Mastercard rolls out Signzy’s biometric video KYC amid booming ID doc and selfie check market
ID document and facial biometric checks for online services and transactions are part of a surge in the adoption of identity verification during the pandemic, according to survey results released by Trulioo. The announcement comes as Mastercard strikes an agreement to bring Signzy’s biometric video KYC service to the world, IDnow reports a sustained boost in its business, and CheckpointID and iDenfy announce new customer wins.
Video KYC can be completed 99 percent faster than traditional paper-based processes, according to the company announcement, which also touts Signzy’s scalability for dealing with high volumes of video KYC transactions.
Signzy provides video KYC services with security protocols to prevent unauthorized system access and detect fraud, including facial biometrics, to various banks in India. The KYC method may also soon be made available to non-bank financial institutions in the country.
“Mastercard has strongly advocated digital transformation in the financial services space and has led by example. It is a matter of great pride to be chosen as their Video KYC partner,” states Signzy Co-founder Arpit Ratan. “Our efforts are geared to offer our partners a mobile-first, customer-centric digital experience for their customers. Signzy’s AI-led, on-premise API framework allows easy integration across multiple platforms providing a quicker and completely remote and paperless customer-onboarding, taking care of all security protocols.”
The launch will further Mastercard’s financial inclusion efforts in India, the company says.
“Mastercard’s partnership with Signzy will shorten the traditional clunky, time consuming and expensive KYC process for financial institutions,” comments Mastercard Senior Vice President of Market Development for South Asia Rajeev Kumar. “Signzy’s AI and ML has well-established links to many KYC databases in India which allows seamless support for e-KYC and Video-KYC. Therefore, the platform also solves the problem of many SME’s in India who may not have all the KYC documents.”
Trulioo survey shows identity verification adoption surge from pandemic
ID verification has spiked due to the pandemic, with more than 70 percent of online marketplaces and more than half of financial services organizations (52 percent) increasing their adoption of identity technology according to survey results from Trulioo.
The survey of businesses and consumers in the U.S. and UK was carried out by Halifax.
The top driver for adoption was simply serving customers and maintaining operations, respondents said, with other motivators regulatory compliance (57 percent) and evolving fraud and security risks (51 percent) much less frequently cited.
Nearly three quarters of those surveyed (74 percent) said that the account opening process can ‘make or break’ their future relationship with an online marketplace brand.
CheckpointID facial recognition to secure self-guided apartment tours
CheckpointID’s fraud prevention technology has been adopted by Tour24, which provides an on-demand platform for self-guided apartment tours, to verify the identity of future renters with facial biometrics.
The solution, which was enabled by a partnership CheckpointID formed with IDScan.net last year.
The integration allows users of the Tour24 mobile app to verifiy their identity with an ID document and selfie biometrics check, plus a credit card check. In addition to providing a convenient way to arrange apartment tours, the solution reduces face-to-face engagement which may be unsafe during the pandemic, according to the announcement.
“CheckpointID is the undisputed leader in privacy and security for multifamily. It’s a natural fit for us to work together in delivering a seamless and secure experience for prospects looking to tour apartments on their own time,” states Georgianna W. Oliver, founder of Tour24. “With the exploding popularity of our platform, we are thrilled to partner with the best of breed in fraud prevention and security.”
IDnow expands UK team in response to continued increase in orders
The company has also increased the headcount of its UK team to ten people with the appointment of Jo Schofield as director of customer excellence, Ana Lucia Salazar as sales manager and Razia Ali as account manager.
IDnow also reported a 350 percent increase in orders over the first half of 2020.
iDenfy face biometrics to onboard Asia-Pacific customers for fintech
Popular Lithuanian fintech Interpaylink has selected iDenfy biometrics to provide secure customer authentication for onboarding of its customers in the Asia-Pacific region.
Interpaylink is a subsidiary of International Payment Union, and offers a wide range of financial services to customers worldwide, including currency exchange and global payments.
The partnership with iDenfy enhances Interpaylink’s identity verification and biometric facial authentication and allows it to meet legal and technical requirements from Lithuanian and EU authorities. Interpaylink says the partnership will also make the verification process easy and fast, from the comfort of the customers’ home.
“The quality of the outsourced iDenfy service we get matches the quality of such world-known brands as DowJones we use for PEP/Sanctions screening,” says Interpaylink CEO Gvidas Grinkas. “And we are looking for long-term cooperation with iDenfy’s friendly and helpful team.”