Biometrics providers line up partners, customers in diverse sectors for KYC and compliance
Compliance with Know Your Customer checks and other regulatory requirements remain a major driver of biometrics implementations. The latest round of announcements includes Yoti, LexisNexis Risk Solutions, Accura Scan and iDenfy, which are addressing demand in several different markets.
Yoti for employment checks
Konfir, which is certified as an Attribute Service Provider (ASP) under the UK’s Digital Identity and Attributes Trust Framework (DIATF), provides information on employment and income, including work history and dates of employment, to companies or identity service providers. It claims to be the first ASP certified.
Yoti provides the biometric identity verification component with liveness detection, enabling identity and employment history checks to be requested simultaneously.
The partners claim the deal will help keep sensitive employment information secure, by avoiding its transmission over email, shared PDFs or phone calls, while reducing the time spent on manual checks. Consent from individuals also gives them transparency and control over what information is shared with businesses.
LexisNexis for crypto trading
Crypto trading platform CoinList has selected LexisNexis Risk Solutions to automate its compliance and onboarding processes with selfie biometrics.
The deal gives CoinList multi-jurisdiction KYC and KYB checks, fraud detection, and Anti-Money Laundering (AML) screening capabilities, along with full customer lifecycle case management.
CoinList Chief Compliance Officer Sheynel Smith says LexisNexis’ RiskNarrative platform has simplified the company’s customer onboarding processes, while helping to meet ever-shifting compliance requirements.
“In an industry where remaining agile to meet multi-jurisdictional and regulatory obligations is key, we believe that together we can deliver a best-in-class, frictionless experience for CoinList’s customers, whilst remaining vigilant and mitigating risk,” says LexisNexis Risk Solutions Global Development Director Marc Temple.
Accura Scan for integrated financial services
Accura Scan has formed a strategic alliance with digital financial platform MobiFin to provide its suite of online KYC technologies, including biometrics, liveness checks and ID document validation.
MobiFin is a subsidiary of Panamax Inc., and serves businesses in the digital banking, payments, telecom and other sectors, according to the announcement.
The partners plan to bring a range of combined services to market, including loyalty programs, analytics and reporting, business intelligence and optimization.
iDenfy for banking and beer
iDenfy has been contracted separately by Lithuania-based specialty bank mano.bank and self-service beer vendor Beera Station to help with meeting their respective compliance requirements.
The deal with mano.bank will provide iDenfy’s four-step identity verification solution, including selfie biometrics, to quickly onboard customers. KYC experts from iDenfy manually check verification results, but the process still only takes an average of approximately 50 seconds to complete, according to the announcement.
Beera Station will utilize iDenfy’s age and identity verification technologies to ensure compliance with age restrictions for alcohol purchases. iDenfy’s full-stack identity verification solution has been integrated with Beera Station’s mobile app, Tappster, checking whether uploaded ID documents are real to block the use of fake IDs.