Global IDV partnerships drive biometric integration in finance

Key partnerships have recently been announced bringing biometric verification systems to a growing number of financial services.

AstroPay is integrating with Incode’s identity and authentication technology, ID-Pal and CLOWD9 reveal a partnership to further strengthen identity verification processes in payment systems, and FacePhi is deploying facial recognition and identity verification technologies across FTS Money’s platforms.

Additionally, Toppan IDGATE and Innov8tif have entered into a strategic partnership, while The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced that retail banks in the country will implement Singpass Face Verification (SFV).

AstroPay’s integration with Incode

AstroPay‘s integration with Incode Technologies is set to bring a layer of security and frictionless user experience to its payment platform. According to the company, Incode’s identity verification tools are powered by advanced AI and biometric technology.

Through its partnership with Incode, AstroPay claims it is safeguarding over 16 million users globally by offering fraud detection from manipulated documents, fake identities, and deepfakes.

The platform also helps AstroPay reduce incidents of phishing, account takeovers, and other fraudulent activities, bolstering overall security, and Incode’s verification process allows AstroPay customers to complete onboarding.

Ricardo Amper, CEO of Incode Technologies, says: “Companies like AstroPay need top-notch security that also ensures a superior, frictionless customer experience. As this company continues to expand into new geographic regions, we continue to support their efforts with our innovative technology that doesn’t require a trade-off between compliance and conversions.”

ID-Pal and CLOWD9 join forces

In a parallel move, ID-Pal and CLOWD9 have announced a partnership aimed at evolving identity verification and anti-money laundering (AML) processes within the payments ecosystem. The alliance leverages ID-Pal’s AI-powered identity verification tools to provide a configurable onboarding process for financial institutions.

CLOWD9, a B-Corp issuer processing platform, serves as a link in the global payments system, facilitating transactions, maintaining cardholder data, and aiding payment processing for banks, FinTechs, and payment providers.

The integration of ID-Pal’s biometric and document verification tools, along with real-time AML screening, is designed to help with security and compliance standards across its network.

CLOWD9 CEO and co-founder, Suresh Vaghjiani, says: “This strategic partnership will allow CLOWD9 clients to access both a compelling end-to-end identity solution and an AML screening solution with advanced AI-fraud detection capabilities.”

FacePhi partners with FTS.Money

Biometrics company FacePhi recently announced a partnership with FTS.Money, a Hong Kong-based financial services provider, with the focus of deploying facial recognition and identity verification technologies across FTS.Money’s platforms.

Facephi’s technology will be integrated into FTS.Money’s global financial platform, which is designed to help clients adopt new financial services. With this integration, FTS.Money users will be able to conduct KYC and identity verification checks through Facephi’s system.

Azam Razzaq, regional head of Middle East and Pakistan at Facephi, states: “This collaboration with FTS.Money strengthens our commitment to global expansion and the creation of accessible and secure digital identity verification solutions.”

Toppan iDGate working with Innov8tif

For Southeast Asia’s fintech ecosystem, Toppan iDGate and Innov8tif have entered into a partnership centered on providing digital identity tools to financial institutions and businesses across the region. Toppan iDGate’s AI-based facial recognition and device binding technologies will be incorporated into Innov8tif’s EMAS eKYC platform.

In Malaysia, the company is working with Innov8tif to provide its AI-powered identity verification, for compliance with regulatory standards set by Bank Negara Malaysia (BNM) and to help institutions mitigate fraud risks.

TOPPAN iDGate’s iDenFace technology uses AI-driven liveness detection to distinguish live images from video recordings, static photos, and even silicone masks, for identity fraud prevention.

Singapore banks to roll out Singpass face verification

Article Topics

biometrics  |  face biometrics  |  FacePhi  |  ID-Pal  |  identity verification  |  Incode  |  Innov8tif  |  Toppan iDGate