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Source: Distilled Analytics

Distilled Analytics Releases the Distilled IDENTITY™ Predictive Identity Platform and Reinvents the Global Model for Identity

Company Uses Breakthrough Technology to Identify Risk and Speed New Customer Onboarding

BOSTON, July 18, 2018 (GLOBE NEWSWIRE) -- Distilled Analytics today announced the release of Distilled IDENTITY™, an innovative approach to predictive identity that revolutionizes how institutions verify and validate people. Benefits include more accurate anti-money laundering (AML) and know-your-customer (KYC) compliance solutions to ease the burden of managing burgeoning and conflicting regulatory requirements. Distilled IDENTITY™ improves on existing identity systems by as much as two orders of magnitude, while offering greater security, resolution, and simplicity for the end user.

Research shows that risk management and other costs tied to AML compliance have risen more than 50 percent in just the last few years. Current AML and KYC solutions are largely limited to verification of consumer-provided documentation, leaving financial institutions with verification identity theft, fraud, and the limitations of antiquated identity resolution. McKinsey estimated financial services compliance costs exceed $270 billion per year and BCG estimated AML/KYC compliance alone is more than 20% of the cost to run a bank. Distilled IDENTITY™ applies advanced biometrics and predictive analytics from MIT, University of Oxford, and Imperial College researchers to enhance authentication, verify customer identity, and provide superior match capabilities using new data sources and methods. The system provides for continuous authentication in the background, improving both security and convenience for end users.

“Billions of dollars are spent every year on fraud detection, account security, and customer due diligence,” said Distilled Analytics Founder and Chief Executive David Shrier. “Current solutions can have a bad-actor identification rate of as low as 2 percent to 30 percent when conducting a screen.  We create the potential for 99+% continuous identification using multi-model biometrics. Our predictive identity solution also enables banks and other financial institutions to share mission-critical information without compromising user security or personal privacy—a material improvement over other technologies available today.”

Mr. Shrier noted that governments have expressed interest in Distilled IDENTITY™, in addition to corporate customers and financial institutions such as banks. “Identity is a keystone capability that unlocks numerous benefits to the global population. With over one billion people in the world lacking a legal identity, and billions of personal records stolen for the purpose of identity theft, we need to reinvent the system to better serve the poor and dispossessed, and better secure the developed world at the same time. From reducing voter fraud to improving the ability to deliver services to those who need it most, a better identity system means a better world.”

According to several AML executives interviewed by Distilled Analytics, match rates of typical systems used by banks to identify bad actors are exceedingly poor, achieving between two and thirty percent accuracy. Distilled IDENTITY™ delivers a dramatic performance improvement in the unique identification of individuals. It also cuts through the tangle of conflicting regulations by adopting new methods to permit triangulation of bad actors without violating privacy laws. Its sophisticated AI monitoring platform provides prodromal indicators of potential problem accounts to improve bottom line performance.

Mr. Shrier, together with Distilled Analytics Co-Founder and MIT Professor Alex “Sandy” Pentland, have published books such as Trust::Data and New Solutions for Cyber Security that are viewed as seminal works in formulating the next generation of identity and security globally.

In addition to Distilled IDENTITY™, Distilled Analytics’ predictive identity platform enables solutions for credit risk and impact assessment.

About Distilled Analytics
Distilled Analytics is the world’s leader in predictive identity. The company builds on years of research from MIT, University of Oxford, and Imperial College London to address some of the biggest challenges facing the financial industry today, providing improved credit risk prediction for consumers and businesses, more efficient anti-money laundering and know-your-customer compliance, and quantified effects of social capital. The innovative Distilled Analytics platform offers state-of-the-art, AI-driven data science that delivers to users more accurate and timely risk assessments to expand lending portfolios, much higher resolution continuous authentication, and predictive models around money laundering, and the ability increase assets under management for impact investing. The company is led by a team of industry veterans and quantitative experts, backed by investors including financial innovation pioneers. To learn more about Distilled Analytics, visit www.distilledanalytics.com.

Press Contact:
Mara Stefan
Emerge PR for Distilled Analytics
781-771-6911
mstefan@emergepr.com