Contact Us
Book a Demo

SQR’s latest Product Enhancements are here

We've introduced clearer labelling for UK address verification and improved sorting functionality for customer lists, making workflows more intuitive. Our fraud detection capabilities are now enhanced with the addition of UK Mortality Check and Trust Score. The SQR app has also been streamlined with bug fixes and a refined user interface for a smoother user experience.
New product features announcement by SQR.

We’re excited to share some updates that have recently been rolled out across the SQR service. You may have already noticed these, or might spot them next time you log in. These new changes form part of our ongoing efforts to ensure that both the eKYC Dashboard and App platforms are easy to navigate, simple to use, and remain as effective for you as possible.

Here’s a quick overview of what’s new:

eKYC DASHBOARD UPDATES:

Clearer Labelling: We’ve taken feedback on board and made a few small changes to the language used in the dashboard:

  • For UK, Isle of Man and Channel Islands address verification checks, you’ll now see exactly which credit reference agencies has been called upon:
    • ‘155 UK Credit Header (AML)’ → ‘155 Equifax Credit Bureau’
    • ‘395 UK Credit Bureau (Advanced)’ → ‘395 Experian Credit Bureau’
    • ‘405 UK Credit Reference Bureau (Advanced)’ → ‘405 Transunion Credit Bureau’
  • User Roles: ‘Client’ is now ‘Customer’ and ‘Employee’ is now ‘Dashboard User’
    • This is because, in the coming months, we will be rolling out Right-to-Work checks to help you onboard your employees – more communications coming on this soon.
  • The ‘User Management’ tab has been renamed to ‘Dashboard Users’
  • The ‘Application Users’ tab has become ‘Onboarded Customers’
  • You might also notice some internal identifiers on user profiles (like ‘Journey ID’ and ‘Verification ID’ labels) have changed – these don’t affect how the system works, but will help us stay aligned behind the scenes.

 

Smarter Sorting: We’ve improved how the customer list appears in the Account Request tab. Previously, this has been sorted according to the date and time of account creation. Now, any update to a customer’s registration status will trigger their profile to move to the top of the list. What does this mean in practice? If an individual resubmits their identity evidence and their profile enters into a ‘review’ state, you’ll see this right away with no need to scroll.

Greater Data Sources: Two new checks have been introduced to further strengthen SQR’s robust fraud detection capabilities:

  • ‘UK Mortality Check’: Flags if the customer is registered as deceased at the address supplied (UK, Isle of Man and Channel Islands only).
  • ‘Trust Score’: This powerful fraud detection engine, designed to leverage shared identity signals and risk indicators, is contributed to by a network of over 640 global organisations. By drawing on data from more than 125 million identity profiles, Trust Core highlights potential fraud risks using a wide array of intelligence, such as identifying whether an email address has been linked to multiple identities, if a phone number’s area code matches the address provided, whether a user has been associated with several different addresses in a short period of time, or if an address is known to be virtual or serviced. All of these insights will soon be combined into a single Risk Score (on a scale of 0–1000), which – when used alongside existing SQR checks – will provide a richer, more comprehensive picture of potential fraud risk during onboarding. While some Trust Core insights are already live in the dashboard, the risk score will be coming soon and we’ll be sure to keep you updated as it becomes available. 

 

iOS AND ANDROID APP UPDATES

‘Wallet’ Removal: We’ve retired the in-app ‘Wallet’ area, which was designed to allow users to securely encrypt and link payment methods, such as debit cards – to their SQR account. Please note that it’s no longer accessible through the menu or home screen (where you’ll now find a link to ‘Settings’ instead). The Wallet isn’t part of our current core service offering, so we’ve set it aside to streamline the app experience, watch this space as it may well return in the future!

Bug Fixes: The SQR team is continually working behind the scenes to resolve issues as they arise or are brought to our attention. To give you a quick glimpse into that ongoing progress, here are a couple of bugs we’ve addressed over the past few days:

    • Resolved a camera glitch that was affecting some Redmi devices
    • Refined the keyboard layout to remove excess blank space that was blocking visibility of fields

 

That’s all for now, but keep a close eye on our website for the upcoming launch of some major service enhancements designed to elevate your SQR experience!

