Financial services customers pick biometrics from FaceTec, TruNarrative, Sumsub, SecureKey
FaceTec, TruNarrative, Sumsub and SecureKey have each won customers among financial services companies or their technology providers to implement biometric authentication. Meanwhile, Turkey has established new laws covering digital ID and biometrics collection, which could open up that market for similar services.
FaceTec biometrics to power Asian financials’ authentication
FaceTec has closed a new partnership with SmartOSC Fintech focusing on providing banks and other financial institutions in Asia with biometric identity verification for users.
FaceTec’s biometric engine will now be used by SmartOSC to enable digital onboarding, login processes, as well as transaction authentications for payments and transfers.
The new solution combines SmartOSC’s data encryption technologies with fake identity document detection, text extraction (OCR), 3D selfie user verification, and 3D liveness detection.
FaceTec has also recently prevailed in a recent trademark case against Japan-based audio equipment manufacturer Zoom.
TruNarrative and ieDigital enter digital ID collaboration
The partnership will provide banks and financial institutions with a number of services, including ID verification, eKYC, AML, and account monitoring technologies.
Following the beginning of the collaboration, the TruNarrative platform will be integrated within the ieDigital ecosystem to facilitate customer onboarding and offer fraud prevention measures at the same time.
The move will reportedly facilitate firms’ digital transformation strategies and reduce account opening time to under four minutes through the deployment of various technologies, including face biometrics.
Sumsub to support user onboarding for crypto
The partnership will see Bybit, a cryptocurrency exchange, leverage Sumsub secure technology to provide customers with enhanced KYC and AML routines and secure identity checks.
The updated platform will ask users who request to move over 50 BTC to submit a photo of their ID and then go through a selfie biometrics check through a smartphone app.
For amounts over 100 BTC, they’ll also have to submit their proof of address, though for businesses the withdrawal level is reportedly set at 100 BTC by default.
According to the companies, the entire verification process will take about five minutes.
CIBC announces face biometrics for account opening
The technology utilizes machine-learning algorithms to offer digital verification via the CIBC website or dedicated mobile banking app.
After selecting the verification options during the application process for a new account or credit card, customers will have to take a photo of their passport or driving license, then a selfie.
The image-matching process will take place online, and reportedly deliver results in minutes.
Turkey introduces new regulations for biometric data
In particular, the new rules establish procedures and principles required when citizens request the creation of digital documents.
The document directly mentions subscription contracts, number porting and operator change applications, qualified electronic certificate and registered email (‘KEP’) applications, and SIM card change applications.
Notably, the new rules now prevent operators and service providers from obtaining biometric data of applicants electronically by using an electronic pen or similar methods, except in specific circumstances.
They also move the burden of proof regarding the transaction documents, including biometric signatures, from applicants to operators and service providers.
For exceptions to these rules, and additional detail regarding the new law, you can follow this link (in Turkish).