Finax integrates facial biometrics from Innovatrics to automate digital onboarding

Innovatrics has partnered with European broker Finax to help digitize its KYC process through facial biometrics with Innovatrics’ digital onboarding platform, the company announced.

Before the partnership, Finax performed all filing and ID checking tasks manually, making room for human error, according to the announcement, but they have now fully automated the process and deliver a paperless onboarding experience.

The solution confirms user identity by running a background liveness check on the client’s uploaded selfie and photo ID. After the two are compared, the AI proprietary technology will collect the client’s information from the ID, and then the user is asked to follow a dot on the screen for the tool to analyze eye movement and confirm liveness.

Not only does the new integration serves as an anti-money laundering (AML) measure, but it also performs Strong Customer Authentication (SCA) in compliance with new European Union regulations. Finax has a proof of verification of client’s identity required by law.

Based in Slovakia, Finax is looking to expand to other European countries, without having to grow the team for manual verification tasks. In the next three years, the broker aims to reach 150 million potential customers in 10 more markets in Central and Eastern Europe.

Innovatrics was recently found to have one of the fastest algorithms in FRVT 1:N identification testing, out of over 200 applicants.

In November, the company announced it was expecting significant growth in Latin America following a significant expansion of the biometric landscape.

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