Online Identity Verification Service “LIQUID eKYC” has ranked as the No.1 share in the eKYC market for five consecutive years

Steady Expansion in the Number of Implementing Companies and Usage Scenarios

Liquid Corporation, a member of the ELEMENTS Group, announces that its online identity verification service, “LIQUID eKYC,” has been awarded the No.1 spot for the fifth consecutive year in vendor sales share in the eKYC market, according to the market research report “ITR Market View: Identity Access Management / Personal Authentication Security Market 2024” published by ITR Corporation※1.

LIQUID eKYC is a service that completes identity verification online by either capturing documents or reading IC chips and matching these with a selfie, as well as utilizing public personal authentication (JPKI). This service has been adopted across a wide range of industries including finance, mobile communication, second-hand shops, sharing economy-related services, dating apps, cryptocurrency trading services, and Web3-related services such as blockchain game guild services. Recently, its adoption has also increased in overseas services operating in Japan and in services where identity verification is not required by law or regulation. Amid this steady expansion in the number of implementing companies and usage scenarios, it has achieved the No.1 market share.

“LIQUID eKYC” with the largest share of the eKYC market for five consecutive years※2

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.
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※1,2 ITR “ITR Market View: Identity Access Management / Personal Authentication Type Security Market 2024 eKYC Market: Sales Value Share by Vendor (FY2019-FY2023Forecast)

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.

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.
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