Selfie biometrics facilitate secure onboarding for new partners of HooYu, Onfido, Yoti, TruNarrative
HooYu, Onfido, Yoti and TruNarrative have each announced customer wins to provide selfie biometrics for secure remote onboarding. All four new partners are in financial services, and three of four are based in the UK.
HooYu provides KYC for mortgage broker
Online mortgage broker Trussle has selected HooYu to provide know your customer (KYC) checks and frictionless customer onboarding with ID document and selfie biometric comparisons.
Trussle will implement HooYu’s configurable digital customer journey to guide users through the KYC process with customized Trussle branding and real-time validation of identity documents.
After performing biometric identity verification, customers can be prompted by HooYu to provide proof of address documentation to enable fast mortgage application.
Trussle, which is based in the UK, combines technology with human expertise to provide a digital platform with free advice for homeowners and first-time buyers.
“Buying a home can be one of the most stressful experiences a person will go through in their lifetime,” observes Trussle VP of Risk and Compliance Stephanie Marrs. “We’re passionate about improving the process that our customers experience when securing a mortgage. We’re working with HooYu to help make the onboarding journey smoother and to manage fraud risks earlier on in the customer journey. This is another step in our commitment to providing a better mortgage experience for our customers.”
“At HooYu we’re dedicated to creating frictionless customer onboarding journeys with KYC processes that are configured for each customer,” says HooYu Marketing Director David Pope. “The integration of HooYu in the Trussle journey gives customers an even smoother digital experience in the mortgage application process.”
Onfido face biometrics to verify Volkswagen financing applicants
Volkswagen Financial Services has established a partnership with Onfido and Scrive to bring a digital financing solution to UK dealerships. Onfido’s ID document and selfie biometric checks will be used to verify the identity of credit applicants.
Scrive contributes its electronic signature service to the solution, allowing documents to be formalized on any device, in person or remotely, with blockchain distributed records protecting clients against tampering, according to the announcement.
The biometric application could be extended to the 48 markets across the world where Volkswagen Financial Services operates, after its initial roll-out in the UK.
“Scrive and Onfido bring the experience and expertise we were looking for to provide a thoroughly modern, secure financing experience for our dealerships and their customers,” says Titus Ackah-Sanzah, product owner at Volkswagen Financial Services UK. “The response from our dealers is very positive: a clear, easy to follow process that streamlines the purchase experience and expedites the payout time.”
“As contactless transactions become more critical than ever, the ability for Volkswagen Financial Services to empower its dealerships to remotely and securely identify new customers is critical,” comments Oliver Krebs, VP of Central EMEA at Onfido. “The modern workflow means that there is no requirement for customers to provide additional documentation to prove their real identity, and can formalise financial agreements on any device. We’re delighted to partner with Scrive to meet these demands, providing a world-class digital service that helps them onboard customers quickly and securely.”
Yoti biometric onboarding backs banking-as-service startup
UK-based fintech Orenda has integrated Yoti’s digital identity platform to provide biometric onboarding as it seeks to undercut the banking-as-a-service market after launching early in 2021, FinTech Futures reports.
Customers can sign up for an Orenda account and access card for free directly through the Yoti app, for its part, Yoti suggests in a LinkedIn post that the onboarding process may be the fastest ever for financial services.
Orenda plans to offer its ‘serverless’ BaaS technology for an eighth of the price of its competitors, one of its co-founders tells FinTech Futures, charging less than £25,000 (approximately US$34,900) for an end-to-end full white label package.
Entrepreneur-focussed fintech selects TruNarrative
Juni, a startup banking platform based in Sweden, has selected TruNarrative to provide biometric onboarding and compliance technology for its new banking app and payments solution.
The banking platform aims to serve entrepreneurs in e-commerce and digital marketing, with cashback on advertising spending and features for cash flow and liquidity management, and provides a centralized overview of the user’s bank accounts, external payment services, and advertising spend.
TruNarrative’s biometrics client onboarding with liveness checking, checks against politically-exposed persons (PEP) and sanctions lists, adverse media monitoring, and ongoing risk monitoring capabilities were chosen by Juni to facilitate low-friction customer journeys across multiple jurisdictions with the highest level of compliance and risk mitigation, the companies say. Juni will get a single customer view of TruNarrative’s checks and ongoing monitoring of corporate entities, their directors, and associated third parties.
“Smooth onboarding and KYC processes are key to the customer experience for any digital banking platform,” says Juni Co-founder and CEO Samir El-Sabini. “We’re very proud of partnering with TruNarrative that enables us to onboard customers in a customer friendly way.”