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Online digital ID verification stays hot, survey shows 10 minute onboarding window

Online digital ID verification stays hot, survey shows 10 minute onboarding window

It is an eventful week for digital ID solutions in the financial sector, with Onfido publishing a new report, Shufti Pro signing a distribution partner for its selfie biometrics, and BMO introducing a new Selfie ID verification feature to its platform. Also, Orbis Systems partnered with Signzy in India, Al Rayan Bank selected TruNarrative for digital onboarding and fraud risk management, and Unissey and Édokial joined forces to offer a new ID verification service. IDComply has brought its multi-vendor KYC to New Jersey’s regulated gaming industry, and Resistant AI raised $16.6M to tackle vulnerabilities in financial services.

Onfido’s survey points to new ID verification trends

Conducted in collaboration with Otka, Onfido’s new Digital by Default research report surveyed more than 1,000 respondents in France, and 4,000 in the Netherlands, the U.S. and UK in September 2021.

The document’s findings show growing rates of adoption of digital services, partially spurred by the pandemic, with almost the vast majority of UK respondents saying they felt comfortable accessing services online.

Digital identity verification is also becoming a preferred option for consumers accessing services, with 8 in 10 saying they find biometrics such as facial authentication both convenient and secure.

However, the report also suggests that businesses have just a ten-minute window to set up a digital account or risk losing consumer trust.

“From the moment a consumer visits a service provider’s website or downloads an app, they’re evaluating whether the business can deliver a trusted digital service, providing security and keeping their data private,” explained Onfido CEO Mike Tuchen.

From that moment, the report explained, businesses have just minutes to establish the confidence that consumers expect in the digital world.

“Those that can offer low or zero friction during verification and authentication will positively differentiate themselves in a market where digital services have become the norm and consumer trust breeds brand loyalty,” Tuchen concluded.

BMO introduces face biometrics verification feature

Canadian bank BMO Financial Group has expanded its digital verification solutions with the launch of its Selfie ID biometric service.

The new feature enables customers to open personal bank accounts and credit cards from their personal devices by submitting a photo of Canadian government-issued photo identification and a selfie.

“Selfie ID provides a convenient, fast, and secure digital method for customers to verify their identity without visiting a branch,” said BMO Chief Digital Officer Mathew Mehrotra.

“This is another example of how we are building a digitally-enabled, future-ready bank while helping our customers make real financial progress.”

Shufti Pro partners on KYC for Bahamian institutions

Open Systems Technologies International, which provides enterprise software and cybersecurity tools to organizations in the Bahamas, has selected Shufti Pro to provide its technology for meeting know your customer (KYC) and anti-money laundering (AML) compliance and mitigating the risk of financial and identity fraud with its biometric screening solutions to financial institutions.

Under the reseller agreement, Open Technologies Systems will supply Shufti Pro’s technologies for frictionless remote client onboarding with selfie biometrics, and protection from identity theft, account takeovers, and money laundering.

“We believe our partnership with Shufti Pro Identity Verification Solutions will provide a key benefit to the Financial Industry and businesses to enhance local and global regulatory requirements utilizing fintech KYC and AML Screening solutions to prevent Fraud using Artificial Intelligence and Machine Learning,” says Open Systems Technologies International President and CEO Peter C. Bridgewater.

Orbis Systems partners with Signzy on digital ID verification

The partnership will see fintech firm Orbis leverage Signzy technology to offer local identity checks for Indian residents together with global checks across the Orbis network of vendors.

In addition, Signzy’s advanced Optical Character Recognition (OCR) technology will be used to extract, compare and verify information from official documents.

“Orbis has a legacy of bringing tech transformation to global financial firms. We are excited to bring the next level of digital transformation in customer onboarding for fintechs and financial firms across the United States,” said the company’s Co-founder and Chief Business Office Arpit Rata, “Orbis Systems is a perfect partner for Signzy in our global expansion.”

Al Rayan Bank selects TruNarrative for digital onboarding

The move is part of the bank’s digital transformation program and will see the TruNarrative platform integrated with Al Rayan Bank’s existing technology.

“We chose the TruNarrative platform to deliver this phase of our digital transformation strategy,” said Imran Pasha, chief operating officer of Al Rayan Bank.

The partnership will also facilitate the delivery of Al Rayan’s Sharia-compliant banking services in the UK.

“[TruNarrative’] technology means that we do not have to piece together this part of our tech stack from multiple different suppliers, giving us end-to-end onboarding and fin-crime in one place with full audit trail and reporting,” said Pasha.

Unissey and Édokial create new ID verification service

The new ‘Collection & Compliance’ solution combines Édokial’s document compliance and authentication with Unissey’s face biometrics-based identity verification to streamline the customer experience and strengthen the fight against online fraud.

“Unissey is very proud to support Édokial, bringing to their KYC offerings all the power of our SaaS platform for facial biometric verification secured with passive liveness detection,” said the firm’s CRO Sébastien Brangoulo.

According to the executive, having a secure and seamless process of remote identity verification is highly anticipated by various markets, including banking and insurance.

“This new partnership allows us to grow our platform, aiming to become the European reference,” said Brangoulo.

IDComply licensed in New Jersey

Multi-vendor KYC and identity verification solution IDComply from compliance provider GeoComply has been licensed to supply ID checks for gaming in New Jersey, reports SBC Americas, and signed up online sports betting platform PlayUp as its first geocompliance customer.

The New Jersey Department of Gaming Enforcement regulates KYC checks in the state’s gaming industry.

IDComply provides age, identity and location verification, and meets KYC requirements secondary authentication through knowledge-based authentication or digital identity document checks and selfie biometrics.

Resistant AI raised $16.6M

Startup Resistant AI focuses on the development of automation technologies to tackle vulnerabilities in financial services.

The investment in Resistant AI, spotted by VentureBeat, was led by GV with participation from Index Ventures, Credo Ventures, and Seedcamp.

The company will use the fresh funds to expand its product, engineering, and sales operations teams in both Europe and the U.S.

“We have grown approximately 10 times in the last 12 months and expect the rapid growth to continue,” Resistant AI CEO Martin Rehak told VentureBeat.

The new investment brings the total raised by the company to $19.35 million.

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