HooYu to provide biometric onboarding for alternative banking solution Suits Me
Suits Me is an eAccount provider for temporary agency and migrant workers who are unable to open a traditional high street bank account. According to the announcement, there are more than 3.5 million people from outside the UK currently employed, and an estimated 1.5 million people in the UK are without bank accounts.
HooYu’s technology ensures that new customers applying for a Suits Me card are seamlessly identified and KYC checked via automatic ID document validation, proof of address capture, PEPS and Sanctions checks and digital footprint analysis. The document is checked against a selfie, taken by smartphone or webcam, to complete the process. Customer onboarding is provided in 13 different languages.
“Suits Me is an innovative solution that gives temporary workers freedom and choice through financial inclusion,” commented David Pope, Marketing Director at HooYu. “HooYu Identify blends a range of identity verification techniques into one service. By choosing the services according to their needs, Suits Me has built their ideal customer on-boarding process balancing the twin objectives of security and convenience.”
McKinsey recently analyzed the digital identity market and estimated it was worth roughly $10 billion in 2017. Through 2022 it estimates the market will grow between 9 and 15 percent a year, reaching between $16 and $20 billion.