New tools and customers unveiled for biometric onboarding and anti-fraud applications
A number of selfe biometrics providers have each expanded their digital identity verification product and customer portfolios to improve onboarding and tackle fraud across a number of scenarios. Ondato launched a new platform designed to streamline know your customer (KYC) and anti-money laundering (AML) services, and iDenfy added AML screening and ongoing monitoring to its solutions and entered a new collaboration with Sevio. Alpaca launched a new KYC-as-a-Service offering with Onfido technology, and Virgin Money is HooYu’s latest customer win..
Ondato launches new ‘KYC operating system’
The Ondato OS platform integrates all the company’s KYC and AML tools and services and aims to facilitate online customer onboarding with face biometrics.
The new solution also features risk-based management tools for both new and existing customers as well as enhanced process automation to provide greater efficiency and lower operating costs.
“[Ondato OS] embeds compliance in the organization and creates a denser, 360 degree, CRM-like view of the customer at the time of onboarding and throughout the customer lifecycle,” explains Ondato CEO Liudas Kanapienis.
The OS can also be tailored according to a business’s location, with options to incorporate national and international registries and databases, languages, and document types.
“Ondato OS eliminates manual tasks, freeing employees from robot jobs, and enables businesses to focus on their core operations. With Ondato OS, we believe more than ever that we are helping turn KYC compliance into a business benefit for our clients.”
iDenfy adds new risk assessment method, partners with Sevio
iDenfy has introduced a novel method for risk assessment that generates notifications when any AML risk database match occurs during the identity verification process.
According to the company, the service is designed to maximize security for firms that want to make sure that they are partnering with a transparent, professional organization.
iDenfy’s risk database includes data from a number of international institutions, including Politically Exposed Persons (PEPs) information, international sanctions, and law enforcement watchlists across Interpol, the World Bank, FBI, and Europol’s Europe’s Most Wanted.
It also automatically scans media in real-time to keep track of financial information related to political figures.
The company said they believe the use of multiple databases reduces the number of false positives.
One of the first companies to take advantage of iDenfy’s updated solutions is Sevio, an ad-tech development firm.
“Every organization wants to conduct its operations in the safest way possible. Without cybersecurity, this would be extremely difficult, especially when working in an online field,” comments Sevio CEO, Tiberiu Stîngaciu.
“The collaboration with iDenfy improved our security levels through identity verification. This helped us work on one of our main focuses as a business — the safety of our customers.”
Alpaca announces Onfido SDK for Broker API
Alpaca is an application programming interface (API) provider for stock and cryptocurrency trading.
The company has recently launched an Onfido SDK for Broker API designed to facilitate the onboarding of international end-users.
Through the Onfido SDK, Alpaca customers will be able to verify end-users from 195 countries using document verification by having them capture in real-time photo IDs covering over 2,500 document and passport types.
Onfido’s biometrics will also be utilized in the process, to provide an extra layer of protection.
HooYu automates Virgin Money onboarding
Virgin Money is the latest digital bank to sign up for HooYu’s selfie biometrics for remote customer onboarding and KYC checks, following a review of its account opening process and an extensive request for proposals (RFP) process.
A custom branded HooYu biometric solution has been integrated with the Virgin Money website to replace manual steps and offline processes, according to the announcement.
“Our smart digital tools put our customers in control and the HooYu journey helps our customers to successfully pass KYC where traditional name and address checks fail,” comments Virgin Money Head of Digital Customer Experience Linda Roberson. “We chose to work with a regtech partner like HooYu because their platform enables us to easily build a range of digital onboarding journeys that are simple for our new customers to complete.”
“As banks like Virgin Money obsess about the digital customer experience, eliminating abandonment and driving conversion, they turn to HooYu to help them redefine their new account journeys and achieve their origination goals,” adds HooYu Marketing Director David Pope. “It’s our job to help banks like Virgin Money to orchestrate KYC services and easily configure and deploy with a great customer journey.”