Allen, Texas-based Giact Systems is combining its identity and payment verification tools into a single platform called Epic.
The cloud-based service delivers payment, identity, authentication and compliance applications through a direct API connection or a virtual web portal to check a prospective customer's identity or verify account status within three milliseconds, the company said in a Monday press release.
“Companies need to have a quick and very secure path to verifying consumers and our customers were telling us they want these services through a single connection point,” said Giact’s David Barnhardt, executive vice president of product.
Epic uses diverse data sources to verify customer information, including mobile network operators’ current lists, proprietary logic leveraging public databases, along with Early Warning, for which Giact is a longtime reseller, Barnhardt said.
Epic also provides up-to-date comparisons with the sanction lists for the Office of Foreign Assets Control (OFAC) and industry-standard KYC compliance.
“Epic brings a variety of data sources and technology together in a single pipeline and companies can use one or all of the sources they need, depending on what business they’re in,” Barnhardt said.
The American Red Cross began using Giact’s services last summer to disburse emergency funds to consumers displaced by storms, according to Bardhardt.
Other users include large insurance companies, merchants, check-cashers, money service businesses, utilities, lenders, tax-preparation companies, banks and government agencies, he said.
“Because fraud is a persistent problem and fines for unauthorized transactions are rising, the stakes are higher than ever for making sure customers are who they say they are,” Barnhardt said.