#United States #San Francisco #Identity Verification #Persona #Money20/20

Persona Connect: Transforming Identity Verification

In an era where digital identity is paramount, the need for effective and secure identity verification has never been more crucial. Persona, a leading name in identity verification, has stepped up to the plate, unveiling Persona Connect at the Money20/20 USA conference this October. This innovative solution is designed to empower organizations with the ability to share and reuse verified identity data in a manner that not only increases efficiency but also adheres to the highest standards of user consent and compliance.

As organizations manage their ecosystems, Persona Connect serves as a foundational layer for exchanging Personally Identifiable Information (PII) and Know Your Customer (KYC) data. This capability addresses the disruptions caused by the traditional fragmented identity verification processes, which have allowed for repetitive checks and cumbersome procedures that slow down business growth and frustrate users.

The Challenge of Fragmented Identity Verification

The current state of identity verification often results in users encountering repetitive hurdles when accessing new services. Not only does this lead to a poor user experience, but businesses also confront delayed growth trajectories as they navigate through duplicate processes. Regulatory bodies express concerns over systemic risks introduced by inadequate data sharing practices, reinforcing the necessity for structured and responsible data exchange.

Further, recent guidelines from the Financial Crimes Enforcement Network (FinCEN) indicate that financial institutions should leverage one another's verified information to combat fraud more effectively and enhance anti-money laundering (AML) oversight. With Persona Connect, organizations can fulfill this requirement, fostering a collaborative approach to verified data sharing.

A Tailored, Consent-Driven Network

Rick Song, CEO and co-founder of Persona, envisions a future where identity verification serves as a catalyst for growth, rather than a bottleneck. "Verification should not hinder progress; it should be the stepping stone for industries to collaborate and innovate while ensuring user privacy and compliance," he stated.

What sets Persona Connect apart is its focus on customization. Unlike traditional data-sharing structures that often require organizations to fit into a standardized model, Persona Connect empowers each entity to establish its unique data-sharing network. Companies have the autonomy to determine what data to share, how to manage verification processes, and when to seek new records—all while prioritizing explicit consent from end-users.

Statistical insights reveal the struggles many face with KYC procedures: approximately 25-35% of users abandon the process when asked to provide identification and selfies. This data underscores the financial ramifications of duplicate verifications. By minimizing such redundancies, Persona Connect fosters trust and lays the groundwork for more extensive collaborative opportunities, including the early access to shared fraud signals.

Key Advantages of Persona Connect

The introduction of Persona Connect brings with it several key advantages for organizations:
1. Streamlined Onboarding: By allowing users to reuse their verified information or prefill data across platforms, onboarding becomes a smooth, frictionless step.
2. Standards for Data Sharing: Organizations can establish clear protocols for sharing and reverifying identity data tailored to their industry’s requirements.
3. Reduced Compliance Burden: By eliminating duplicate verifications, organizations can lower their compliance costs and focus more on growth.
4. Audit Preparedness: Persona Connect ensures organizations can access the necessary records when needed, maintaining privacy while upholding regulatory standards.

Proven Success in the Crypto Space

Previously, Persona has shown success within the cryptocurrency sphere, having partnered with notable firms like Strike, BitGo, and Ripple to bridge the gap between user experience and compliance needs. With the launch of Connect, these entities will streamline their onboarding processes, aligning with the foundational principles of speed and accessibility intrinsic to the cryptocurrency sector while addressing regulatory responsibilities.

Clients such as BitGo and CoinFlow are among the first to adopt Persona Connect. By enabling these companies to improve their processes, Persona aims to contribute significantly to minimizing the friction experienced across diverse financial platforms.

See Persona Connect in Action

Attendees at Money20/20 USA in Las Vegas, scheduled from October 27 to 30, 2025, will witness the launch of Persona Connect where the Persona team will demonstrate how organizations can develop secure data-sharing networks that enhance compliance, trust, and scalability.

About Persona: Persona provides industry-leading solutions across various sectors, including fintech and crypto, to streamline identity verification processes. By automating compliance protocols such as KYC, KYB, and AML through real-time risk adaptation, Persona assures businesses can not only meet regulatory expectations but also engage more legitimate users without overburdening their operational resources.