Mitek’s Mobile Verify Security Tapped for Use by DXE

July 6, 2018         By: Steven Anderson

No matter what breed of mobile payments system we use, whether it’s tied to our credit or debit cards, our bank accounts, an account specifically set up with the payment system provider or even cryptocurrency, we want it kept safe. That’s prompted many to turn to Mitek Mobile Verify, and Mitek tipped us off about one of its latest additions to the roster: the DXE cryptocurrency exchange.

DXE turned to Mitek Mobile Verify in a bid to step up its own security ahead of a growing number of new mandates calling for cryptocurrency exchanges to do just that. Since cryptocurrency wallets and exchanges are both now coming under Anti-Money Laundering Directive (AMLDS) protocols thanks to some recent revision, DXE is looking to beat the rush.

Based in the Netherlands, DXE is taking proactive steps to not be seen as a “shadow banking” alternative, and since DXE hasn’t actually launched yet, at last report, its move to shore up its security in advance is clearly a proactive measure.

Since Mobile Verify turns to a combination of machine learning and advanced artificial intelligence (AI) systems, it can allow for rapid registration and verification of customers’ identity. It’s said to be both faster and easier to use than many common equivalents, and allows Know Your Customer (KYC) principles to be satisfied accordingly.

DXE CEO Ernstjan Overduin noted “We wanted to partner with Mitek to demonstrate that we are a platform that could be trusted, by both regulators and the public…. Mitek’s Mobile Verify offers a solution that helps us be both compliant with future regulations and is compatible with our vision for a simple customer experience.”

It’s a sad truth that satisfying the demands of regulatory bodies is about the only way that cryptocurrency can go mainstream. With several such bodies actively forbidding many elements of cryptocurrency in their home countries—India and China have gone fairly aggressively against cryptocurrency in the past, though China has stepped back a bit—a strong regulatory presence is likely to improve public perception and start getting more users invested in the field.

The arrival of major institutional players, as we’ve seen recently, has also helped. Strong regulation will also help drive cryptocurrency use, and a mainstream operation may well hit in the near future after all.