FaceTec selfie biometrics integrated for enterprises by Veritran as market stays hot
A series of partnerships and customer wins for selfie biometrics and identity verification tools for customer compliance have been announced by FaceTec, Sumsub, iDenfy, Veriff, YooniK, and Cozera, while iProov has found that Canadian banks are being left behind their Southern neighbours on remote customer onboarding.
FaceTec partners with Veritran
FaceTec’s selfie biometrics have been selected by Veritran to bring 3D face authentication to the latter’s Low-Code Platform solutions for enterprises.
Veritran is integrating FaceTec’s biometric technology into its security suite to add a new layer of protection for the millions of transactions carried out daily on its platform. Veritran clients can use 3D face biometrics for remote onboarding, logins, and authentication for payments and transfers. FaceTec’s software can also be integrated with third-party systems to harmonize data encryption and anti-fraud tools.
“We are very excited to expand our global footprint by partnering with Veritran to bring our industry-leading biometric offerings to a new segment of end-users,” says Kevin Alan Tussy, CEO at FaceTec. “Protecting end-users from ever-evolving cyber threats and providing technological advances to improve the user experience will make it safer and easier to conduct in-app and digital transactions.”
FaceTec’s Liveness feature provides real-time identity verification with a biometric match against a photo ID document, and enrolls the submitted image for future verifications.
ZenGo, which uses FaceTec biometrics, has completed a $20 million Series A funding round as it seeks a dominant position in the crypto wallet market. The company processed more transactions in the first quarter of 2021 than all of 2020.
FaceTec’s technology is used by ZenGo customers for account security and restoration.
Canadian banks missing out on onboarding with biometric apps, iProov study says
Canadian banks are falling behind in their digitization processes, according to a new survey from iProov, with 60 percent still not offering remote onboarding with selfie biometrics. Only 20 percent of U.S. banks, by contrast, fail to provide online customer onboarding.
Most banks in Canada, 80 percent, take longer than a week to open an account, with the fastest taking five days. Nearly half of American banks can onboard a new customer within 30 minutes. All of the banks examined by iProov provide mobile banking apps, but none of them support account opening with biometrics through the app.
Other findings of iProov’s ‘Online Banking in Canada: How are Canada’s Top Banks Balancing Security with User Experience for Online Customers?’ study include that it takes 19 clicks on average to open a bank account with a Canadian institution, as in the U.S., and secure transactions can rarely be completed by Canadians online.
Biometric KYC customer wins announced by Sumsub, iDenfy, Veriff, YooniK, Cozera
Sumsub is providing its biometric identity verification platform to Bitcoin.com Exchange to speed up and automate its KYC compliance checks. The partnership makes all identity verification and document checks adjustable from a single centralized dashboard, and has cut verification time to around 5 minutes, according to the announcement.
IDenfy is providing its selfie biometrics to money transfer app PayQuick to secure onboarding and ensure its regulatory compliance. The integration will help PayQuick with its KYC, AML and electronic identity verification requirements.
Veriff’s video biometrics will be used by Swiss digital bank CrescoFin to support its onboarding process for regulatory compliance and fraud reduction. The fintech currently offers a savings product with low-risk returns without a long lock-up period, but plans to launch a full suite of digital banking services using Veriff’s technology later this year.
YooniK has made its face biometrics for any device available through the Auth0 Marketplace to enable developers to build facial authentication into their existing login process for two-factor authentication (2FA).
Financial institution technology supplier FTSI has partnered with Cozera to offer its biometric id-go solution within its portfolio.
Cozera’s id-go uses smartphone biometrics to enroll an individual once so they can share identity verification privately and securely, remotely or in-person, the company says.
“Being able to reduce the time spent on authenticating someone’s identity elevates the consumer experience across multiple channels and platforms,” comments FTSI CEO and Chairwoman Susan Napier.
A credit union customer of Cozera found a time savings in identity verification processes of 60 percent, according to the announcement.