Fintech-focused biometrics and KYC partnerships, new platforms unveiled
Face biometrics providers continue to rapidly sign up new customers and partners for technologies to support remote customers, with FYNXT announcing an integration with Shufti Pro, and TSB partnering with Onfido. Also, GB Bank has selected TruNarrative for customer onboarding, and both Data Zoo and Smile Identity have launched new ID verification solutions.
FYNXT integrates with Shufti Pro
Fintech firm FYNXT has entered a new partnership with selfie biometrics provider Shufti Pro.
The collaboration will now enable brokers on FYNXT’s platform to access Shufti Pro identity verification (IDV) services within the platform, including forex, remittance, wealth management, and multi-asset management.
“Organizations like FYNXT that offer digital onboarding, account management solutions to brokers and banks need IDV solutions more than ever to fulfill their business goals and we are glad to be the one facilitating FYNXT in enhancing their KYC process,” comments Shufti Pro CEO Victor Fredung. “Our automated solution will enable FYNXT to mitigate identity fraud that often occurs with fast-growing businesses.”
Onfido partners with TSB
The partnership will see Onfido launch a new customer onboarding offering via the TSB mobile banking app.
According to Onfido, the bank’s customers will now be able to take advantage of its face biometrics and ID verification technologies to sign up for a ‘Spend and Save’ current account in under ten minutes.
“With Onfido’s AI-powered technology, identity verification is streamlined for a user-friendly onboarding process while conducting strong fraud detection and mitigation in the background,” says the company’s Senior Fraud Risk Manager Dimitrie Dorgan. “We’re excited to be working with leading UK banks such as TSB to help them rapidly and securely evolve to meet their customers’ changing digital needs.”
The collaboration comes amidst the news that 90 percent of TSB’s servicing transactions and 75 percent of its sales are conducted digitally.
GB Bank selects TruNarrative biometrics for customer onboarding
Following the beginning of the collaboration, TruNarrative will provide GB Bank customers with its full suite of customer onboarding and transactional risk compliance capabilities. GB Bank is a new bank that focuses on serving the construction sector in the north of England.
The suite will include anti-money laundry (AML) and know-your-customer (KYC) solutions based on ID document and selfie biometrics checks, document validation, personal equity plans (PEPs), sanctions and adverse media checks, bank account authentication, and full transactional risk monitoring.
Together with the partnership’s announcement, GB Bank reiterated its plans to lend £3 billion (US$4 billion) across the next five years, building a £1 billion-plus balance sheet by funding the construction of 20,000 homes and several million square feet of commercial space.
“Since gaining our provisional banking license we have been able to push forward at pace with the bank build and that is in part thanks to the due diligence that went into researching and securing the right technology for our needs,” explains GB Bank’s CEO Stephen Lancaster. “We didn’t want a legacy system for GB Bank, but a bespoke and secure, customer-centered solution. TruNarrative is helping us fulfill that need and it is great to have the team on board as a partner as we move ever closer to launch.”
Data Zoo launches biometrics-powered digital ID ecosystem
Australia-based tech company Data Zoo has launched IDUX, a new digital ID solution with voice and face biometrics capabilities.
The digital ID ecosystem is designed to help customers meet KYC, AML, and counter-terrorist financing (CTF) compliance needs.
“When it comes to increasing trust in an online interaction, businesses can build confidence at every touchpoint with their customers through components like identity verification, document authentication and watchlist screening, as well as advanced biometric capabilities that provide facial and voice matching and passive liveness,” explains the head of Compliance & Digital Strategy at Data Zoo, Dr. Memoona J. Anwar. “By tightly integrating these tools, you have complete control and the flexibility to evolve as the threat landscape changes.”
Smile Identity launches new document verification solution
African identity verification provider Smile Identity has released a new document verification tool that reportedly supports 142 ID types across 100 countries in Africa, Europe, and North America.
From a technical standpoint, the solution utilizes Optical Character Recognition (OCR) technology, as well as face biometrics via the proprietary facial verification technology ‘SmartSelfie,’ which also offers liveness detection capabilities.
“We are excited about Document Verification,” comments Kay Sulyman, Product Manager for Compliance at remittance provider Chipper Cash. “It promises to help us with regulatory changes in Africa, like supporting the new Ghana Card. It’s great to know that Smile Identity’s coverage extends to all of Africa.”