Acorns Partners with Veratad Technologies to Enhance Fraud Prevention, Anti-Money Laundering and Know Your Customer Compliance Efforts

Veratad's IDMatch+COMPLYsm Solution enables Acorns to verify identity and comply with federal AML/KYC regulations in-APP and in real-time.

News provided by

Veratad Technologies, LLC

Oct 29, 2014, 08:45 ET

TEANECK, N.J. and NEWPORT BEACH, Calif., Oct. 29, 2014 /PRNewswire/ -- Veratad Technologies, LLC (www.veratad.com), a world class provider of virtual age and identity verification solutions, announced today its partnership with Acorns (www.acorns.com), the first micro-investing app and financial engine that helps people save and invest. The fastest growing investment app integrated Veratad's industry leading IDMatch+COMPLY^sm plug-in identity verification and fraud prevention solution into their Apple and Android applications, allowing Acorns to verify a customer's identity in real-time. IDMatch+COMPLY^sm provides Acorns with a powerful ID verification tool that helps prevent fraud, streamline the on-boarding process and enhance both customer experience and compliance efforts with Federal Anti-Money Laundering and KYC Regulations.

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"At Acorns, we take pride in our ability to differentiate ourselves with exceptional design and user experience; therefore, partnering with Veratad was an easy decision for us," said Jeff Cruttenden, Acorns Co-Founder and COO. "After a careful review and comparison of verification vendors, Veratad's solutions were clearly the best choice and we found their professional services team went above and beyond our expectations to make our launch a success. As we continue growing and adding users, our partnership with Veratad will play a role in refining our app's functionality and usability."

Launched in late August 2014, the Acorns app allows people to harvest, save, and invest small amounts of money with no commissions, no minimum account balances, and no penalties on withdrawals. The app links to any credit or debit card and automatically rounds up purchases to the nearest dollar, investing the sub-dollar roundup amounts into a diversified portfolio of index funds offered by the world's largest fund managers: Blackrock, Vanguard, and PIMCO. Today, the app has over 75,000 active investors and is attracting new users every day.

"We are pleased to be partnering with Acorns and believe they will be a major player in this space for years to come," said, John E. Ahrens, Veratad's Managing Director. "The continuing migration of regulated financial services to Web-based platforms makes it crucial for companies like Acorns to deploy an effective and streamlined ID verification process for online boarding of new customers. Our IDresponse^SM suite of cloud based verification services delivers just such a verification process and we are looking forward to a long and profitable partnership with Acorns."

About Veratad
Veratad Technologies, LLC (www.veratad.com) is a provider of both online/real-time and batch Identity Verification and Knowledge Based Authentication Solutions for those who conduct business on the Internet or any business that needs to verify an individual's age or identity. Veratad's customers include some of the world's most well known corporations who use Veratad's solutions to reduce the risk of fraud, comply with financial regulatory requirements, provide a safer online experience and act with a greater sense of social responsibility.

Contact:
Veratad Technologies, LLC
Thomas Canfarotta
Email
201-510-6000 ext. 120
www.veratad.com

About Acorns Grow Inc.
Acorns is the first true micro investing company, allowing people to round up purchases and automatically invest the change®. The Acorns app and financial engine were built to help people micro invest commission-free into a diversified portfolio of index funds offered by the world's largest asset managers: Vanguard, Blackrock, and PIMCO. Customers accumulate fractional shares, automatically saving and investing small amounts of money frequently. The app can also help identify and gather found money, such as rebates and rewards, which can be automatically swept into the customer's investment account. Like the alarm app that helps you wake, and the calendar app that helps you keep appointments, Acorns works behind the scenes, saving and investing pennies at a time, so you don't have to. From Acorns mighty oaks do grow!

Acorns Grow Inc. (d/b/a/Acorns) is the parent of Acorns Securities LLC, a member of FINRA and SIPC, and Acorns Advisers LLC, an SEC registered investment adviser.

This is not an offer or a solicitation to buy or sell securities. Investing involves risk. Investments are not FDIC or NCUA insured. Projections are hypothetical in nature. Brokerage services are provided to Acorns Advisers LLC by Acorns Securities LLC, member of FINRA/SIPC.

Acorns Media Contact:
Bailey Fox
Barokas PR for Acorns
Email
206-264-8220

SOURCE Veratad Technologies, LLC