Onfido and SingPass facial biometrics adopted for KYC checks, Wibmo launches service and iComply listed
Onfido’s identity document and biometric selfie technology is being adopted by UK fintech Curve to speed up, simplify and unify its digital identity and KYC processes.
Integrating Onfido’s AI-powered ID verification enables Curve to ensure prospective customers match the identity they are presenting, and are physically present with liveness detection. Users can be onboarded from anywhere in a process taking under a minute.
“Partnering with Onfido removes friction from the onboarding experience for Curve customers enabling them to seamlessly open a safe and secure Curve account in just a few quick and easy steps,” said Matt Collinge, Curve’s Chief Product and Technology Officer. “Onfido’s interface and system is easy to navigate, drawing from a vast database that verifies identity in double quick time, and their portal quickly reports decision outcomes for ID doc and selfie and other KYC processes which have improved the sign up experience for our customers in line with our core compliance objectives.”
Onfido CEO and Co-founder Husayn Kassai says he uses Curve himself.
“We bring trust to digital interactions worldwide, and are delighted to partner with a company that shares our goal of making digital access simple and secure,” Kassai comments. “Because our machine learning models continuously learn to identify new fraud trends, we can enable Curve to onboard more users quickly without compromising on their fraud requirements. This helps build user trust and safety online while meeting KYC and AML regulations.”
Singapore national facial recognition service adopted by bank
Singapore’s national facial recognition service SingPass Face Verification has been adopted by DBS Bank to enable account-holders to open online bank accounts remotely, The Straits Times reports.
DBS is the first financial institution in the private sector to take up the service, according to the Times, which draws on the national biometric database. The DBS app will allow users to register an account with facial recognition, rather than by entering a card number and PIN. For now, users must provide a photo of their National Registration Identity Card (NRIC), though a live photo alone may soon suffice.
A government Minister discussed the extension of the national biometric system from official government uses like border identity checks to the banking sector earlier this year. Fingerprint or facial biometrics can be used with the Singpass Mobile app for e-government services, and those of insurer NTUC Income and the Singapore National Employers Federation.
A trial of the Singpass Face Verification service with more than 100 seniors and students was completed earlier this month before being brought into operation with the DBS implementation.
Wibmo launches Video-KYC for Indian bank market
Indian regulators approved video eKYC with facial biometrics for the banking sector earlier this year, and financial institutions are looking for ways to onboard customers quickly and cost-effectively during the pandemic, according to the report.
The Video-KYC service includes facial biometrics and a liveness check, according to the Wibmo website.
“Built to ensure secure methods of identity verification, it is another important addition to ACCOSA-IVS, the company’s comprehensive enterprise-class suite of digital identity verification services launched last year,” says Govind Setlur, CEO of Wibmo. “Built with end-to-end data encryption, and AI-based user verification technologies, it complies with RBI guidelines in India and the requirements of banks in all countries that we serve today. Our customers today trust us with their payment security and digital payments, and this builds on that trust and extends it.”
iComply joins listing for U.S. financial sector
iComply has been listed on the Financial Industry Regulatory Authority (FINRA) Compliance Vendor Directory to supply its biometric regtech software to U.S. firms regulated by FINRA, the company announced.
FINRA operates under the supervision of the Securities and Exchange Commission (SEC).
“iComply is dedicated to making the financial markets more robust, secure, and efficient,” comments Matthew Unger, CEO and founder of iComply Investor Services. “This listing in the FINRA Compliance Vendor Directory is an exciting moment in the company’s history as we continue to expand our client base and work with US firms to digitize their back office.”