Signicat, Smile ID and Regula make new strides in financial industry

Identity verification, KYC and AML companies are making deals from Europe and Africa to Asia, including collaborations designed to boost the value of their products.

Signicat unveils combined product with Strise

Digital identity company Signicat has announced it will unify its customer verification capabilities with Anti-Money Laundering (AML) software from Strise: The result will be a single product that will provide businesses with streamlined Know-Your-Customer (KYC) and AML.

The two Norway-based companies say that the collaboration will simplify regulatory processes and enable businesses to meet compliance requirements easier. The new product is aimed at AML and KYC specialists, Relationship Managers and compliance officers. It is also connected to a wide array of eID schemes and eIDV solutions, with options for advanced authentication and bespoke workflows, according to their release.

Strise provides ALM automation for highly regulated businesses. Its clients include U.S. financial company Corpay, Finland-based financial services group Nordea and Norwegian bank alliance SpareBank 1.

Pakistan’s NADRA expands financial services

Pakistan’s National Database and Registration Authority (NADRA) will allow the country’s citizens to deposit cash into accounts of over 50 banks with the help of biometric verification available in its 9,000 e-Sahulat franchises.

The move is part of a campaign to enhance access to financial services for Pakistanis. NADRA is the central body responsible for the collection, storage and management of biometric data in Pakistan. The e-Sahulat platform was designed to provide digital services while the franchises allow Pakistanis to pay bills, collect pension payments and amend details of their national ID through biometric verification.

The cash-in transactions were introduced thanks to NADRA’s deal with 1Link, the country’s largest payment gateway and switch system. The authority has also partnered with the State Bank of Pakistan (SBP) and the Pakistan Telecommunication Authority (PTA) to introduce facial recognition verification.

Smile ID integrates with Plumery banking platform

Another technology integration comes from Smile ID, the identity verification and fraud prevention company targeting the African market.

Smile ID plans to allow financial services companies to combine its products with Plumery’s digital banking platform. The collaboration is aimed at solving two problems for the African financial industry – authentication fraud and expensive digital banking systems. The combination will allow lower implementation costs and a stronger authentication process, the two firms said in a release.

In November, Smile ID announced it has completed 200 million identity verification checks across the African continent.

Regula’s products recognized by Gartner

The Gartner Market Guide for KYC Platforms for Banking, which analyzes solutions, vendors and tools in the KYC business, has recognized two of Regula’s well-known identity verification products: Document Reader SDK and Regula Face SDK.

Gartner noted that Regula’s Document Reader SDK employs the most comprehensive identity document template database in the world, containing over 14,800 passports, driver’s licenses, national ID cards and other identity documents from around the world. The Regula Face SDK, on the other hand, helps businesses prevent presentation attacks and injection attacks, ensuring they are dealing with real data.

The company has previously appeared on the Gartner Market Guide for Identity Verification.

Article Topics

AML  |  biometrics  |  digital identity  |  financial services  |  identity verification  |  KYC  |  NADRA  |  Regula  |  selfie biometrics  |  Signzy  |  Smile Identity