Persona Launches Persona Connect To Enable Easy Sharing Of Business Data

Major identity and verification platform Persona has launched a new solution called Persona Connect. The firm said the solution will enable organizations to easily share and reuse business data and verified identity across their own ecosystems.

Personal Connect will be used as a Know-Your-Customer (KYC) data exchange and rails for PII, unlocking growth for companies, reducing friction for users, and enabling companies to stay ahead of regulatory demands.

Connect Will Enable Businesses To Maintain Proper Data-Sharing Networks

Persona says fragmented identity verification is creating major challenges for companies. Regulators are concerned about systemic risks when data is shared, companies experience slow growth due to duplicative processes, while individuals face continuous checks on every new service.

Recent FinCEN guidance revealed that businesses rely on each other’s information to strengthen AML oversight and combat fraud. To meet this demand, Persona Connect will enable companies to establish their own secure, consent-driven networks for sharing verified KYB and KYC data. The launch of CONNECT will ensure that companies across all finance sectors are able to share data and manage risks better.

Co-founder and Chief Executive Officer of Personal, Rick Song, shared his insight about the recent launch of CONNECT.  “We believe the future of identity is collaborative,” he said.

Rick also believes that verification should not be a problem, and it should be a shared foundation that enables companies to move faster while staying compliant and protecting users. He added that CONNECT will give organizations the opportunity to build and own secure data-sharing networks that meet the needs of their businesses and those of regulators.

With Connect, Firms Can Have a Seamless Approach To Data Collection

Connect enables businesses to build and operate their own tailored data-sharing network, rather than relying on a rigid global consortium. Organizations can choose what to share, when to verify, and how to retrieve underlying records. They can easily carry out these activities while ensuring that the consent of both parties to the exchange is obtained. It ensures more trust and a safer data-sharing method for the company.

Recent data from Personal indicates that about 30% of users lose interest in their KYC application when asked to provide a selfie and ID. This shows why it’s necessary to use the right approach to avoid repeated verification when collecting such data for both businesses and users. Connect tries to eliminate duplication by strengthening trust across ecosystems. This lays the basis for additional collaboration.

Persona says CONNECT will bring several advantages, including reducing compliance overhead, cutting duplicate checks, and ensuring a seamless process to onboarding of new users. It offers companies the opportunity to gain users’ trust while effectively collecting their data in a seamless manner.