FacePhi, Acuant, BioID identity document and selfie biometric checks reach new financial services customers
The use of biometric selfies to authenticate users against identity documents continues to grow across regulated industries. The technology has been approved for banks in Argentina, several of which count FacePhi as an identity verification provider, to verify pensioners, while Acuant’s compliance and fraud prevention technology is being integrated to a fintech platform, BioID has signed up a cryptocurrency exchange, and Signzy has been recognized for its video KYC product.
Argentina’s government has approved the use of face biometrics by pensioners to prove their identities to banks remotely to collect their benefits, paving the way for financial institutions using FacePhi’s authentication technology to expand its use to the elderly.
Previously, pensioners were forced by regulations in the country to visit the bank in person to receive the payments.
“The use of systems for accessing bank accounts is notably increasing among older users from different countries, who see this technology as a practical and friendly way to carry out the most common financial operations,” observes Javier Mira, CEO of FacePhi.
The announcement from FacePhi notes that Supervielle, one of the country’s largest banks, has launched a mobile app specifically for pensioners with its biometric technology, and notes that the use of biometrics eliminates the need for passwords. The identity and proof-of-life check involves taking a picture of the pensioner’s ID document and submitting a selfie for biometric matching.
“The use of biometric systems to access bank accounts is notably increasing among older users in different countries, many of them from Latin America, who see this technology as a practical and friendly way to carry out the most common financial operations,” explains Mira. “The implementation of this digitization within the reach of all types of clients has a positive social impact, especially in the situation of COVID-19, in which it is advisable to prevent older people from going to closed spaces to do banking or administrative procedures. This trend will continue to progress, and it will not take long to establish itself in Spain as well.”
The company suggests the change will also help banks fight fraud and identity theft.
FacePhi’s biometric technology was implemented for pension administration by a bank in Bolivia back in 2015.
Acuant provides identity verification for fintech platform
Prime Trust has chosen Acuant’s Trusted Identity Platform to help customer organizations with anti-money laundering (AML) compliance and fraud prevention through ID document and selfie biometric checks.
Customers use Prime Trust APIs to connect to infrastructure for businesses to build fintech applications for B2B financial transactions, including payments, custody and liquidity. The company suggests neobanking, crypto exchanges and crowdfunding portals among potential applications for the APIs.
Prime Trust is integrating Acuant Compliance, formerly known as IdentityMind, to power its onboarding, sanctions screening, and authorization in line with KYC regulations. Acuant will also provide transaction monitoring, including historical behavior deviation.
Acuant acquired IdentityMind earlier this year, and the company also added passive liveness to the FaceID and WebID biometric facial recognition tools of its Trusted Identity Platform.
BioID biometrics selected for crypto exchange compliance
BioID’s face biometrics and liveness detection technologies have been chosen by the Liechtenstein Cryptoassets Exchange (LCX AG) to provide remote digital identity verification for AML compliance.
LCX customers can be authenticated by submitting ID document and selfie images for checks with facial biometrics and BioID’s patented liveness detection, for what the companies describe as real-time and frictionless onboarding and transaction authentication.
“We were looking for the most sophisticated biometric technology to develop an unrivaled identity verification process for KYC/AML regulatory compliance,” states LCX CEO and Founder Monty Metzger. “By directly integrating BioID’s APIs in our service offerings, we gain all the accuracy and flexibility we require to serve the regulated crypto finance market.”
LCX also recently announced the adoption of Regula’s secure document verification technology as part of its biometric authentication system.
Signzy wins startup award
Signzy’s biometric digital KYC solution has been recognized by ASSOCHAM’s ICT Startups Awards for 2020, the company announced.
The award is presented by the Indian government’s Ministry of Electronics and Information Technology and Ericsson to encourage tech sector innovation. Three other startups won awards at the virtual awards ceremony held on the sidelines of the Smartech India 2020 event in New Delhi.
Signzy’s digital KYC is used by more than 90 banks, insurance firms, non-bank financials and asset management companies in India, and is used to onboard thousands of customers each month, according to the announcement.
“We hold this honour in high regard as a testimony to the great work our team has been putting in,” Signzy Co-founder Ankit Ratan says. “Digitalisation is scripting the future of financial services businesses and is crucial to India’s next phase of growth. We at Signzy are proud to play a meaningful role in the ongoing digital transformation of India’s banking, insurance and financial services sector with truly innovative and path-breaking digital solutions.”
Acuant | BioID | biometric liveness detection | biometrics | FacePhi | facial recognition | financial services | identity verification | KYC | remote authentication | selfie biometrics