The Palo Alto, Calif.-based IdentityMind—which lives by the motto, "Digital Identities You Can Trust"—offers a SaaS platform for online risk management and compliance automation. IdentityMind helps companies reduce client onboarding fraud and transaction fraud and improve anti-money laundering (AML) and know your customer (KYC) compliance.
IdentityMind uses eDNATM technology to continuously build, validate, and assign risk scores to digital identities to ensure global business safety and compliance during customer onboarding and throughout the customer lifecycle. The company securely tracks the entities involved in each transaction (e.g. consumers, merchants, cardholders, payment wallets, alternative payment methods) to build payment reputations. This allows companies to identify and reduce potential fraud, evaluate merchant account applications, onboard accounts, enable identity verification services, and identify potential money laundering.
IdentityMind, which was founded in 2013, had been running its Version 2.0 platform in its own data centers. But as the company grew, it began to face scalability challenges. Specifically, the process of onboarding new customers—especially large customers—became too time consuming and inefficient.
"Before we chose Oracle, we weren't happy with provisioning times. It was simply taking too much time to provision new servers and deploy new services and features," said Rodrigo Balan, IdentityMind's director of IT operations. "It was the combination of these requirements that prompted us to migrate to Oracle Cloud Infrastructure."
Before moving to Oracle, it would take Balan's team up to 90 days to onboard large enterprise customers. Oracle Cloud Infrastructure cut that time down to less than a week.