Africa: Qore Collaborates with QoreID to Strengthen Financial Security Measures Across Africa

Qore, a prominent banking-as-a-service platform provider in Africa, has entered into a strategic partnership with QoreID, an identity verification firm under VerifyMe. This collaboration aims to deliver advanced identity verification and AI-powered authentication solutions, enhancing financial security and ensuring regulatory compliance for financial institutions across the continent.

The alliance between Qore and QoreID will play a pivotal role in advancing the ‘Know Your Customer’ (KYC) processes for financial institutions. The partnership seeks to improve transaction quality, streamline customer onboarding procedures, and effectively combat fraud resulting from impersonation, as outlined in their joint statement.

Mudiaga Umukoro, Chief Operating Officer, and Co-founder of Qore, expressed the significance of the partnership in reinforcing their commitment to delivering top-notch trust, transparency, and security standards to clients. Umukoro stated, “The robust KYC services offered by QoreID, combined with our advanced solutions, will allow us to provide our customers with an even more secure and reliable identification process to curb fraud cases.”

Olutunji Oluwole, Executive Chairman, and Co-founder of QoreID, shared his excitement about teaming up with Qore and emphasized their mission to provide a holistic view of customers during the onboarding process. Oluwole stated, “By integrating our AI-powered KYC and data analytics services into Qore’s network, we’re simplifying onboarding processes, mitigating business risks, and enriching the overall experience for institutions and their customers.”

The partnership aims to leverage Qore’s Artificial Intelligence capabilities to assess risks associated with customer onboarding, preventing identity theft, money laundering, and maintaining compliance standards. The integration of QoreID’s photo-matching biometric service ensures a secure onboarding process by matching a customer’s photo with the image on their government-issued ID through government agency databases.

This collaboration signifies a significant step toward addressing the evolving challenges of financial crime and regulatory compliance in Africa’s banking and financial services sector. By combining Qore’s banking-as-a-service expertise with QoreID’s cutting-edge identity verification solutions, the partnership is poised to provide robust, real-time security measures, safeguarding financial institutions against fraud, identity theft, and other illicit activities while ensuring adherence to regulatory requirements.