Mobile wallet firm Paytm to recruit 10,000 more agents to complete KYC norms

Mobile wallet provider Paytm plans to double its team by adding 10,000 more agents — in advance of opening 100,000 branches across India — in an effort to complete the know-your-customer (KYC) norms, according to a report by The Economic Times. The payments firm has set a goal of reaching 500 million full-KYC customers in three years. Paytm said the Reserve Bank of India’s recent guidelines for prepaid payment instruments or mobile wallets will hinder standalone mobile wallets due its

Pegasystems integrates facial recognition into KYC and CLM apps

Pegasystems Inc. has integrated new facial recognition and identification capabilities from Electronic IDentification (eID) into its Pega Know Your Customer (KYC) and Pega Client Lifecycle Management (CLM) applications. Using advanced biometrics, AI, and optical character recognition (OCR), eID’s facial recognition and identification capabilities match the person’s face with their legal documentation, such as a passport, to quickly and accurately confirm their identity. The process complies with any eID-supported legal ID card and all major international regulations, including Electronic Identification Authentication

Applied Recognition face verification service now complies with PCMLTFA standards

Applied Recognition, Inc revealed that its Ver-ID Credentials service now meets or exceeds the identity verification requirements of the Canadian Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) when implemented within FINTRAC’s Dual Process Method. Ver-ID Credentials enables online identity verification by using the company’s patented Face Locate technology to ensure that an in-session “selfie” matches the applicant’s government-issued photo ID. The service is equipped with several built-in security benefits including controls to limit the potential for use

Ping An Financial OneConnect launches biometrics-based cloud service for insurers

Ping An OneConnect has launched the Smart Insurance Cloud in Beijing, unveiling its latest products — Smart Verification and Smart Fast Claim — to the insurance industry. The AI-powered Smart Insurance Cloud features online-to-online interaction capabilities, offering insurance companies smart services and a”flexible access, fast upgrade, self-development, and close follow-through” experience to improve the use of technology in the insurance industry. Smart Insurance Cloud marks the first public unveiling of Ping An’s core technology for the insurance business. The company’s

Jumio to provide biometric ID verification for money messaging app Plynk

Jumio has partnered with European money messaging app Plynk to biometrically verify users who are loading money onto their Plynk accounts for instant person-to-person payments. Plynk simplifies the process of money transfers between friends by integrating a payments account and a messaging platform to allow people to instantly send funds to other Plynk account-holders in a messenger. The app allows users to send money to a single individual or distribute funds through group chat applications, without the fees and delays that

Facial recognition ATMs mandatory for mainland Mastercard, Visa cardholders in Macau

The Monetary Authority of Macau (AMCM) has made facial recognition technology a mandatory requirement for all mainland withdrawals made by Visa and Mastercard cardholders at automated teller machines (ATMs) starting in September, according to a report by Macau Daily Times. Currently, there are several ATMs in Macau that are using facial recognition technology for Union Pay customers in an effort to combat money laundering as well as the central government’s strategy to prevent capital outflows from the mainland. Now, these

Branddocs to offer Jumio solutions to Spain and Latin American clients

Branddocs has partnered with Jumio to offer the company’s solutions to its extensive client base in Spain and LATAM. TrustCloud solution by Branddocs is used by many globally-recognized organizations including Logitravel, AON, BBVA, Banco Santander, Willis, XL Catlyn, and others to conduct secure digital transactions and archive them as a Trusted Third Party. This significantly cuts down on the execution time of processing and shipping costs of transactions. Jumio’s Netverify Trusted Identity as a Service (TIaaS) will work alongside Branddocs’

India moves to make Aadhaar-based authentication mandatory for real estate deals

In an effort to combat fraudulent transactions and the use of black market money in real estate agreements, the Indian government is planning to make Aadhaar-based authentication mandatory when signing documents such as agreement for sale, power of attorney and will, according to a report by The Indian Express. The government has also established plans to enable electronic registration of properties, for which Aadhaar authentication will be a necessary requirement According to sources, the government plans to amend Sections 32 and 32A

BioRugged partners with Axon for major KYC projects in Africa

BioRugged recently outfitted West Africa’s telecommunications company MTN with more than 9,000 client enrollment and verification devices for know your customer (KYC) applications. BioRugged has a longstanding relationship with MTN, having supplied over 25,000 units to the company before the most recent agreements. MTN Cote d’Ivoire, MTN Nigeria, and MTN Liberia are the primary MTN markets purchasing BioRugged devices this year, with Globacom/Airtel Nigeria and Ethiopia Telecom being other important clients in Africa. In addition to KYC applications, the devices

HSBC, Barclays join EU project aimed at testing digital ID standards for cross-border banking

HSBC and Barclays have joined a new EU group comprised of private and public sector organizations testing the use of a citizen’s national digital identity from France to open a bank account in the UK, according to a report by Finextra. The Project, which is co-financed by the European Union’s Connecting Europe Facility, will also include the UK Government Digital Service (GDS), Orange, OT-Morpho and the Open Identity Exchange (OIX UK). The organizations will test the use of public sector