Mobile biometrics onboarding gains, new cloud service and partnerships unveiled
TruNarrative has launched a new cloud service with behavioral biometrics to brings its mobile authentication and regulatory compliance tools to more businesses, while Jumio, FacePhi and Kabn North America have all established new partnerships, and Onfido has announced a client’s gains with its ID document and selfie biometric checks. WISeKey is positioning itself to be an official Swiss digital ID provider, and Incognia has won an award for its biometric SDK.
TruNarrative launches biometric ID verification service for low-volume clients
TruNarrative has released a new know your customer (KYC) and anti money-laundering (AML) service with behavioral biometrics designed to meet the needs of low-volume users.
The new TruPortal solution is targeted at companies requiring low-cost client identity verification and regulatory compliance in the legal, investment, accounting and real estate sectors, and follows TruNarrative’s success in the enterprise space, according to the announcement.
The company’s cloud-based Risk & Financial Crime platform provides nearly 100 pre-integrated third-party data sources covering more than 50 countries.
TruPortal also provides credit-reference agency-derived identity verification, politically exposed persons and sanctions checks, and automated document verification for a range of document types.
“We see the professional services space as being underserved in their compliance requirements,” states TruNarrative COO Ryan Morrison. “TruPortal delivers a super low entry cost of less than £500 and no cap on users, allowing firms to rapidly obtain the information they need to compliantly onboard and engage with their clients.”
Jumio biometrics support new digital platform for Bahrain bank
Jumio’s biometric technology has been selected by Bahrain’s Al Barak Islamic Bank (AIB) for end-to-end identity verification and digital KYC for new customer account opening.
Customers can upload a copy of their ID card and take a selfie for biometric comparison and liveness detection to register a new account through a smartphone.
The partnership allows AIB to launch a digital platform which also enables existing customers to perform banking transactions.
“Nowadays financial institutions don’t want to rely on physical KYC verification with face-to-face interactions and physical documents being the basis for client onboarding,” notes Jumio Chief Revenue Officer Dean Hickman-Smith.
Bank cuts onboarding time and cost with Onfido biometrics
Onfido’s identity document authentication and selfie biometrics have enabled TBI Bank to slash its customer onboarding time by two-thirds, while replacing a sometimes-inconvenient legacy process that involved video calls with an agent.
TBI Bank’s cost for customer acquisition has also fallen by 66 percent due to the partnership, announcement says.
“TBI Bank is more than just a bank, we’re a digital lender with a clear focus on services that make a difference for our customers. With more and more people embracing digitalization, now is the right time to switch all our onboarding channels to self-service,” said Petr Baron, CEO TBIF (TBI Bank). “Our partnership with Onfido enables that exactly – serving our clients through a one-stop banking platform starting with a self-service registration that requires zero interaction with service agents, without sacrificing on ease and speed of onboarding.”
FacePhi partners with LATAM microlender
FacePhi has partnered with Mibanco, Latin America’s largest microfinance bank, to promote the adoption of mobile-based microcredits through ID document and self biometric checks.
With the use of facial recognition, Mibanco is hoping to grow from 260,000 registered customers at the close of 2020 to 410,000 by the end of the first half of 2021.
Jorge Sanz, VP for Latam and Iberia at FacePhi, says the partnership will accelerate access to the microcredit system in the region.
“Quick access to socially responsible sources of financing is key for small entrepreneurs, so making their management as easy as possible is even more important than in other financial services. The use of biometrics as a tool to eliminate financial barriers to SMEs and entrepreneurs is a clear example of tech for good,” Sanz highlighted.
Entrepreneurs can use the Mibanco mobile application to request and pay loans, disburse credit or perform transfers to third parties.
WISeKey applies for official status as digital ID provider under national system
Assuming the act is approved, citizens can register for a digital ID for government services access through federally approved identity providers.
WISeKey provides the WISeID identity platform for strong customer authentication and encrypted digital wallets. Users are registered through an identity document and live facial recognition check, and the WISeID credential can then be reinforced with two-factor authentication through digital certificates, SMS, dynamic QR codes and FIDO tokens.
“For over two decades, WISeKey in cooperation with the Swiss OISTE.ORG Foundation have been global cybersecurity pioneers in delivering digital identity ecosystems to secure personal identification,” notes WISeKey Founder and CEO Carlos Moreira. “Being an independent identity provider for the e-ID Act will allow Swiss Citizens to use a reliable Swiss technology provided by a Swiss listed company tested already in multiple projects and certified by Webtrust.ORG and able to satisfy strict recognition procedures and regular checks that will be performed by the independent commission (EIDCOM) within the Federal Department of Justice and Police (FDJP).”
Incognia awarded for SDK with behavioral biometrics
Incognia has won a 2021 DEVIES Award in the fintech category for its Anti-Fraud Mobile SDK, which applies location behavioral biometrics and device intelligence to increasing conversions, reduce false positives and fight fraud in the mobile applications of banks, fintechs and retailers.
The SDK provides integration of enhanced identity verification within minutes, the company says.
The DEVIES recognize developer tools, products and technologies, and the 9th Annual DEVIES Awards Ceremony will be held during DeveloperWeek 2021, February 17 to 19, 2021.
“Developers are a core component in helping to keep our identities secure on fintech and banking mobile applications,” says André Ferraz, founder and CEO of Incognia. “We developed our anti-fraud mobile SDK to reduce fraud through the integration of location behavioral biometrics, while also providing a frictionless experience for users. We are honored to be recognized for our work in the fintech space and for our efforts to arm the developer community with the tools to build apps that keep our identities safe.”
Incognia has also published a ‘Fintech Onboarding Friction Index’ to compare mobile banking, trading and investing, and other financial services platforms by their ease of use.
By comparing the time spent in the application, the number of screens presented and clicks performed, the number of fields and checkboxes, and the specific personal information requested, Incognia found that the average application requires 14 screens, 16 fields and 29 clicks per user onboarded.
Kabn partners with financial services company for biometric SSI
Kabn North America has partnered with Tokenise International, a multi-jurisdictional regulated financial services company, to integrate Liquid Avatars for secure account access.
Liquid Avatars are biometrically verified digital identity tools for self-sovereign identity, and the partnership will enable them to be used by consumers for access to Tokenise’s financial and brokerage services in the UK and Barbados.
Tokenise operates London-based broker dealer Kession Capital Limited, and is also considering expansion opportunities for Canada.
“With the rise in awareness and acceptance of digital currencies, like Bitcoin, Ethereum and other Altcoins, it naturally follows that investors will want to investigate and potentially invest in blockchain based securities and Tokenise is eager to support this global, growing opportunity,” comments Mike Kessler, CEO, Tokenise International Limited. “The Liquid Avatar platform and its verifiable identity credential provides Tokenise with a potentially effective and efficient way to continuously verify our customers and afford them increased security and safety to manage their digitized assets.”
The program is expected to launch in by the early third quarter of 2021.
behavioral biometrics | biometrics | digital identity | FacePhi | facial recognition | identity verification | Jumio | Kabn Systems | onboarding | Onfido | secure transactions | TruNarrative | WISeKey