Selfie biometrics deployed for fraud prevention, KYB from microfinance to virtual basketball
New York-based Element has teamed up with Cebuana Lhuillier, the largest microfinance services provider in the Philippines, to provide Know Your Customer services with face biometrics during customer onboarding.
The partnership includes the use of Element’s tools for online KYC, digital customer onboarding through selfie biometrics, and fraud risk assessment, and could cut processing times from several days of manual validation and verification to just minutes, according to the announcement.
“Our partnership with Cebuana Lhuillier is an important opportunity to deliver large scale adoption of financial services in the Philippines, to create greater access to commerce, and greater control for customers over their financial lifestyles,” states Adam Perold, president and CEO of Element Inc. “We founded Element as one of the first modern AI companies, to connect populations to essential services, to help build more efficient and inclusive societies. At this time of fintech innovation and growth in the digital ecosystem of the Philippines, Cebuana Lhuillier is a tremendous partner for executing on this vision together.”
Customer wins and partnerships for Ondato, iDenfy, Keyless
Selfie biometrics are also being deployed to fight fraud and ease onboarding for businesses in several other sectors.
Ondato will provide its ID document and selfie biometric checks for Know Your Business and investor due diligence by Play-to-Earn, Web3 multiplayer basketball metaverse Basketballverse, which is due to launch later this year.
Basketballverse allows people to create NFT avatars and manage metaverse basketball teams to attract sponsorships and sell merchandise. The announcement notes the money flowing into metaverse investments, and lofty predictions for the space’s commercial potential.
The implementation of Ondato’s ID verification is intended to help the platform prevent money laundering, and future-proof it against crypto regulations.
iDenfy will provide identity verification and KYB services to ecommerce financial management platform Juni to bridge the gap between security and speed, according to a company announcement.
Juni will use iDenfy’s Business Verification platform to detect fake companies, and the technology has already made applicant identity screening more efficient, the new partners say.
Keyless has formed a partnership with ASEE Türkiye to help financial service providers replace passwords with the former’s privacy-first biometric technology.
ASEE Türkiye is a subsidiary of major European IT services provider Asseco Group.
Under the terms of the partnership, ASEE Türkiye will help Keyless encourage enterprise adoption of biometric authentication and identity management for workforces and consumers across Eastern Europe.