VeriFace, NamaChain each launch face biometric customer onboarding solutions
A customer takes a picture of their ID and selfie for biometric matching via a phone or webcam. It verifies the ID and performs facial recognition and liveness detection, while also verifying a customer’s age and searching for lost or stolen documents as part of an authenticity check. VeriFace then provides AML services to recognize beneficial owners, politically exposed persons and sanctioned persons based on the verified identity.
“The global demand for secure and user-friendly online identity verification technology continues to grow,” says VeriFace founder and CEO Roland Kraslan.
The biometrics integration partnership is similar to one Innovatrics recently signed with Veritran.
NamaChain rolls out blockchain and biometrics for Web 3.0
NamaChain, a Toronto, Canada, company, has launched a customer onboarding KYC/AML solution with biometrics powered by blockchain to ensure that its customers can control their identity and data in the Web 3.0.
NamaChain says it is addressing the higher level of regulation and scrutiny for fraud and money laundering with Web 3.0, including recent developments like NFTs, decentralized currencies, trading platforms and the metaverse.
The company says it simplifies a KYC and AML process that is often challenging and expensive, tangled in many jurisdictions and involves customers with individual risk appetites. To resolve these difficulties, NamaChain claims to support multiple ID documents from 200 countries, performs facial recognition for identity verification, actively monitors and audits up to seven years. The company also says it protects its users’ identity. Not even NamaChain can access the data without explicit consent.
Mayukh Gon, CEO of NamaChain, says his company “eliminates inefficiencies of the existing KYC/AML systems.”
Its globally compliant KYC/AML service extends to full AML compliance, according to Gon. By integrating that module, enterprises “can ensure secure and quick KYC/AML practices of multiple jurisdictions at half the market cost.”
Developers are finding ways to incorporate biometrics into distributed ledger systems. A report by Frost & Sullivan suggests that developments in AI, blockchain and biometrics will enable the creation of global services including digital ID, affective behavioral biometrics, digital government, ecommerce, banking and airport security by 2030.