Synectics integrates digital identity verification tech from Yoti to fight fraud, improve customer onboarding
Synectics Solutions has entered a strategic partnership with Yoti to integrate its biometric digital identity verification technology Doc Scan to deliver seamless customer onboarding, protect against identity fraud, and block unauthorized access to financial services, the company announced.
Yoti uses NIST-approved facial recognition and anti-spoofing technology with manual checks to match users with their ID documents and prove identity.
“We’re delighted to announce this partnership with Yoti as it further demonstrates our recognition that improving methods of authenticating and identifying genuine customers lies at the heart of addressing issues of fraud and financial crime for our clients,” said Russell Mackintosh, head of partnerships at Synectics Solutions.
“As a company we’re committed to continually investing in the services we offer and Yoti’s Doc Scan provides access to the leading-edge ID&V technology to help our clients improve their ability to authenticate genuine customers faster and more effectively.”
Under the partnership, Synectics’ clients will be able to verify end-user identity for UK citizens and more than 175 nationalities that use government-issued documents such as passports, drivers’ licenses, and national IDs. They will be able to securely prove their identity from a remote location, reduce customer journey friction, increase conversion rates, reduce costs and ensure regulatory compliance, the company claims.
“Our partnership with Synectics Solutions is a key proposition for UK regulated financial services. Verified identities delivered through our Yoti Doc Scan platform compliments best-in-class data services provided by Synectics Solutions,” said Gareth Narinesingh, commercial director financial services at Yoti. “Financial services clients can now look to an end-to-end solution for onboarding new customers or remediating existing customer files, through a comprehensive digital journey. This will lead to better and quicker customer outcomes for good actors, whilst employing much tighter controls around keeping out bad actors. This will be good news for both compliance officers and heads of retail banking and consumer finance businesses.”
Spanning 27 years of activity, Synectics boasts its link analysis, fraud prevention and predictive analysis solutions have saved its clients more than £4.8 billion (US$6.2 billion).