descot@kantox.comTel.: +44-20-8133 3531
AU10TIX
Ofer Friedman, VP Marketing
Email: ofer.friedman@au10tix.com
Tel.: +972-50-4 71 71 50
ICTS International NV
Alon Raich
Email: mail@ictsinternational.com
Tel.: + 972-974-47770
SECURE CUSTOMER ONBOARDING 