New remote financial services with selfie biometrics and ID checks launched for EMEA, UK, Baltic clients
Fenergo has fast-tracked the launch of a cloud-based Remote Account Opening (RAO) solution in the EMEA region to help banks deliver emergency funding to businesses and open accounts remotely with compliance and less friction.
Fenergo provides a digital transformation and client lifecycle management (CLM) solutions for financial institutions. The new pre-configured service can be deployed quickly to allow banks to meet know your customer (KYC), anti-money laundering (AML) and counter financing of terrorism (CFT) requirements with document checks and facial biometrics while digital onboarding customers. The service decreases onboarding time dramatically and lowers cost, according to the announcement, while supporting stay-at-home policies.
“Industry bodies, including the Financial Action Task Force (FATF) and the European Banking Authority (EBA), have published statements outlining measures that can be implemented to mitigate the risk of financial crime throughout the pandemic. FATF encourages the use of digital onboarding processes, including digital identity and verification measures in line with recently published FATF guidance. Meanwhile, the Financial Conduct Authority (FCA) has outlined flexible measures that may be taken in line with a risk-based approach, including the acceptance of scanned documents and ‘selfies’. Our Remote Account Opening solution allows banks to digitally onboard clients in compliance with regulatory guidance, leverage the latest digital technologies and continue to mitigate the risk of financial crime,” said Rachel Woolley, Global AML Manager, Fenergo.
Onfido technology expanded to more loan customers
UK-based United Trust Bank (UTB) has developed a new feature for its Nivo app to allow dual representing solicitors to use its facial recognition and ID verification tool to prove their identity without a face-to-face meeting, Mortgage Solutions reports.
Onfido provides the biometric identity check component of the app, which was launched last year and extended to UTB’s bridging customer in February. The customer can provide a passport, driving license or national ID card for selfie comparison.
UTB worked with its dual representation solicitors Lightfoots LLP and JMW Solicitors LLP on the feature’s development.
The bank also announced the launch of remote digital security checks for mortgage applicants with biometric ID verification through its UTB Nivo app. The company says the service is an industry first. Standard industry practice is to conduct the checks by phone.
Ondato upgrades Baltic bank app
Lithuanian bank Luminor has partnered with Ondato to provide quick and easy remote account opening with a biometric video selfie, and ID document check and mobile signature or Smart-ID app confirmation.
Luminor is the third-largest provider of financial services in the Baltic States, according to the announcement.
Cooperation with Luminor is the best example of how fintech companies and banks can combine their experience and make use of the digital potential of new technologies for the convenience of clients. Thanks to this cooperation, Luminor has become the first traditional bank operating in Lithuania to digitise its client identification and account opening fully,” Liudas Kanapienis, Ondato’s CEO, says.
The technology creates a 3D facial image for biometric comparison, optical character recognition (OCR) data digitization and other data review algorithms to collect and confirm individuals’ information.
“When performing client identification, not only document validity is tested, but also with the aid of biometric data, it is established whether the individual in the document truly is a match of the individual seeking to open an account,” Kanapienis explains.
Luminor had previously offered remote account opening, but the use of biometrics speeds and facilitates the process, a Luminor executive notes. A similar service is already available in Latvia, and will soon become available for Luminor’s Estonian customers.