Selfie biometrics launched for DeFi by Idemia and Haventec, open banking by HooYu

A decentralized blockchain ecosystem for decentralized finance, secured with facial authentication for biometric identity verification, is being launched by Australian fintech Baxe, in partnership with Idemia and Haventec.

The deal enables Baxe users around the world to authenticate high-value transactions, reclaim access lost with forgotten passwords and regain access to locked accounts with face biometrics.

Idemia supplies its Identity Management platform, which is integrated with Haventec’s platform, to support the biometric authentication solution, which is designed to streamline the re-identification process for Baxe users, according to the announcement. Baxe will use the platforms for secure creation, storage and management of customer digital identities. The result, the companies say, is a simplified digital identity authentication process compliant with know your customer (KYC) and data privacy regulations.

“With Australians increasingly embracing digital financial services, the time is right for the user experience to evolve as well,” explains Baxe CTO Dylan Blankenship. “Traditionally, financial services are highly dependent on authentication for security and manual verification can be very time-consuming. Our solution will address these issues as it leverages biometric technology to ensure security while greatly enhancing convenience. It was important for us to work with proven technology partners to bring this vision to life, and IDEMIA was the natural choice for their distinguished track record in digital identity management.”

Baxe is developing an ecosystem of applications for a decentralized finance (DeFi) blockchain network, designed for personal security and privacy, allowing customers to communicate, store assets, make payments, and participate in ecommerce. Two-factor authentication with selfie biometrics is provided by Haventec’s Authenticate platform.

“As the world becomes more digitized, so too will our identities,” comments Idemia Australia and New Zealand Digital Business Unit Head Alexi Paxinos. “It is more important than ever for companies to take the necessary steps to secure the protection of the digital identities of their users in order to maintain trust in the relationship. Through our world-class Identity Management platform, IDEMIA is pleased to support BAXE and Haventec in delivering a revolutionary new authentication solution for users in Australia, which enables them to reap the twin benefits of convenience and security via innovation.”

HooYu brings open banking to gaming operators

From DeFi to open banking, where HooYu has integrated identity and financial data-sharing features with its face biometrics, liveness detection, ID document validation and database checks for KYC and customer onboarding processes.

The new Bank Connect service is designed for gaming operators to perform affordability assessments and understand risks at any point in the customer lifecycle. HooYu says this capability graduates gaming operators to move beyond KYC to ‘understand your customer’ processes.

Bank Connect provides digital identity and account overview data, transaction and card information, all automatically analyzed and scored for presentation in a HooYu report. Once the client has reviewed the results, Bank Connect data is deleted.

“HooYu is always adding new features to help gambling operators to use the latest technology and data to meet responsibility compliance requirements such as age verification or affordability,” says HooYu Marketing Director David Pope. “By giving our gambling clients the capacity to use open banking data to analyse affordability, they can better look after their users to build a safer gambling industry.”

Article Topics

biometrics  |  DeFi  |  digital identity  |  face biometrics  |  facial authentication  |  financial services  |  Haventec  |  HooYu  |  IDEMIA  |  identity verification  |  KYC  |  onboarding  |  open banking  |  selfie biometrics