We’re excited to share some updates that have recently been rolled out across the SQR service. You may have already noticed these, or might spot them next time you log in. These new changes form part of our ongoing efforts to ensure that both the eKYC Dashboard and App platforms are easy to navigate, simple to use, and remain as effective for you as possible.

Here’s a quick overview of what’s new:

eKYC DASHBOARD UPDATES:

Clearer Labelling: We’ve taken feedback on board and made a few small changes to the language used in the dashboard:

  • For UK, Isle of Man and Channel Islands address verification checks, you’ll now see exactly which credit reference agencies has been called upon:
    • ‘155 UK Credit Header (AML)’ → ‘155 Equifax Credit Bureau’
    • ‘395 UK Credit Bureau (Advanced)’ → ‘395 Experian Credit Bureau’
    • ‘405 UK Credit Reference Bureau (Advanced)’ → ‘405 Transunion Credit Bureau’
  • User Roles: ‘Client’ is now ‘Customer’ and ‘Employee’ is now ‘Dashboard User’
    • This is because, in the coming months, we will be rolling out Right-to-Work checks to help you onboard your employees – more communications coming on this soon.
  • The ‘User Management’ tab has been renamed to ‘Dashboard Users’
  • The ‘Application Users’ tab has become ‘Onboarded Customers’
  • You might also notice some internal identifiers on user profiles (like ‘Journey ID’ and ‘Verification ID’ labels) have changed – these don’t affect how the system works, but will help us stay aligned behind the scenes.

 

Smarter Sorting: We’ve improved how the customer list appears in the Account Request tab. Previously, this has been sorted according to the date and time of account creation. Now, any update to a customer’s registration status will trigger their profile to move to the top of the list. What does this mean in practice? If an individual resubmits their identity evidence and their profile enters into a ‘review’ state, you’ll see this right away with no need to scroll.

Greater Data Sources: Two new checks have been introduced to further strengthen SQR’s robust fraud detection capabilities:

  • ‘UK Mortality Check’: Flags if the customer is registered as deceased at the address supplied (UK, Isle of Man and Channel Islands only).
  • ‘Trust Score’: This powerful fraud detection engine, designed to leverage shared identity signals and risk indicators, is contributed to by a network of over 640 global organisations. By drawing on data from more than 125 million identity profiles, Trust Core highlights potential fraud risks using a wide array of intelligence, such as identifying whether an email address has been linked to multiple identities, if a phone number’s area code matches the address provided, whether a user has been associated with several different addresses in a short period of time, or if an address is known to be virtual or serviced. All of these insights will soon be combined into a single Risk Score (on a scale of 0–1000), which – when used alongside existing SQR checks – will provide a richer, more comprehensive picture of potential fraud risk during onboarding. While some Trust Core insights are already live in the dashboard, the risk score will be coming soon and we’ll be sure to keep you updated as it becomes available. 

 

iOS AND ANDROID APP UPDATES

‘Wallet’ Removal: We’ve retired the in-app ‘Wallet’ area, which was designed to allow users to securely encrypt and link payment methods, such as debit cards – to their SQR account. Please note that it’s no longer accessible through the menu or home screen (where you’ll now find a link to ‘Settings’ instead). The Wallet isn’t part of our current core service offering, so we’ve set it aside to streamline the app experience, watch this space as it may well return in the future!

Bug Fixes: The SQR team is continually working behind the scenes to resolve issues as they arise or are brought to our attention. To give you a quick glimpse into that ongoing progress, here are a couple of bugs we’ve addressed over the past few days:

    • Resolved a camera glitch that was affecting some Redmi devices
    • Refined the keyboard layout to remove excess blank space that was blocking visibility of fields

 

That’s all for now, but keep a close eye on our website for the upcoming launch of some major service enhancements designed to elevate your SQR experience!

In this case study, we explore how digital identity verification can successfully address key challenges, demonstrating its impact in transforming public sector processes.

