Trust Stamp and IDnow partnerships to provide biometrics for financial services

Onfido urges regional banks to act, Malaysian bank launches remote onboarding
Trust Stamp and IDnow partnerships to provide biometrics for financial services

Trust Stamp has partnered with open banking solutions provider DirectID to launch a robust bank and document authentication solution secured by facial recognition.

The face biometrics and document authentication provided by Trust Stamp combine advanced artificial intelligence algorithms and data protection measures, while DirectID provides trusted data from banks and other secure accounts to enable users to access financial tools a limited credit history may otherwise block them from. The partnership also enables customers to use their identity for greater access through Trust Stamp’s integrated privacy layer that the company says maintains the utility of identity data.

The combination of Trust Stamp’s anti-spoofing and data protection technologies with DirectID’s real-time financial data reporting and analytics give companies the ability to better inform their risk assessments.

“With open banking changing the relationship between consumers and traditional banks to give users the power to leverage their own financial data to access greater choice in services, trust and assurance around data privacy and security are at the forefront of consumers’ and businesses’ minds,” says Emma Lindley, Chief Commercial Officer of Trust Stamp. “Trust Stamp’s privacy-focused identity solutions together with the consent-driven, unified data APIs of DirectID provide a solution that balances the needs of organisations and individuals in a financially inclusive banking ecosystem.”

DirectID currently operates in more than 50 countries.

IDnow signs distribution deal with Mambu

IDnow has partnered with Mambu, joining its financial service marketplace to make IDnow’s biometric identity-verification-as-a-service (IVaaS) platform available to Mambu’s 20 million end-users.

The platform can be used to identify more than 7 billion people from 195 countries, according to the announcement, checking document security features with AI to identify forged documents.

Through the partnership, IDnow’s technology can be applied to a range of use cases for regulated sectors in Europe or add a layer of security to digital businesses worldwide for enhanced customer protection. The identity flow can be adapted to regional, legal, and business needs for each different use case.

“As financial service providers, our customers face a variety of regulatory and compliance requirements,” states Mambu EMEA Managing Director Eelco-Jan Boonstra. “To achieve greater security for them and their end-users, we continuously introduce new capabilities including services like IDNow. With this integration we are extending the range of security services available to our customers and strengthening our position as a leading secure platform.”

Mambu’s SaaS platform provides flexible technology to support modern banking and lending services, and the integration of IDnow gives its customers the benefits of a rapidly evolving infrastructure to meet strict standards for security and anti money-laundering (AML) compliance, the companies say. Further, the easy integration of all identification and e-signing solutions from IDnow through a single API provides a major advantage for customers.

Onfido urges regional banks to lead in digital transformation

The time for regional banks to build a digital transformation strategy is already upon us, according to an Onfido blog post.

The company notes a pair of opposing trends, with the number of U.S. regional banks declining from more than 18,000 in 1985 to fewer than 5,000 today, and a decrease in the share of global banking and payments held by conventional banks from 96 percent a decade ago to 72 percent today.

Onfido advises regional banks to be proactive with their digital transformation efforts to cut costs and be more competitive, to embrace a broad shift towards contactless transactions, and to enhance user experiences to meet changing customer expectations.

Alliance Bank launches remote onboarding

The same seems to be true throughout the world. In Malaysia, 60 percent of banking customers intend to visit branches less than they previously have in the future, according to an Alliance Bank Malaysia survey reported by The Edge Markets.

Online has also become the account opening channel of choice for two out of three survey respondents.

Alliance Bank has now launched a fully digital banking solution, with identity verification technology for digital KYC checks provided by CTOS Data Systems. Customers can now open a savings account and apply for a credit card or personal loan through Alliance’s mobile app.

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