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Flurry of deals to secure ID verification and KYC in banking, gambling, rentals

Flurry of deals to secure ID verification and KYC in banking, gambling, rentals
 

As identity theft threats increase, industries with ID verification needs are seeking – and keeping – partnerships that supply solid, long-term mutual benefits in security, efficiency and revenue. Trulioo and Facephi have secured new banking deals, while Yoti celebrates the launch of its Lloyds Bank digital ID app. Signzy is offering simplified KYC, Aware is moving ahead in the gambling sector, and ConnectID is innovating with a novel integration for Australia’s real estate sector.

Trulioo secures deal with Canada’s EQ Bank 

Vancouver’s Trulioo is now on board with the bank that Forbes has ranked the best in Canada. In an embargoed release, the global identity and business verification company announced a new partnership with digital-first EQ Bank, which will see it provide selfie-to-ID document biometric identity verification, plus business verification and workflow software for customer and business onboarding.

“EQ Bank is at the forefront of the digital banking experience, and our partnership ensures it continues to deliver the security, compliance and convenience customers expect,” says Steve Munford, Trulioo CEO. Trulioo’s verification system offers AI-powered face comparison checks and liveness detection, while its Workflow Studio provides a no-code, customizable drag-and-drop workflow builder for integrating and fine-tuning ID verification, which also supports configuration of allowable document types.

“Partnering with Trulioo allows us to continue meeting our regulatory requirements while providing tailored, best-in-class customer onboarding experiences with the least friction and the highest chance of verification,” says Mahima Poddar, SVP of EQ Bank.

Facephi added to Temenos partners ecosystem, Yoti launches Lloyds app

Facephi’s digital identity verification products are now available on Temenos Exchange, an open marketplace of pre-integrated fintech products to accelerate the development, packaging and monetization of new technology, so that banks can offer up-to-date financial services at optimized costs.

A press release says Facephi’s integrated suite for the comprehensive customer identity management includes streamlined onboarding and KYC, advanced OCR data capture, authentication, document verification, real-time AML screening, video onboarding and other multimodal biometric digital ID verification capabilities for mitigating fraud.

The integration into what the Temenos Exchange website calls its “selection of curated, assessed, and integrated tech partners” significantly increases Facephi’s reach in the global banking market.

“Joining Temenos Exchange means Facephi can write once and sell its solution across a vast banking audience of more than 3,000 clients in 150 countries,” says Martin Bailey, director of innovation and ecosystems for Temenos. “Collectively, this community serves the banking needs of 1.2 billion people worldwide.”

Facephi Strategy Director Carlos Oderiz says the Spanish company looks forward to “collaborating with Temenos to benefit more organizations around the world.”

Also in banking news, in a post on LinkedIn, CEO of Yoti Robin Tombs says the London-based digital identity firm is “delighted to see Lloyds Bank International launching the Lloyds Bank Smart ID app in Jersey for in-branch identification.”

In tandem with the app launch, Lloyds Bank will be running a trial to accept digital ID including Yoti ID as its Jersey branches.

Lloyds invested £10M in Yoti for the development of the app.

Signzy offers simplified KYC process for burgeoning industries

Signzy, which provides robotic process automation (RPA) software for financial firms and other industries, is launching One-Touch KYC, a tool for streamlining the KYC process to reduce pain points for users and businesses. A release from the company says One-Touch KYC promises improved efficiency in user experience, customizability in UI, and accuracy in results, with an eye to driving conversions in growing sectors such online gaming, fintech, rental apps, and gig economy portals.

Back-end users can select from predefined fields to build the KYC pipeline needed for their use case and skin it with their company’s own branding. Security measures including OCR and liveness detection protect against the mounting threat of deepfake attacks. For front-end users, the simplified experience reduces frustration, lowering the likelihood of drop-offs.

“The KYC market is increasingly in demand, given the rise in identity fraud across the globe,” says Ankit Ratan, CEO of Signzy. “We’re thrilled to be bringing One-Touch KYC to our current and future clients who want to provide their developers and users faster turnaround times, and an efficient identity checkpoint.”

At the end of 2023, Signzy announced a partnership with Verified Inc. to enable the integration of digital identity services into its AI-based eKYC and fraud prevention toolkits.

SCCG doubles down on Aware with KYC contract extension

Biometric verification provider Aware and gambling consultancy SCCG Management are extending their strategic partnership, refreshing a collaboration that solidifies Aware’s efforts to enhance security, compliance and user experience across the global gambling industry.

Per a release, the contract extension will see Aware continue to facilitate secure biometric enrollment, authentication and identity verification for SCCG Management, in support of the latter’s mission to deliver technically advanced tools for an industry that is increasingly online and in need of verification solutions.

“Aware’s biometric software solutions are at the forefront of technology, offering unparalleled security and convenience,” says Stephen Crystal, founder and CEO of SCCG Management.

“We are excited to keep working together to distribute these essential KYC solutions to our extensive network of industry operators.”

ConnectID gets the keys to digital ID for Aussie real-estate sector 

The Australian self-service property management platform RentBetter is enlisting ConnectID to provide digital identity verification using trusted sources via its digital identity exchange, to fight fraud and reduce customer friction. A release says this makes ConnectID the first domestic outfit to provide digital ID to Australia’s real-estate industry.

ConnectID is an initiative of Australian Payments Plus (AP+), which unites three of Australia’s major domestic payments providers. It offers real-time verification through secure data exchange without the need to view or store shared data – of which, in rental agreements, there is often an overabundance.

“The oversharing of sensitive data during the rental process is all too common, but storing and securing personal data can be costly, particularly for smaller agencies, and in the event of a breach, devastating,” says Andrew Black, managing director of ConnectID.

Jeremy Goldschmidt, CEO of RentBetter, says that a rental crisis and numerous data breaches at large public companies have made Australian customers acutely alert to identity fraud risks. ConnectID’s tech, he says, “means we’re able to verify identity, but also reduce the duplication of sensitive information and consequently associated risk, all the while creating a stronger trusted experience for landlords and tenants.”

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