iDenfy biometric authentication secures crypto exchange, Santander Chile onboards 100k with TOC Biometrics

iDenfy’s biometric facial authentication technology has been chosen by Maltese digital currency exchange platform Xcoins to secure onboarding and comply with KYC and AML regulations, the company announced.

“We are sure our advanced identity verification solution will deliver a secure and positive experience to Xcoins users and help the platform fulfill their aim to create a responsive virtual currency platform,” Domantas Ciulde, iDenfy CEO, said in the announcement.

Since 2016, users have used Xcoins to buy digital currency using Visa or MasterCard credit or debit cards. The platform wants to improve identity verification for over 250,000 customers in 167 countries.

iDenfy’s automated ID document detection leverages facial recognition and biometric liveness detection to recognize and verify nearly any ID document from over 200 countries.

iDenfy recently partnered with UK-based TalentClouds to improve remote onboarding and biometric verification for job candidates. The company partnered with FaceTec to provide 3D biometric liveness detection as part of its identity verification platform in April.

Banco Santander Chile’s biometric authentication onboards over 100K customers in first 5 months

Banco Santander Chile’s Superdigital App has used biometric selfie and ID document verification technology from TOC Biometrics to onboard more than 100,000 customers in just five months, the bank announced. The app is part of its digital plan to become market leader for the financial inclusion of four million unbanked people in the country.

Superdigital “is an integral part of an ambitious strategy that aims to provide quality financial services to the largest possible amount of individuals and businesses,” Miguel Mata, CEO of Santander Chile, said in a prepared statement. “For this reason, we launched Superdigital, for this reason we are innovating our value proposal for Life and for this reason we decided to shake the market with our acquiring network, Getnet, with which we will introduce greater competition to this industry, offering clients an attractive alternative.”

The fast on-boarding process and COVID-19 measures have increased demand for digital innovation, as the bank reports strong month-to-month growth over the past five months. Banco Santander Chile’s system opened 34 thousand accounts in the given timeframe.

Superdigital is a Banco Santander fintech, which operates like a banking and social ecosystem. It enables payments through chats, transfers to any bank accounts in the country, split payments, and cellphone top-up.

Santander Group has widely deployed biometric technology in Latin America. Santander Mexico has rolled out Integrated Biometrics’ fingerprint scanners to register millions of customers, while Uruguay subsidiary Creditel chose FacePhi for biometric digital onboarding. Santander Group’s Santander Merchant Platform Solutions S.A. (SMPS) offers FacePhi biometrics in Argentina, after Santander Argentina had already chosen FacePhi and its partner Compusistem to provide biometric onboarding through the SelphID facial recognition product.

Article Topics

biometric liveness detection  |  biometrics  |  digital identity  |  facial recognition  |  financial services  |  iDenfy  |  identity verification  |  KYC  |  Latin America  |  Malta  |  TOC