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India approves biometric selfie videos for stock trading KYC

Onfido, Mitek, TruNarrative, ubble, Trulioo, and Experian updates
India approves biometric selfie videos for stock trading KYC

Another set of financial services in India can now be accessed through selfie video biometrics, while Onfido, Mitek, TruNarrative, ubble, Trulioo and Experian have all announced partnerships or expansions to deliver biometric selfie and ID document checks for remote customer services around the world.

India’s National Stock Exchange (NSE) has been approved for biometric Aadhaar authentication for eKYC checks by the Securities and Exchange Board of India (SEBI), Taxscan reports. Eight entities have been approved as providers for the NSE’s digital KYC checks.

The use of selfie videos with facial recognition for KYC purposes began rolling out to different areas of India’s financial sector earlier this year when the Reserve Bank of India approved the process for meeting financial regulation requirements.

The eight entities approved to carry out video KYC are the Central Depository Services (India) Ltd (CDSL), National Securities Depository Ltd (NSDL), BSE, CDSL Ventures, NSDL Database Management, NSE Data and Analytics, CAMS Investor Services and Computer Age Management Services, according to the report.

SEBI and the Unique Identification Authority of India (UIDAI) informed the NSE and the Department of Revenue of the change in August.

Onfido signs up remittance app

Onfido has been selected by digital marketplace MyCash Money to provide biometric onboarding technology for secure and seamless sign-up experiences, the company has announced.

MyCash Money is used for financial inclusion and online services by foreign workers in Singapore and Malaysia without access to online banking or credit cards. The remittance app specifically caters to the Bangladeshi community.

New users of the app can now provide a photo of a government-issued identity document and a selfie for biometric facial authentication, with Onfido checking the validity of the document and matching the user against it.

“In today’s digital age, more and more organisations are moving their business online but the problem of exclusion is growing with it. Nearly a third of the world’s population are either ‘unbanked’ or ‘underbanked’ and we’re proud to be partnering with organisations such as MyCash Money to help solve this,” states Husayn Kassai, CEO and co-founder at Onfido. “With just a smartphone and a government ID, users can now more easily get access to send and receive money.”

Mitek provides face biometrics to Lightico

Lightico has partnered with Mitek to boost its identification and verification capabilities with face biometrics and other technologies.

Mitek’s Mobile Verify with Face Compare and document autofill service Mobile Fill will be integrated by Lightico to prevent fraud and make the process faster for legitimate users. The technologies will support Lightico’s onboarding process, reduce turnaround times, improve completion rates and increase customer satisfaction, according to the announcement.

“When looking for the right partner to bolster our ID&V services, we knew it had to combine two core values that define our platform: best-in-class security with the imperative to make interactions seamless and simple,” says Zviki Ben Ishay, CEO of Lightico. “We’re excited to be continuing our rapid growth with the knowledge that Mitek’s industry-leading technology will help us keep millions of interactions easy and secure.”

Lightico delivers digital customer interaction services for streamlined customer journeys to companies in financial services, telecommunications and insurance.

TruNarrative adds utility account data

TruNarrative is welcoming utility and telecom account information aggregator Urjanet to its app store, which brings additional capabilities for verifying customer information like names and addresses from 33 countries to TruNarrative customers.

Firms can use the additional verification feature as part of their onboarding process to increase service access while complying with KYB, KYC and AML regulations. The utility data delivered by Urjanet will be hosted within TruNarrative’s platform to provide a more complete customer view and facilitate automated and manual decisions, according to the announcement.

Ubble supplies video document checks to Treezor

Treezor is integrating technology from ubble to strengthen its KYC solution and increase security by 30 percent for users who successfully register. The comparison is to solutions that use a photo of the identity document instead of a video, as ubble does. The service also includes biometric face authentication.

The new KYC service from Treezor combines automated analysis and manual review by ubble’s fraud experts, according to the company announcement, with responses delivered to users within minutes. The algorithms used by ubble accelerate processing time and minimize the failure rate, the companies say.

Ubble is hoping to have its service certified by France’s Agence nationale de la sécurité des systèmes d’information (ANSSI) in the first half of 2021, and the use of video of face matching is consistent with regulatory guidelines in European markets like Germany, Spain and Italy.

Trulioo expands services to Pakistan

Trulioo has expanded its services to Pakistan, adding the world’s fifth most populous country to its GlobalGateway to allow businesses to onboard customers while complying with AML and KYC requirements.

A recent GSMA study examines Pakistan’s ambitious plans for digital transformation, including financial technology adoption, and enabling Trulioo’s ID document and selfie biometric checks could help expand financial services coverage in the country.

“The pandemic has dramatically accelerated the shift to digital all across the world and this means that online trust and security is now more important than ever,” said Steve Munford, CEO of Trulioo. “Our mission is to ensure every person on the planet has a digital identity as a means to access basic financial services and support. Being able to verify identities in the 10 most populous countries in the world is a significant milestone on our journey.”

The company also recently added support for customers in Vietnam.

Experian integrates with Azure AD

Experian’s CrossCore is now available on Microsoft Azure Active Directory to provide identity verification and fraud detection to AD users.

Mitek’s biometric technology was added to CrossCore in 2018.

CrossCore connects seamlessly with Microsoft Azure Active Directory External Identities, according to the announcement, to apply advanced analytics to intelligence signals and provide businesses with real-time identity risk assessments.

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