Solving Public Sector Pain Points: 

The need for independent validation of corporate ownership data has never been more pressing. As countries around the world intensify efforts to combat money laundering, tax evasion and financial crimes, understanding Ultimate Beneficial Ownership (UBO) has become a key global priority. Findings by the International Financial Accountability, Transparency and Integrity (FACTI Panel) estimates;

  • $500 billion losses to governments each year from profit-shifting enterprises;
  • $7 trillion in private wealth hidden in haven countries, with 10% of world GDP held offshore;
  • Money laundering of around $1.6 trillion per year, or 2.7% of global GDP.

One of the most effective tools in this battle is the beneficial ownership registry, but ensuring the accuracy and integrity of the information held within often presents a challenge. Certified digital identity solutions could provide the answer. 

What is a Beneficial Ownership Registry?

A beneficial ownership registry is a database that records the individuals who have significant control over, or who stand to benefit from, a legal entity such as a company or trust. The goal is to bring transparency to the ownership structure of companies, making it harder for criminals to hide behind complex corporate arrangements.

According to the Financial Action Task Force (FATF), the global authority on anti-money laundering and combating the financing of terrorism, a UBO is “the natural person(s) who ultimately owns or controls a customer or the natural person on whose behalf a transaction is being conducted.” This definition extends to those who exercise ultimate control over a legal entity, typically individuals who directly or indirectly own more than 25% of a company’s shares or voting rights.

The Challenges of UBO Disclosure

Identifying UBOs is not always straightforward. Ownership can be deliberately obscured through layered holding structures, spread across multiple jurisdictions with differing disclosure rules. This creates a significant challenge for authorities and regulators trying to track the real beneficiaries of a company. The International Monetary Fund (IMF) emphasised this critical risk in their 2022 whitepaper ‘A guide to Beneficial Ownership Transparency’, noting that countries should have mechanisms to ensure the accuracy of the data submitted.

FATF defines accuracy in the context of beneficial ownership information as having been “verified to confirm its accuracy by checking the identity and status of the beneficial owner using reliable, independently sourced or obtained documents, data, or information.” Given the complexities involved, independent validation of beneficial ownership data is critical. Without robust mechanisms, beneficial ownership registries run the risk of being inaccurate or incomplete, which leaves the system vulnerable to financial crime.

A Leading Example

One country that has made significant strides in beneficial ownership verification is Denmark. The Danish system integrates digital identity tools such as ‘MitID’ – a government-issued digital ID – with its beneficial ownership registry. MitID connects to an individual’s civil registration number, as well as their address in the Danish Address Register, enabling authorities to automatically cross-check all of the information submitted against trusted databases. This reduces the risk of both unintentional errors and fraud, ensuring a higher level of data accuracy.

However, while Denmark’s approach provides a model initiative in respect of the country’s resident beneficial owners, it does have limitations. Non-residents are ineligible for a MitID, necessitating an additional identity verification process for this group of beneficial owners. This adds complexity and relies on more traditional, less streamlined methods. 

Fostering an Inclusive Cross-Border Approach

Countries and jurisdictions without government-issued digital identity systems, or with foreign national UBOs, are increasingly turning to private sector digital identity solutions to validate their data. It is crucial however, that only digital identity providers certified to a recognised government standard – such as DIATF in the UK or eIDAS in the EU – are onboarded. This ensures that the verification process meets stringent regulatory and security benchmarks, providing a high level of trust and reliability. Find out how SQR’s certified digital identity solution is being leveraged in this way here.

This type of collaboration between public and private sectors fosters the creation of innovative, tailored solutions that meet the unique needs of each jurisdiction while also leveraging the advantages of reusability. For instance, individuals with a certified digital identity from an approved provider can seamlessly share their pre-verified identity information with the relevant authorities. This approach not only streamlines the verification process but also ensures adherence to stringent government standards, significantly mitigating the risk of fraud and enhancing the integrity of beneficial ownership data.

