Cumulative number of KYC checks by the identity verification service "LIQUID eKYC" has reached 40 million

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Feb 06, 2024, 01:00 ET

Expansion in Adoption Among Overseas Services Operating in Japan

TOKYO, Feb. 6, 2024 /PRNewswire/ -- Liquid Inc., part of the ELEMENTS Group, is pleased to announce that the cumulative number of KYC checks conducted through "LIQUID eKYC", an online identity verification service, has now achieved 40 million cases.

LIQUID eKYC is an online identity verification service that completes the process either by scanning an identification document or reading an IC chip, and matching the person's self-taken facial photograph, or by using public personal authentication methods. Its unique features include the application of biometric recognition and image processing technologies, resulting in a low drop-off rate during the process, a small proportion of unclear images, and a high level of accuracy in automatic facial recognition.

In addition to being adopted in a variety of industries such as finance, telecommunications carriers, second-hand shops, sharing economy-related services, dating apps, cryptocurrency trading services, and Web3-related services such as blockchain game guild services, the increase in adoption by overseas services operating in Japan has contributed to reaching over 40 million cases. Furthermore, the number of subscribers has exceeded 200 companies.

Case Study (Overseas Services Expanding in Japan): Supporting Identity Verification in Compliance with Japanese Laws and Regulations

The introduction of LIQUID eKYC has been expanding among overseas services entering the Japanese market due to its highly accurate and speedy identification verification in a method compliant with laws and regulations. In Japan, depending on the content of the services provided, it is legally mandatory to verify the identity of users in a prescribed method. Leveraging the extensive implementation experience in industries with legal obligations, we provide support to overseas companies, including organizing applicable legal regulations.

Some of the companies implementing our services

[FinTech] Paidy Inc. (PayPal Holdings, Inc.), pring Inc. (Google International LLC), Rakuten Wallet, Inc., RECRUIT MUFG BUSINESS Co., Ltd.
[Cryptocurrency exchange] Binance Japan, Inc., BitTrade Inc., bitFlyer, Inc., Coincheck, Inc.
[E-Scooter/Bike] Luup Inc., OpenStreet Co.
[Matching Technology] Eureka, Inc.(Match Group) , Omiai, Inc.
[Web3] SAKURA UNITED PLATFORM Pte.Ltd.
[Bank] Mitsubishi UFJ Trust and Banking Corporation, JAPAN POST BANK Co., Ltd., SBI Sumishin Net Bank, Ltd., SBI Shinsei Bank, Limited, Seven Bank, Ltd.
[Credit Card Issuer] TOYOTA FINANCE CORPORATION, Credit Saison Co., Ltd., JCB Co., Ltd.
[Fashion eCommerce] ZOZO, Inc.
[Telecom] NTT DOCOMO, Inc., KDDI Corporation

Reference: Recent Trends of "LIQUID eKYC"

Achievement of 100% service uptime for three consecutive years

The system is available 24 hours a day, 365 days a year without service outages, including during system maintenance. In 2023, the service continued without interruption, achieving 100% uptime for the third consecutive year. This achievement is underpinned by a common cloud infrastructure provided to implementing businesses, allowing concentrated investment in security measures for enhanced security and performance. Additionally, we have continuously improved our development and operation processes based on ISMS and FISC safety standards to meet the strict security standards required by industries such as financial institutions and major telecommunication carriers.

Approximately 300 functional improvements and developments annually.

Based on dozens of KPIs (e.g., face identification rate) measured monthly, we are making functional improvements and developments for smoother identity verification for both users and businesses. Our focus is on finding the right balance between the high image quality demanded by businesses and the ease of photographing for users, as well as ensuring a user experience that prevents user drop-off. With a flexible development structure that allows for short release cycles, we quickly provide functions based on the needs of implementing businesses and business trends. In 2023, we accomplished approximately 300 functional improvements and developments. In addition to these improvements, we are also engaged in foundational enhancements in image recognition technology from R&D. This includes improving the ability to detect facial forgeries and enhancing the accuracy of AI-based quality judgment of captured images, using user data accumulated in a common infrastructure.

"LIQUID eKYC" with the largest share of the eKYC market for four consecutive years※1

The service provides online completion of identity verification required for online contracts, account registration, and account opening. We offer a method that takes a picture of an identification document or reads an IC chip and matches it with selfies, as well as a method that utilizes public personal authentication (JPKI / Smartphone JPKI). We can also support age verification for student discounts. Our proprietary AI, biometric, and OCR technologies have enabled us to maintain a low drop-off rate from the start to the end of the photo shooting process and the cumulative number of identity verification cases has exceeded 40 million.

Web site: https://liquidinc.asia/global/kyc-application/

※1 ITR "ITR Market View: Identity Access Management / Personal Authentication Type Security Market 2023" eKYC Market: Sales Value Share by Vendor (FY2019-FY2022 Forecast)

About Liquid

Liquid aims to create a seamless world where all of the world's approximately 8 billion people can easily and safely use all services as they are by automatic and ubiquitous authentication. We provide our own Digital ID, KYC and Authentication service, where users can prove their identity anytime, anywhere in the world with their smartphone or face. We are expanding our service globally and use the know-how accumulated under the Japanese strict law and rule. We adapt our operations and services flexibly and quickly to changes in the required legal and security framework.

For more information, visit: https://liquidinc.asia/global/

SOURCE Liquid, Inc.