Financials launch biometric and digital ID tech from Signicat, Keesing, Fortress Identity, FacePhi
The bank account verification service offered by SurePay has been integrated with Signicat’s Digital Identity Platform to allow financial institutions and other business in the Netherlands to cross-check payees’ digital identities with their bank account details. Alerts from Account Check about mismatched payment information can prevent misdirected payments, as well as reduce bank and identity fraud, according to the announcement.
SurePay is a fintech subsidiary of Rabobank, and verifies the name associated with an International Bank Account Number (IBAN) in its database during the pre-payment stage. Before the payment is sent, end-users receive a notification with information on the beneficiary, alerting the person sending the payment to any inconsistencies, which indicate a need for further due diligence. Consumer payments, B2B transactions, and employee salaries can all be conducted with greater transparency through SurePay, the companies say.
“By verifying account holders at the point of payment, bank and identity fraud diminishes by 72 percent in online banking. Not to mention a 90 percent decrease in of failure in the onboarding process of new customers. By integrating the check in at the payee on-boarding stage both customers and suppliers have found it to prevent dropouts for second line investigation,” says SurePay Co-founder Marcel Rienties.
The partnership and Signicat’s integration of Dutch electronic identification (eID) system iDIN, customers can verify not just the name and address of other parties, but their bank account information as well.
Keesing biometrics launched to Norway bank branches
Almost all bank branches in Norway now offer facial biometric and document verification services from Keesing Technologies, which have been rolled out in collaboration with Keesing partner Risk Information Group (RIG).
In addition to 96 percent of physical bank locations in Norway, the AuthentiScan technology, which was launched to general availability as a web API with facial recognition and biometric liveness in October, is now gaining traction in Sweden, Denmark, and Finland, according to a company announcement.
Up to 14 percent of Nordic countries’ GDP is made up of the ‘shadow economy,’ according to IMF and Eurostat figures cited by Keesing, and despite strict anti-money laundering (AML) regulations, most is still laundered through traditional channels. In addition to helping RIG customers meet their KYC and AML requirements, Keesing says its technology also helps Norwegian financial institutions meet the new ‘re-authentication’ requirements included in the recent update of the country’s compliance rules.
“As customers’ reliance on mobile devices increases, transactions and onboarding processes take place online more often. At the same time, FIs must take responsibility to protect their customers and their businesses against identity fraud. Current legislation requires FIs to exercise care and due diligence in their identification procedures. On top of that, the customer is key in the process and demands a seamless, smooth experience. Customer onboarding systems should include an easy and secure identity verification process that complies with legislation and is customer-friendly. Keesing AuthentiScan fits perfectly to this need”, says Preben Fjeld, CEO of RIG.
Digital bank Zenus launches Fortress Identity biometric authentication
U.S.-based challenger bank Zenus has integrated the Fortress Identity Onboarding Authentication platform to complement its access control, transaction approval, fraud detection and compliance services with biometrics.
Fortress Identity’s platform can validate thousands of identity document from hundreds of countries in a few seconds, and compare the validated image with a biometric selfie to satisfy KYC and AML requirements and protect the customer and bank throughout the digital onboarding process, according to the announcement.
“We wanted to work with a vendor that provided a full cycle integration of customer biometric validation and frictionless connectivity with the multiple vendors we need to consult for financial irregularities and fraud prevention.” says Mushegh Tovmasyan, chairman of Zenus Bank.
“Selection by Zenus confirms our vision of a unified identification platform that uses compound biometrics for onboarding, authentication and compliance and is an excellent strategy for banks that are innovating. Our platform eliminates the need for passwords and other weak links in the security chain, and smooths the overall customer experience,” states Fortress Identity CEO Alessandro Chiarini. “And reduces risk in the process.”
FacePhi implemented by Mexican fintech
Fintech platform Albo has reached an agreement to provide Selphi and SelphID facial biometrics from FacePhi to its roughly 1.5 million users for account creation and authentication. FacePhi says in a company announcement that the deal is its tenth so far in calendar 2019, and its fifth in Mexico since 2016, consolidating its Latin America expansion plan.
SelphID document and biometric check will be offered for remote onboarding, and Selphi for log-in and transaction authentication on the fintech platform, enhancing security while improving customers’ user experience, FacePhi says.
Speaking on the new agreement, FacePhi CEO Javier Mira says “it comes to strengthen our trade movements with financial institutions in Mexico, a country where we already had a presence in since 2016. This last contract is the third agreement we have closed in Mexico in 2019.”
“The Latin American market is an important business niche for our company, although we also have high expectations in the Asian market, where there is a strong demand for biometrics products,” he adds.
FacePhi’s client portfolio now includes more than 30 companies.