Liminal Featured in The Paypers’ Emerging Technologies & Trends in Identity Verification, KYC, and KYB Report 2024


Will Charnley, Managing Director at Liminal, is featured in The Paypers’ latest report, ‘Emerging Technologies and Trends in Identity Verification, KYC, and KYB Report 2024,’ published May 2024.

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In the report, Charnley discusses the significant challenges businesses face due to rising interest rates, tech sector layoffs, geopolitical tensions, and recession concerns. Combined with generative AI advancements, these factors have increased fraud and cyberattack instances. Regulatory changes like AML, KYC, eIDAS 2.0, and MiCA push compliance leaders toward efficient technological solutions. Additionally, the diversification of payment methods requires faster financial crime prevention systems. Emerging trends like verifiable credentials, digital wallets, passwordless solutions, data analytics, and AI applications are transforming security landscapes.

Amidst these challenges, the industry focuses on four key priorities: expedited customer onboarding, compliance, fraud prevention, and cost reduction. Charnley emphasizes that banks, Fintechs, and regulated entities can tackle these issues by trialing and investing in new tech solutions, partnering with or acquiring expertise, developing in-house products, seeking external assistance, learning from industry peers, and staying informed about regulatory and technological developments.

Key Insights from the Report

  • Financial institutions face significant challenges with manual review processes, with 58% indicating that over a quarter of their verification processes require manual intervention.
  • Compliance costs for financial institutions have escalated, with global fines exceeding USD 4.2 billion in 2022 due to anti-money laundering (AML) compliance issues.
  • The increasing complexity of onboarding processes, especially for cross-border transactions, and the need for advanced technologies like AI and ML to streamline Business and Entity Verification (BEV) processes.
  • Adoption of risk-based approaches and biometric authentication methods can significantly enhance compliance while improving user experiences.
  • The BEV market is projected to grow to USD 5.5 billion by 2028, driven by automation, AI/ML advancements, and Integrated Identity Platforms (IIPs).

We invite you to read the full report to gain deeper insights into these emerging trends and best practices in digital identity verification. Visit The Paypers website to download the full Emerging Technologies and Trends in Identity Verification, KYC, and KYB Report 2024.

Expert contributors include

Mirela Ciobanu, The Paypers; Nick Mothershaw, Open Identity Exchange (OIX); Anne Bailey, KuppingerCole Analysts; Kevin Alan Tussy, FaceTec; Jason Howard, Caf; Jeff Sakasegawa, Persona, and Will Charnley, Liminal.

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Stay tuned for more updates as we continue to lead the way in cybersecurity, financial crime compliance, trust & safety, and fraud prevention.

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