Biometric banking partnerships unveiled by Acuant and Entersekt
Acuant has entered a new biometrics partnership with Finaptic, which claims to be Canada’s only end-to-end, white-label Banking-as-a-Service (BaaS) provider.
As part of the new collaboration, Finaptic will deploy Acuant’s biometric platform for onboarding with know your customer (KYC) and document verification.
“At Finaptic, our purpose-built platform incorporates cybersecurity, regulatory compliance, and data privacy by design, bringing the trust and security which Canadians expect in banking,” commented Finaptic’s CEO David Furlong.
The move is also aimed at aiding Finaptic to meet Anti-Money Laundering (AML) regulation and compliance standards.
“We are very pleased to announce this partnership with Acuant; leveraging Acuant’s technology allows us to securely onboard clients remotely while seamlessly meeting compliance needs,” Furlong added.
The new partnership comes months after Acuant’s acquisition of UK-based identity verification and KYC service provider Hello Soda.
Entersekt partners with BankID on digital ID
The new contract will enable Entersekt to provide Norwegian banks with in-app and browser biometric authentication, as well as e-signatures and customer authentication.
A large number of Norwegian banks have been collaborating since 2000 to create a shared digital ID for their customers. Dubbed BankID, the digital document allows customers to identify themselves or authorize transactions across several financial institutions in Norway.
Following the beginning of the new partnership, BankID’s 4.3 million Norwegian users will be able to utilize Entersekt biometrics to complete onboarding within the BankID ecosystem.
“Including the Norwegian e-ID on our security and authentication platform allows Norwegian banks to work with a single partner for all their authentication needs, including biometrics, app security, and passwordless login features,” explained Frans Labuschagne, vice president of Channel Partnerships at Entersekt.
According to the executive, the move also shows the potential of Entersekt’s technology for cross-border support of interoperable electronic IDs across the EU.
“Knowing that our platform can securely support countries’ identity schemes perfectly positions us to help banks and other organizations relying on e-ID across the region,” Labuschagne concluded.