Jersey City, NJ – March 19, 2025 – Data Zoo, a leader in global identity verification solutions, has partnered with LAB Group to improve electronic identity verification (EIDV) workflows. This collaboration brings Data Zoo’s trusted and authoritative data sources and smart sequencing to LAB Group's identity verification platform, LAB Verify, enhancing pass rates, optimizing compliance, and improving customer onboarding experiences.
Boost EIDV Success Rates with Data Zoo and LAB Verify
The partnership addresses the challenge of low EIDV pass rates that can lead to costly manual intervention and customer inconvenience, potentially hampering account conversions or causing delays in account openings. By integrating Data Zoo's robust data sources, LAB Verify introduces a pass rate booster that enables organizations to improve their verification success rates—even in cases of data provider outages. Organisations leveraging pass rate boosting have seen 62% of individuals who initially fail electronic identity verification convert into a pass.
LAB Verify's intelligent orchestration seamlessly fails over to Data Zoo's data sources when other providers experience reduced functionality or outages, maintaining reliable pass rates and ensuring operational continuity. The advanced queueing and data source switching features also support Australian companies in compliance with CPS 230, enabling organizations to manage risks associated with downstream service providers effectively.
Global Identity Verification Across Jurisdictions
“The Data Zoo integration opens new frontiers for LAB Verify by providing global data sources to support multi-jurisdictional identity verification,” commented Nick Boudrie, CEO at LAB Group “Organizations can electronically identify customers and business entities in countries including the U.S., UK, Europe, Singapore, Hong Kong, and New Zealand with the same efficiency as in Australia.”
One notable application of this functionality has been in enabling LAB Verify to support foreign investment flows. For example, the LAB Engagement Framework recently facilitated seamless onboarding for Singaporean corporate investors by automatically verifying business directors using Data Zoo's capabilities.
Ensuring Compliance and Mitigating Risk
CPS 230 compliance is crucial for APRA-regulated entities to identify and manage risks associated with fourth-party providers. Data Zoo's integration into LAB Verify ensures that organizations meet these regulatory requirements while minimizing exposure to downtime and inefficiencies. Even for entities outside the CPS 230 scope, the enhanced orchestration and failover capabilities significantly mitigate the risk of outages and functional interruptions, preserving both time and revenue for businesses.
“LAB Group and Data Zoo’s partnership is setting a new global standard for efficient and compliant identity verification processes,” Charlie Minutella, CEO at Data Zoo added. “Fintech enterprises can now onboard customers and organizations across different jurisdictions with greater accuracy, reduced overhead, and improved conversion rates.”
About Data Zoo
Data Zoo provides identity verification data that enables financial institutions, payment platforms, and fintechs to confidently verify consumers and business identities in over 170 jurisdictions using a diverse set of authoritative data sources. Data Zoo’s direct access to international data sources and advanced data sequencing presents companies with a global, efficient, and secure alternative to KYC/KYB verification and compliance.
Leading global financial institutions, payment providers, and fintechs trust Data Zoo to verify millions of customers while minimizing fraud and risk. Headquartered in New Jersey, Data Zoo has offices in Amsterdam, Australia, New Zealand, the Philippines, and Singapore. For more information, visit: www.datazoo.com.
About LAB Group
LAB Group specializes in customer lifecycle management through digital engagement and KYC verification solutions. Founded in 2010, it provides AML/CTF compliance and automated customer account creation services across over 15 industry verticals.
Serving half of the world's top ten global asset managers and facilitating compliant cross-border investments, LAB Group continuously adapts its technology to evolving regulatory landscapes, offering comprehensive technology that integrates customer onboarding, verification, fraud protection, and compliance needs. Headquartered in Melbourne, LAB Group has a global presence in the UK, Europe and Asia. For more information, visit: www.labverify.com.
For media inquiries, please contact:
DATA ZOO
Nuala Johnson
Global Head of Marketing
LAB GROUP
enquiries@labverify.com