Yoti, Synetics introduce biometric digital identity and e-KYC risk assessment onboarding project for banks

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Yoti and Synectics Solutions have jointly developed Project Endeavour, a real-time electronic digital identity and e-KYC risk assessment onboarding solution with facial biometrics for the banking industry. The project is based on intelligence from Dow Jones Risk Solutions and is supported by the regulatory and compliance division of law firm Eversheds Sutherland, Konexo.

Through their initiative, the two companies want to make financial services more accessible to a young and digitally-savvy market segment, as well as cut down cost and time required to verify identity and run real-time due-diligence checks.

The first step in rolling out the project involves contacting leading financial institutions in the UK interested in leveraging Yoti’s access to a large digital marketplace of customers and who want to improve digital customer acquisition and eKYC onboarding experience.

Endeavour is a shared eKYC and customer acquisition platform for regulated financial services institutions that leverages Yoti’s digital identity platform for onboarding and provide a full real-time customer due diligence (CDD) assessment.

Synetics will partner with National SIRA and Dow Jones Risk & Compliance for data sources and will receive regulatory compliance support from Eversheds Sutherland (Konexo) to complete this new digital ID&V and eKYC proposition.

The joint offering builds on the partnership formed late last year by the companies to deliver Yoti’s Doc Scan technology to Synetics financial services clients.

“Endeavour crystallizes a new commercial partnership between Yoti and Synectics Solutions to create undoubtedly the most sophisticated anti-fraud solution in the UK,” said Gareth Narinesingh, Commercial Director at Yoti, in a prepared statement. “With best in class digital identity, anti-fraud and AML risk screening data services, both Yoti and Synectics technology platforms complement each other perfectly and we believe that we offer regulated firms the best possible opportunity to balance regulatory compliance with a unique customer acquisition channel through our combined tech solution.”

Understanding the need to reduce cost and improve online experience, the two companies are looking to partner with a UK bank to roll out a test pilot, which they claim will bring and onboard new retail customers, cut down customer acquisition cost, optimize eKYC compliance, and protect against fraud.

“We’re delighted to have partnered with Yoti on the Endeavour initiative. The young, digitally native generation that financial institutions are increasingly seeking to acquire as customers expect a fast and smooth digital customer journey,” said Russell Mackintosh, Synectics Solutions Head of Partnerships, in the statement. “One essential ingredient when these institutions are boarding customers at speed is trust. Together with Yoti, and the data assets that Synectics is uniquely positioned to supply, I’m certain that the Endeavour service will be something that many banks and other financial service providers want to engage with to help them improve their ability to deliver that trust.”

Some of the benefits Endeavour can bring to the table are regulatory effectiveness, access to pre-vetted accounts, reduced operational overheads, accelerated customer journey, cost efficiency, and ease of operational integration.

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