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Ondato launches virtual branch service with face biometrics for KYC

New customer wins for Passfort, Trunarrative, VisionLabs, and Idenfy
Ondato launches virtual branch service with face biometrics for KYC

Know-your-customer (KYC) compliance management provider Ondato has launched a virtual branch service solution that enables banks to provide customers with virtual face-to-face appointments. Also, Passfort, Trunarrative, Idenfy and VisionLabs all announced new customer wins to provide KYC or know your business checks.

Ondato unveils virtual branch service for banks

The new solution reportedly offers a series of security tools for secure remote service delivery, including biometric identity verification, e-signatures, and live video discussions, among others.

It also automatically ensures consistent workload distribution across physical bank networks by allocating associates to less-busy branches.

According to Ondato CEO Liudas Kanapienis, the virtual bank branch provided by the new solution can too be a cost-effective physical branch substitute for digital-only banks or as a hybrid approach with video booths in physical branches.

“Shareholders are demanding that all banks — physical and digital — become more profitable. Both have invested heavily, either in networks, platforms or a combination, and must justify that spending with higher revenue per customer,” Kanapienis says.

“Ondato’s virtual branch creates new opportunities to talk to customers and find out what they need. It reduces or even removes the cost of operating a branch network, increases the productivity of branch staff, and fits in well with the brand values of digital-native banks.”

The solution can be provided either as a stand-alone tool or integrated with Ondato’s KYC and anti-money laundering (AML) solutions, including identity verification with video or selfie biometrics, business onboarding, a customer data platform (CDP), and due diligence.

The release of the virtual branch service solution comes days after Ondato partnered with AML transaction monitoring provider Hawk AI.

Passfort, Trunarrative, VisionLabs and iDenfy announce customer wins

PassFort, a provider of software-as-a-service (SaaS) regulatory technology solutions, has been selected by fintech OneBanx to enhance its business customer onboarding and compliance processes.

As a result of the partnership, tailored automated KYB onboarding workflows will be orchestrated by PassFort, enabling the application process to be carried out effectively to create a holistic onboarding practice and allow OneBanx to manage identity verification.

Further, OneBanx said it intends to enable small and medium-sized enterprises (SME)-specific features, including the possibility for business managers to deposit funds into a business account in a compliant way without needing a bank card.

TruNarrative also celebrated a customer win this week, with the company being selected by the Darlington Building Society to assist with onboarding customers.

Darlington says it will use the LexisNexis RiskNarrative platform from TruNarrative to deliver its financial crime prevention strategy and improve its existing online member portal experience and customer onboarding processes.

VisionLabs, meanwhile, has announced it started supporting Emirates NBD Bank PJSC in Dubai with the implementation of facial authentication technology.

The company unveiled the plans in an interview with Trends, where Anton Nazarkin, global development director at VisionLabs, said the UEA government is using the company’s biometrics with liveness detection during the customer onboarding process.

Peer-to-peer investment platform Viainvest has signed up for biometric ID verification from iDenfy to boost its fraud prevention strategy.

P2P lending is expected to grow into a $558 billion market by 2027, according to the announcement, and provides access to funds for people who for various reasons have their loan applications rejected by banks. The sectors success has also attracted fraud, however, so iDenfy suggests that customers exercise diligence in selecting investment opportunities, and watch out for fake investment sites filled with phishing links.

Viainvest Platform lead Aleksandrs Puzdrans says the company choose iDenfy to comply with the latest standards and provide a seamless customer experience for digital onboarding and investing.

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