Online Identity Verification Service ‘LIQUID eKYC’ Surpasses Record High of 2 Million Monthly Verifications

Usage in the Cryptocurrency Industry Notably Expands, Doubling Compared to the Previous Month

Liquid, Inc., a member of the ELEMENTS Group, announces that the monthly number of identity verifications conducted through its online identity verification service “LIQUID eKYC” surpassed a record high of 2 million. This is double the number of verifications since March 2022, when the service first exceeded 1 million monthly verifications.

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 a selfie photo, 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.

“LIQUID eKYC” has been implemented across a diverse 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. It is now used by 200 businesses and has surpassed a total of 40 million identity verifications. The number of companies adopting it and the range of usage scenarios are steadily increasing. Notably, its use in cryptocurrency account openings has doubled compared to the previous month, contributing to the recent milestone of surpassing 2 million monthly identity verifications.

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