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Smart Engines OCR technology integrated with two biometric onboarding systems

Thirdfort platform provides ID document and selfie biometric checks for conveyancers

identity document and smartphone

Smart Engines’ identity document recognition technology has been adopted by Oman Arab Bank (OAB) as part of biometric user onboarding module from UAE-based solutions provider NNTC.

NNTC’s AI-powered iFalcon KYC Control facilitates fast, frictionless and secure remote customer onboarding, according to the announcement, and allows any Omani citizen or resident to open an account through OAB’s Online App in less than five minutes without visiting a branch.

Users submit a selfie from their mobile device for biometric comparison to an identity document with NNTC’s facial recognition, after uploading photos of their ID documents for data extraction by Smart ID Engine.

The companies note that banks could miss out on billions in revenue due to slow onboarding processes, with more than 35 percent of bank customers moving onto competitors after poor onboarding experiences, according to Infosys research.

“We are proud to present to OAB the results of our research in machine learning and the new neural network architectures creation,” says Nikita Arlazarov, Chief Financial Officer at Smart Engines. “Arabic language recognition support is a key requirement for delivering user onboarding solutions in the Gulf market, where the intensive digital business transformation is on the way. Entering the OAB’s technology stack is an important step for us on the way of developing new generation ID scanning solutions.”

“We are continuously investing in new, state-of-the-art solutions to enhance our digital services, improve overall customer experience and reinforce our position as an innovative, agile financial institution,” commented Rashad Al Shaikh, Acting Head of the Retail Banking Division at OAB. “Using biometric technology not only accelerates user onboarding, but it is also more accurate, efficient and secure. Potential customers can now open new accounts with us within a few minutes, while never navigating away from their mobile devices. We foresee that this will help us attract new customers as well as retain existing ones.”

OCR for biometric onboarding in Peru

Smart Engines has also been selected by NEC de Columbia to provide automatic reading of Peruvian identity documents in combination with NEC biometrics for onboarding to a major fintech project in the country.

Optical character recognition (OCR) technology from Smart Engines provides quick and accurate extraction of data from identity documents, while verifying the validity and integrity of the extracted data. This enhances the user experience and the safety of the process, according to the announcement.

“NEC is pleased to integrate Smart Engines technology, to offer to financial customers in Peru an advanced intelligent document recognition technology, as a key part of the digital identity management solutions that the market demands today,” says Mauro Bianchi, Country Manager for Peru at NEC de Colombia. “This technology together with the advanced biometric identification and validation algorithms from NEC offer an optimal and agile experience for citizens in their interaction with service providers, without giving up security aspects.”

NEC integrates automatic document reading technology into desktop and mobile applications for a range of industries within its digital transformation solutions portfolio.

“We are confident that our experience and knowledge in the development of OCR technologies in association with NEC, a global leader in biometric identification, will help companies around the world to offer cutting-edge, friction-less, smart and secure self-service solutions to their clients,” says Dr. Vladimir Arlazarov, CEO at Smart Engines.

Lower insurance premiums for solicitors with Thirdfort digital ID

Integrating the digital ID and AML platform from Thirdfort has enabled Inperio, an underwriting agent, to offer reduced personal indemnity (PI) insurance premiums for solicitors.

Thirdfort provides document scanning, facial recognition and open banking technologies on a web or mobile platform. The company is FCA-regulated.

The partnership is intended to help conveyancers address identity fraud and cybercrime risks and meet regulatory obligations, while reducing the insurance premiums that have risen since a 2018 UK Court of Appeal decision that solicitors can be held liable for identity fraud committed in a conveyancing transaction.

The Law Society recently warned that firms face premium hikes that could average 30 percent during the Autumn renewal season.

“Ultimately, we want to help decrease the risk of identity fraud and we’re offering clients a quick, easy and secure way of doing that, whilst also reducing their insurance spend,” Inperio CEO Simon Lovat says. “We have been really impressed with the Thirdfort team and their technology. Moreover, we believe there’s scope to further develop this product, utilising Thirdfort’s own data within our underwriting process. Our products are driven by risk analysis, risk management and expert underwriting and data is, of course, central to this.”

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