Regula partners on biometric onboarding for US financial services
The duo will help securely onboard and verify customers for banks and other financial services businesses with document checks, selfie capture and liveness verification. The partners are also hoping to expand to other sectors such as insurance, government, and retail.
Regula completed a deal with InScope-AML earlier this month to provide its ID document-checking software to businesses across Africa and Europe. The Latvian forensic devices and identity verification solutions developer also announced its place on the 2023 Gartner Market Guide for Identity Verification.
The new product will combine Regula’s Document Reader and face biometrics SDKs with Sybrin’s KYC solution and orchestration engine. It will streamline and simplify customer identity verifications, accelerate the implementation of new onboarding systems, which in turn will reduce how long onboarding takes, and improve customer conversion rates, according to the announcement.
“You can never overdo it with authenticity checks, especially in remote onboarding scenarios in financial institutions,” says Ihar Kliashchou, chief technology officer at Regula. “We at Regula keep working on this non-stop. And we are happy to partner with Sybrin, a visionary KYC provider that shares our commitment.”
Sybrin Group was acquired by One Thousand & One Voices (1K1V) and Crossfin in 2021. The South Africa-based company announced successful testing to PAD standards with its passive biometric liveness detection the same year.