The Future of UBO Verification

Countries and jurisdictions without government-issued digital identity systems, or with foreign national UBOs, are increasingly turning to private sector digital identity solutions to validate their data. It is crucial however, that only digital identity providers certified to a recognised government standard – such as DIATF in the UK or eIDAS in the EU – are onboarded. This ensures that the verification process meets stringent regulatory and security benchmarks, providing a high level of trust and reliability. Find out how SQR’s certified digital identity solution is being leveraged in this way here.

The use of independent digital identity systems represents a crucial step forward in improving the accuracy and security of beneficial ownership databases. By fostering collaboration between governments and the private sector, countries can implement innovative, scalable solutions that address the growing demands of the global regulatory environment. Ultimately, these advances will empower authorities to better tackle financial crime, increase public trust, and enhance the integrity of beneficial ownership data worldwide.

A secure, efficient and inclusive digital identity system offers a wide range of benefits. By adopting certified digital identity solutions, governments and organisations can streamline operations, build public trust, and create a more secure and transparent digital ecosystem. 

The benefits of secure, efficient and inclusive digital identity

A certified digital identity solution provides a reliable and verifiable source of information, minimising errors often associated with manual verification processes. This is particularly crucial for company beneficial ownership data, where accuracy is paramount to ensure transparency and accountability. By verifying the legitimacy of ownership, digital identity systems ensure that only authorised individuals can access sensitive information or claim beneficial ownership. This significantly reduces fraudulent activity, protecting both individuals and organisations.

Governments around the world face stringent regulatory requirements for transparency, anti-money laundering (AML) and combating the financing of terrorism (CFT). Certified digital verification identity solutions also help meet regulatory obligations, by providing a secure and trusted method for verifying beneficial owners. Automating and standardising the identity verification process further ensures that organisations are compliant with complex regulations, whilst also reducing the risk of non-compliance penalties.

Managing large datasets manually is time-consuming and prone to errors. Thus, automating and streamlining data management and digital identity verification processes reduces administrative burdens and improves operational efficiency. This more accurate processing of ownership and identity data, in turn leads to better decision-making and resource allocation for governments and businesses. With a certified digital identity system, sensitive data related to ownership is better protected against breaches, thanks to robust encryption and authentication processes. These enhanced security measures ensure that sensitive information remains protected, and helps to maintain the integrity of ownership records.

In an increasingly interconnected world, the ability to verify identities across borders is essential for multinational organisations and cross-border transactions. Certified digital identity solutions have the ability to integrate with international databases, ensuring consistency and reliability in identity verification on a global scale. It further plays a key role in enhancing global interoperability, as they enable integration with international databases. This is crucial for verifying identities consistently across borders, supporting multinational entities and cross-border transactions.

Additionally, governments that utilise certified digital identity verification systems can strengthen public confidence by demonstrating their commitment to transparency and safeguarding ownership data integrity. Furthermore, collaboration between governments and certified identity verification service providers fosters innovation. By partnering with cybertech firms, governments leverage advanced technology to develop scalable, compliant, and secure solutions for managing beneficial ownership databases.

This synergy benefits both parties, allowing governments to implement modern solutions while enabling tech firms to design systems aligned with regulatory needs.

Rebecca Glassey, Product & Operations Manager at SQR:

“Certified digital identity solutions are the cornerstone of secure, accurate data management in the modern era. By collaborating closely with government entities, we ensure that our technology not only meets the highest regulatory standards but also delivers the scalability and security that public systems demand. It’s all about providing a seamless and trusted verification process, while reducing the risk of fraud and errors in critical government datasets like beneficial ownership registers.”

Steven Webster, Head of Strategic Partnerships at SQR:

“Our work with government agencies highlights the immense value of public-private collaboration in tackling complex challenges such as identity verification. By partnering with certified Identity Service Providers, governments can adopt cutting-edge technology that ensures transparency and security in managing beneficial ownership data. This level of cooperation fosters innovation and enables both parties to create solutions that are not only efficient but also adaptable to the evolving regulatory landscape.”

For more details on how SQR’s certified digital identity solution is being implemented in collaboration with governments, refer to this SQR article.

Ready to get started?

FAQ
Book a Demo
Contact Us
Book a Demo