ID and selfie biometrics checks roll out for property financing, UI claims, professional services
The widespread adoption of face biometrics for remote onboarding and KYC compliance continues with Jumio announcing a deal with a property finance platform, ID.me being selected by another U.S. state, and professional services offerings launched by Ince with Yoti biometrics, as well as from VirtualSignature and Vaultie.
Jumio partners with LendInvest
Property finance platform LendInvest has chosen Jumio to be its end-to-end identity verification and biometric remote KYC partner for its Buy-to-Let (BTL) product.
Jumio’s selfie biometrics will be integrated with LendInvest BTL’s digital application system under the partnership, along with a residency check to speed up the process. The partnership is intended to ease mortgage applications for both brokers and their clients by removing the need for certified physical copies of relevant documents to be provided.
“We’re very excited to announce this partnership with Jumio as we seek to consistently streamline our application processes,” says Arman Tahmessabi, chief operating officer at LendInvest. “The last year has highlighted even more clearly how paper-based processes are no longer fit for purpose, and a digitisation of the mortgage process is the most efficient move for our brokers and borrowers.”
LendInvest BTL is financed through a £500 million (US$695 million) funding partnership with J.P. Morgan announced earlier this year.
“We are delighted to be working with LendInvest to help them confidently onboard new users remotely and to reduce friction from the mortgage application process while meeting onerous KYC requirements,” comments Dean Hickman-Smith, chief revenue officer at Jumio.
ID.me provides biometric ID verification for South Carolina unemployment claims
Biometric ID verification technology from ID.me has been selected by the South Carolina Department of Employment and Workforce (SCDEW) to secure applications and prevent fraudulent claims, NBC outlet WCBD reports.
Individuals filing new unemployment insurance claims will be required to use the process, while current claimants are exempt.
Step-by-step instructions provided on ID.me’s website makes clear that SCDEW has implemented selfie biometrics as part of the identity verification process for the new Unemployment Insurance Portal. The service also includes video calls for claimants who require assistance.
ID.me has also recently signed up Massachusetts, Colorado and California to use its identity verification technology.
KYC for law firms, professional services launched by Ince, VirtualSignature, Vaultie
Ince has launched an integration of biometric KYC software, expert legal advice and escalation to help real estate companies perform remote client onboarding compliant with anti money-laundering (AML) regulations. Yoti is providing the biometrics, while AML data is provided by Arachnys, and onboarding technology is supplied by eLegal, which is part of the Ince Group.
“Our collaboration with eLegal, Yoti and Arachnys addresses the existing need in the market for a fully integrated solution that involves both advisory and action-based services,” says Ince UK Managing Partner and Global Head of Consulting Mark Tantum. “This prevents critical gaps in the digital KYC process, saving time and money whilst protecting reputations. Combining specialist software with Ince’s trusted legal advisory expertise on anti-money laundering regulation will provide the real estate sector with confidence that they are compliant. This presents the opportunity to use the client onboarding process as a strategic tool for proactively building anti-money laundering resilience when incorporated as part of a broader, comprehensive AML framework that includes a commitment to ongoing employee training and risk assessments.”
The VirtualSignature onboarding platform will be distributed in Ireland as part of the Renaissance network to help law firms, conveyancers, estate agents and accountants quickly and efficiently sign up new clients with facial recognition and biometric liveness checks, according to a company announcement.
Onboarding tools provided by VirtualSignature include SmartSign electronic signatures, SmartCheck identity verification, SmartForms dynamic online forms, and SmartLink for identity proofing. The company also recently added a VirtualWitnessing capability.
VirtualSignature rebranded from SiNERIX last year.
Vaultie has launched a digital ID-based verifiable notary and Commissioner of Oaths seal which verifies the identity of signing clients with biometrics, and records all references to a blockchain, to help lawyers reduce fraud and meet compliance obligations.
The notary seal, which the company says is the first of its kind, is currently rolling out to lawyers in Ontario ahead of a planned Canada-wide launch.