Fintechs flock to selfie biometrics for compliant onboarding

DigiCOOP, a digital and financial services app for people in the Philippines, has signed up with Singapore-based Advance.AI for digital identity verification in its customer onboarding process.

Users can scan a national identity document and submit selfie biometrics to complete ID verification within 60 seconds. Advance.AI will also provide fraud and risk management, plus alternative credit scoring services.

DigiCOOP was launched in 2020 by TraXion Tech, and serves 1.3 million labor union members and farmers.

TraXion Tech CEO Ann Cuisia says the company wants to increase financial inclusion among Filipino families by 20 percent over the next five years.

Risk management platform Certa has selected ID-Pal to enable identity verification for third-party contacts in real time with a combination of biometrics, ID document and database checks.

ID-Pal claims to deliver industry-leading identity verification accuracy with automated decisioning and smart workflows, while Certa automates and orchestrates complex workflows for third-party risk and compliance checks.

“Our mission has always been to help businesses onboard customers, suppliers, sellers, partners, etc., quickly, effectively, and with transparency at every step,” says Jag Lamba, CEO of Certa. “Through our partnership with ID-Pal, we are granting our customers even greater transparency while speeding and simplifying risk mitigation during the onboarding process.”

U.S.-based fintech Fincapital Partners has chosen iDenfy to provide robust KYC and AML checks that speed up customer onboarding.

Fincapital Partners selected iDenfy after trying several ID verification providers, and discovering that being charged for each KYC check, whether successful or not, drove up its costs.

iDenfy’s selfie biometrics, AML screening solution and Address Verification tool have all been implemented by Fincapital, according to the announcement.

UK-based “ethical bank” The Co-operative Bank is using Onfido’s Atlas AI with selfie biometrics and secure digital identity verification tools to onboard new customers.

Onfido’s technologies provide automated identity verification, address verification, and fraud prevention to complete ID verification in as little as 15 seconds.

“Onfido is a complete identity proofing product that we could plug into our application process without expensive IT engineering costs and without integrating it fully into our mainframe systems,” says Darren Prescott, senior manager of current accounts and credit cards at The Co-operative Bank. “This meant we could implement a solution quickly, orchestrating workflows and automating decisions to improve the user experience and onboarding rate.”

Article Topics

Advance.AI  |  biometrics  |  face biometrics  |  fraud prevention  |  ID-Pal  |  iDenfy  |  identity verification  |  KYC  |  onboarding  |  Onfido  |  selfie biometrics