PassFort partners with Trulioo for KYC, Swisscom with Orell Füssli on digital certificates
A partnership will allow PassFort to offer Trulioo’s GlobalGateway to regulated firms for biometric identity verification during onboarding compliance checks, while two Swiss firms are taking the recent phenomenon of COVID passes as people’s first real interaction with digital certificates as a basis for develop a verifiable credentials mechanism for the country.
PassFort selects Trulioo to offer regulated firms automated KYC, KYB
PassFort, a Moody’s Analytics company and global provider of software-as-a-service regulatory technology solutions, is partnering with Trulioo, integrating its identity verification to offer regulated businesses worldwide a transformed, digital KYC and KYB (business) approach.
Trulioo is adding its GlobalGateway identity checking capabilities, which prominently include selfie biometrics services, to PassFort’s cloud-based onboarding, compliance and risk management platform.
The worldwide element is important as PassFort’s clients find that their customers are increasingly global and compliance onboarding experience is critical to whether they would recommend the client. PassFort’s own research showed that a better-than-expected compliance procedure led to 77 percent of customers describing themselves as more likely to recommend the product, compared to only 32 percent of customers who have undergone a worse-than-expected signup.
“Over the last 12 months, more than 4.3 million compliance journeys were started in the PassFort platform in 197 countries, covering 211 jurisdictions,” says Donald Gillies, head of PassFort. “Our partnership with Trulioo creates the best possible experience for global financial services customers who can expect a smooth digital compliance journey.”
Swiss partnership to develop legally-binding digital certificates
Swiss businesses, public authorities and individuals may soon be creating and retrieving verifiable digital certificates developed by local IT and telecom firm Swisscom and identification firm Orell Füssli. The companies have announced a partnership to work on the trustworthy, intelligent and forgery-proof digital documents and are hoping to have the first use cases on offer in the next 12 months.
Examples include age verification for restricted purchases or venue entry and ways to combine digital certificates with digital signatures to create digital expressions of will.
Design will be based on Self-Sovereign Identity principles as well as decentralized data storage, privacy and data economy.
Daniel Link, CEO Orell Füssli Group comments, “Digital certificates are an important topic for the future and hold great potential for increasing efficiency and saving costs. Together with Swisscom, we want to develop a system that simplifies interaction between people and organizations. At the same time, users should be at the center and retain control over their information and how it is used.”
Swisscom counterpart Urs Schaeppi says, “Digital certificates, whether for age checks, job applications or even the conclusion of a contract, is the next simplification step, for individuals as well as for companies and public authorities. We are very much looking forward to working with Orell Füssli to develop a solution that makes digital certificates possible and easy to use.”
Augentic recently announced a partnership with Orell Füssli Security Printing to provide central bank and governments with next generation digital currency solutions.