Data Zoo and LAB Group partner to enhance global identity verification solutions

Data Zoo and LAB Group partner to enhance global identity verification solutions

Data Zoo, a leader in global identity verification solutions, has partnered with LAB Group to improve electronic identity verification (EIDV) workflows. This collaboration brings Data Zoo’s trusted and authoritative data sources and smart sequencing to LAB Group’s identity verification platform, LAB Verify, enhancing pass rates, optimizing compliance, and improving customer onboarding experiences.

Boost EIDV Success Rates with Data Zoo and LAB Verify

The partnership addresses the challenge of low EIDV pass rates that can lead to costly manual intervention and customer inconvenience, potentially hampering account conversions or causing delays in account openings. By integrating Data Zoo‘s robust data sources, LAB Verify introduces a pass rate booster that enables organizations to improve their verification success rates—even in cases of data provider outages. Organisations leveraging pass rate boosting have seen 62% of individuals who initially fail electronic identity verification convert into a pass.

LAB Verify’s intelligent orchestration seamlessly fails over to Data Zoo‘s data sources when other providers experience reduced functionality or outages, maintaining reliable pass rates and ensuring operational continuity. The advanced queueing and data source switching features also support Australian companies in compliance with CPS 230, enabling organizations to manage risks associated with downstream service providers effectively.

Global Identity Verification Across Jurisdictions

“The Data Zoo integration opens new frontiers for LAB Verify by providing global data sources to support multi-jurisdictional identity verification,” commented Nick Boudrie, CEO at LAB Group. “Organizations can electronically identify customers and business entities in countries including the US, UK, Europe, Singapore, Hong Kong, and New Zealand with the same efficiency as in Australia.”

One notable application of this functionality has been in enabling LAB Verify to support foreign investment flows. For example, the LAB Engagement Framework recently facilitated seamless onboarding for Singaporean corporate investors by automatically verifying business directors using Data Zoo’s capabilities.

Ensuring Compliance and Mitigating Risk

CPS 230 compliance is crucial for APRA-regulated entities to identify and manage risks associated with fourth-party providers. Data Zoo’s integration into LAB Verify ensures that organizations meet these regulatory requirements while minimizing exposure to downtime and inefficiencies. Even for entities outside the CPS 230 scope, the enhanced orchestration and failover capabilities significantly mitigate the risk of outages and functional interruptions, preserving both time and revenue for businesses.

“LAB Group and Data Zoo’s partnership is setting a new global standard for efficient and compliant identity verification processes,” Charlie Minutella, CEO at Data Zoo added. “Fintech enterprises can now onboard customers and organizations across different jurisdictions with greater accuracy, reduced overhead, and improved conversion rates.”