Mitek (NASDAQ: MITK), a global leader in mobile capture and identity verification software solutions, today reported that its Mobile Verify has improved leading European blockchain provider Nocks’ customer on-boarding time by 98%, from 12 hours to five minutes. This has helped Nocks to grow its userbase by 214%. Mobile Verify also helps Nocks achieve compliance with the 4th and 5th EU Anti-Money Laundering Directives.

Nocks is the first all-digital payments platform built upon the Gulden blockchain – a safe and fast decentralised blockchain that is easy to use for sending or receiving payments with as little effort or cost as possible. Nocks allows consumers and business to pay and get paid using fiat currencies but with the transaction being orchestrated by the Gulden blockchain to improve the speed, transparency and security of payments. Nocks makes paying bills easier, streamlines POS-tools for companies, and offers innovative financial trading mechanisms.

By integrating Mobile Verify, which employs advanced AI and machine learning algorithms, Nocks can validate the identity of applicants in real-time, dramatically improving new customer conversion rates. Users simply take a picture of both their ID document and driving licence using their smartphone. Mobile Verify validates that the documents presented are genuine, original, unaltered, and government-issued – granting users rapid access to a range of payment options.

“Our mission is to redefine the financial landscape using blockchain technology to dramatically improve the performance and experience of payment services,” said Roel Boers, CEO and Co-Founder, Nocks. “The experience begins at registration, and we wanted to make it as easy as possible for new users to access services so they can grow their businesses and improve their financial lives. We also wanted to ensure compliance with regulatory demands, so our users and beneficiaries are protected without impacting the user experience.”

“There is no doubt that blockchain technology will transform the financial services industry,” said Rene Hendrikse, Managing Director for EMEA at Mitek. “By introducing digital Know Your Customer (KYC) checks, innovative fintech companies like Nocks can demonstrate that the blockchain is not only transformational, but safe and secure for customers and the wider industry alike.”