FacePhi expands biometric onboarding in Korea, Acuant provides facial recognition for legal compliance
Spanish biometrics company FacePhi has announced a milestone achieved with a major Korean financial group, while InfoComply has chosen Acuant’s facial recognition and liveness detection for faster legal compliance.
FacePhi delivers digital onboarding for KB Securities
FacePhi has released the first 100 percent biometric facial recognition-enabled digital onboarding program for Korea-based KB Financial Group subsidiary KB Securities, boosting Asian expansion, the company announced.
KD Securities has integrated its mobile application (M-able) with FacePhi’s facial recognition and optical character reading to allow clients to open a bank account with a selfie and a photo ID card. FacePhi’s SelphID technology analyzes the images and compares them to authenticate the client, while ensuring the highest level of privacy and security.
This is an innovative decision for the Korean group, as in the past customers had to be physically present in a branch or attend a videoconference during customer service hours. The system has been approved by regulators.
“Korea is the most advanced country in the world in the development and use of technologies such as blockchain, machine learning or identity verification through biometrics. If we add to this that its legislation is very demanding in terms of regulating technological aspects in the banking sector, we find that the introduction of our digital onboarding system has constituted a turning point,” said Javier Mira, FacePhi CEO, in a prepared statement.
KB Securities reports a turner of $7.5 billion and some 2,800 employees. Its digital banking services are used by thousands of clients. Since last April, over 520,000 users have used its app, enhanced in August with biometric security.
“Using facial recognition to open a new bank account is very useful in a society like Korea, where most customers only use digital banking services,” Mira added. “In addition, facilitating this operation at any time of the day is the most practical option for people who travel constantly, for managers who have very little time and for the elderly as it provides user-friendliness with all the security guarantees.”
InfoComply installs Acuant’s biometric facial recognition and liveness detection
InfoComply has chosen Acuant’s biometric identity verification technologies AssureID and FaceID to enhance personal data protection and processing, save on legal costs and reduce privacy request handling times to ensure compliance with GDPR, CCPA, LGPD and other upcoming global regulations, the company said in an announcement.
Acuant will provide multi-factor authentication to prevent fraud and deliver a seamless and frictionless customer experience. To authenticate IDs in a few seconds, it applies over 50 forensic and biometric tests to eliminate manual errors and expedite document analysis. Acuant FaceID carries out biometric facial recognition and liveness detection to prevent identity theft and fraud.
“With InfoComply and our iDatachoice platform, the discovery of data subject information across the enterprise has become much faster,” Suren Reddy, Co-Founder and Vice President of Customer Success at InfoComply, said in a prepared statement.
“InfoComply puts individuals in the driver’s seat of their own personal data management,” Yossi Zekri, President and CEO of Acuant, said in a prepared statement. “Our verification and authentication solutions are the perfect complement to their solutions, as we show trusted consumers the fast lane, while adding checks to suspicious users. With our patented Digital Identity eDNA technology, we protect against identity theft and fraud, while also meeting compliance needs.”