{"id":4029,"date":"2023-06-24T13:14:42","date_gmt":"2023-06-24T13:14:42","guid":{"rendered":"https:\/\/innovationisrael.org.il\/en\/?post_type=report&p=2803"},"modified":"2023-08-15T10:41:52","modified_gmt":"2023-08-15T10:41:52","slug":"who-moved-my-identity","status":"publish","type":"article","link":"https:\/\/innovationisrael.org.il\/en\/article\/who-moved-my-identity\/","title":{"rendered":"Who Moved My Identity?"},"content":{"rendered":"\n

“Every time someone in the world transfers money to someone else, the entity via which the transfer is performed is legally obligated to check the name of the person initiating the transaction and the name of the receiving bank, and to search for them on the list of international sanctions that exists to combat money laundering. For the transfer to be executed immediately, this process must be both quick and precise”, says Gideon (Gidi) Drori who, together with Oleg Golobrodsky, founded FinCom.Co<\/a><\/strong>.<\/p>\n\n\n\n

“However, there is a problem: Almost every name has several different spellings. For example, my name is Gideon, but everyone knows me as Gidi. In English this transliterates as “Gidi” but when you hear a name and want to write it in English, everyone uses the letters that suit his\/her native language. The result is that a British person will spell it Giddy while someone from the Netherlands will write Gidie. Even with my short four-letter name, there are at least three different spellings. The most common name in the world is Muhammed which has no less than 56 different ways of writing it in English…<\/p>\n\n\n\n

In the case of money transfers, this becomes a serious problem: how will someone transferring money who checks the blacklist, know what to look for? Three or four options that are defined as “maybe” or possible results may arise. <\/p>\n\n\n\n

The problem with “maybe” results is that instead of the money being transferred immediately, everything is stopped to check all the different possible results after which further authorization of the manager is required. That means that the transfer may be delayed for 1-2 days and, sometimes, even a month. The entire process is expensive for the banks, costs that are ultimately imposed on the consumers.<\/p>\n\n\n\n

The system created by FinCom.Co resolves the problem of the different spelling. According to the company, it is the only system in the world that can search for a person’s name in 38 different languages. This is done while transforming each name into its phonetic form, thereby creating a “phonetic fingerprint” \u2013 a numerical structure that represents the person’s name. <\/p>\n\n\n\n

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