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Biometric KYC for financial services extended with FacePhi, Shufti Pro, Vouched deals

Onfido reveals consumer onboarding preferences
Biometric KYC for financial services extended with FacePhi, Shufti Pro, Vouched deals

The digital identity verification and know your customer (KYC) sector continues to flourish in part due to the effects of COVID. FacePhi, Shufti Pro, Vouched and Ekata have each signed new contracts with banks and even cryptocurrency investment platforms as consumers handle more of their finances digitally. Onfido reveals that digital KYC is generally well-received, with 91 percent of survey respondents who have been through selfie biometric onboarding keen to undergo it again.

FacePhi strengthens Central America KYC presence via alliance with GBM

Spanish firm FacePhi is further consolidating its presence in the biometric identity verification sector in Central American and the Caribbean with an alliance with IT services multinational GBM.

The agreement will make GBM a provider and integrator of facial recognition technologies and digital onboarding, promoting FacePhi technology in countries where it currently has no presence, such as Guatemala, Honduras, El Salvador, Costa Rica, Panama and the Dominican Republic.

“This alliance allows us to support companies with verifying the identity of their clients, through digital channels, simplifying the processes for the transformation and digitisation of businesses, offering them technologies through API consumption models and pay-per-use, which accelerates the time for new products and services in all industries to reach the market,” said Marcial Suárez, general manager of GBM’s software unit.

Morpho Labs partners with Shufti Pro for cryptocurrency KYC

Open-source blockchain programmers Morpho Labs and AI-powered ID verification service Shufti Pro have signed a strategic partnership to perform KYC and anti-money laundering (AML) checks on investors wanting to use cryptocurrencies to fund a company.

Shufti Pro’s automated ID verification through selfie biometrics will be used by Morpho Labs’ investors, mitigating financial fraud through cryptocurrencies.

“We are excited to join hands with Morpho Labs in delivering state-of-the-art KYC and AML solutions for the crypto industry,” said CEO of Shufti Pro, Victor Fredung. “We believe this collaboration will certainly mitigate the risks of identity and monetary fraud for Morpho Labs and will assist them in staying compliant with global KYC and AML requirements.”

Vouched partners with Professional Bank to accelerate eKYC

Professional Bank has announced a partnership with Vouched to incorporate its AI-based eKYC and face biometrics-based identity verification solutions.

“As a growing commercial bank, Vouched has proven to be an integral component in our transformative digital onboarding experience,” said Daniel R. Sheehan, Professional Bank chairman and CEO. “Clients can now open a personal checking account online in just a few minutes, saving a lot of time and hassle.”

Mastercard’s Ekata partners with Advance.AI for B2B digital identity solutions

Mastercard’s recently-acquired business transaction and fraud detection company Ekata has partnered with Singapore-based Advance.AI to offer KYC and other B2B digital identity products in South and Southeast Asia.

Advance.AI offers a suite of services including digital identity verification and risk and credit scoring. Ekata’s account opening solution is being added to the range. This will allow Advance.AI to help its customers reduce friction in their own customer onboarding and combat fraud.

Onfido survey into consumer preferences for access to financial services

More details have emerged from Onfido’s survey of five thousand consumers across the U.S., UK, France, Germany and the Netherlands, this time via TechUK, a technology promotion agency.

The full Digital By Default report is available via registering at Onfido.

The initial findings from the survey carried out in collaboration with Okta showed general trends, the new figures give more nuance into how people feel about digital access to financial services.

Ninety percent of consumers now feel comfortable accessing services online, the remaining ten percent having concerns over security and convenience. Half feel more comfortable now than they did before COVID.

Interpretation finds that trust in branches is being replaced by trust in brands. Seamless onboarding is the new proof of competency. Two-thirds want to be able to sign up to a new bank account online and half would prefer to. Sixty percent would rather open a healthcare account online, 70 percent would prefer online for opening a gambling account, and the same number for taking out a phone contract.

Where people have existing accounts, convenience is king. Over half (53 percent) do not want to travel to branches and 48 percent want instant access to a service online.

Onfido found that 91 percent of consumers who have already submitted a photo for identity verification for one service would like to use this option again; 57 percent said their use of biometrics has risen over the past year; 64 percent are open to biometrics over documents in branch; 59 over giving answers to personal questions when phoning and 70 percent would prefer biometrics to a password.

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