ID Dataweb and IBM Announce Expanded Relationship to Help Advance Identity Verification

Rhea-AI Summary

ID Dataweb has announced an expanded relationship with IBM to integrate ID Dataweb's identity verification workflows within IBM Security Verify. This collaboration aims to enhance identity verification by combining the strengths of both platforms.

The integration promises benefits such as pre-built templates for creating identity-proofing journeys, orchestration tools for managing identity verification processes, and IAL 2 certified workflows for seamless digital experiences. This collaboration aims to mitigate fraud risks such as Account Takeover (ATO) and Account Opening fraud.

IBM's innovative approach to Identity and Access Management (IAM) will facilitate smooth integration, offering joint customers streamlined fraud prevention and advanced identity verification capabilities.

Positive

• Expanded relationship between ID Dataweb and IBM enhances identity verification capabilities.
• Integration offers pre-built templates for specific security and user experience needs.
• Orchestration tools simplify the management of identity verification processes.
• IAL 2 certified workflows ensure a seamless digital experience and mitigate fraud risks.
• Joint collaboration aims to streamline fraud prevention and improve security.

Negative

• No specific financial data provided to assess direct impact on IBM's revenue.
• Potential increased competition in the identity verification market could affect market share.
• Integration complexities may arise, leading to potential implementation delays.

Tech Expert

Integrating ID Dataweb’s identity verification workflows with IBM Security Verify could offer a substantial advantage for clients managing user identities. This partnership allows organizations to streamline their identity-proofing processes using built-in templates and orchestration tools, creating a more seamless user experience. The key innovation here is the ability to reduce fraud and enhance security by ensuring that access is granted only to verified users, which is particularly important in today's digital landscape where cyber threats are prevalent. The combination of ID Dataweb’s IAL 2 certified workflows with IBM’s robust IAM (Identity and Access Management) solutions makes this integration potentially beneficial for industries with rigorous security requirements, like finance and healthcare.

From a tech perspective, this collaboration could set a precedent for future partnerships aiming at integrating advanced identity verification into comprehensive security solutions. The industry could see a trend where more identity verification providers team up with broader security platforms, enhancing overall security ecosystems.

Financial Analyst

From a financial standpoint, this partnership could enhance IBM's value proposition in the security market, potentially leading to increased customer retention and new customer acquisition. The demand for robust identity verification solutions is growing as organizations seek to safeguard their systems against fraud and unauthorized access. By integrating ID Dataweb’s workflows, IBM can provide a more comprehensive security offering, potentially leading to higher revenues in the future.

For ID Dataweb, this expanded relationship with a tech giant like IBM could considerably boost its market visibility and credibility. It may translate into increased adoption of its solutions and stronger financial performance over the long term. Additionally, the joint customers’ ability to create and manage identity verification processes more efficiently can result in cost savings and enhanced security, thereby adding value to their operations.

LAS VEGAS, May 29, 2024 /PRNewswire/ -- ID Dataweb, the leader in cross-channel identity verification, today announced an expanded relationship with IBM (NYSE: IBM) to integrate ID Dataweb's identity verification workflows within IBM Security® Verify. By combining the two industry-leading solutions, organizations will be able to confirm the identity of a user within existing workflows as their credentials are being seamlessly issued and used.

By leveraging ID Dataweb with IBM Security Verify, our joint customers can orchestrate valuable identity verification.

"IBM Security Verify offers its users easy access to needed systems while securing sensitive applications behind a tight lock," said Matt Cochran, COO of ID Dataweb. "Our identity verification workflows then ensure that the key is given only to the correct users. IBM's innovative approach to IAM makes for smooth integration and a great collaboration, and our joint customers are the ones that truly stand to benefit."

"By leveraging ID Dataweb with IBM Security Verify, our joint customers can orchestrate valuable identity verification capabilities – including helping to streamline fraud prevention," stated Milan Patel, Senior Product Manager, IBM Security Verify. "We look forward to leveraging the ID Dataweb platform to create even more advanced functionality for organizations as our decentralized identity and verifiable credentials capabilities orchestrate portable, verified, and user centric identity."

By integrating ID Dataweb with IBM Security Verify, customers will benefit from:

• Pre-built templates that allow administrators to create identity-proofing journeys for specific security and user experience needs.
• Orchestration tools that easily allow security architects and administrators to create and manage the identity verification process, password resets, evaluation of multi-factor authentication, and new account creation.
• Identity-proofing workflows, which verify and authenticate the identity of a person trying to access a service or system, are IAL 2 certified and flexible enough to create the seamless digital experience customers expect. By ensuring the digital user is the expected person, Account Takeover (ATO) and Account Opening fraud are mitigated.
  
  

About ID Dataweb
ID Dataweb provides cross-channel digital trust to prevent account takeover and account opening fraud. As organizations move towards 100% digital interactions with their users, they need to ensure that the digital person on the other end of the line is the physical person they expect, whether a customer, partner or employee. ID Dataweb provides a frictionless yet highly-secure process to provide that digital trust with the user by verifying their identity to the highest level of assurance. For more information, visit iddataweb.com.

About IBM
IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM's hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM's breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM's legendary commitment to trust, transparency, responsibility, inclusivity and service.

Media Contact
(W)right On Communications
Larry Smalheiser
lsmalheiser@wrightoncomm.com

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SOURCE ID Dataweb

FAQ

What is the focus of the expanded relationship between ID Dataweb and IBM?

The expanded relationship focuses on integrating ID Dataweb's identity verification workflows within IBM Security Verify to enhance identity verification capabilities.

How will the integration between ID Dataweb and IBM Security Verify benefit customers?

Customers will benefit from pre-built templates, orchestration tools for managing identity verification processes, and IAL 2 certified workflows that ensure seamless digital experiences and mitigate fraud risks.

What fraud prevention capabilities are enhanced by the ID Dataweb and IBM partnership?

The partnership aims to streamline fraud prevention, specifically mitigating risks such as Account Takeover (ATO) and Account Opening fraud.

What are IAL 2 certified workflows?

IAL 2 certified workflows are identity-proofing processes that verify and authenticate the identity of a person trying to access a service or system, ensuring a high level of security.

What is IBM's approach to Identity and Access Management (IAM)?

IBM's approach to IAM involves innovative methods that provide smooth integration and enhance identity verification and fraud prevention capabilities.