Regulated businesses undergoing digital transformation catching up on IDV

Businesses in regulated industries that have undertaken digital transformation are now catching up on identity verification.

The downside of doing so too slowly is described in a new report from Verato, which sees a “massive readiness gap” between the expectations regulated businesses know their customers have and their ability to deliver them.

The opportunity for selfie biometrics and identity verification providers crosses industry verticals and global regions, as the latest customer wins from Incode, Yoti, iDenfy, Prove and Biometric.Vision demonstrate.

Incode, Prove sign up banks

Banco Dondé, a Mexico-based bank focussed on education and inclusion, has selected Incode to stand up a biometric remote customer onboarding capability.

The bank already used biometrics running on tablets for in-person identity verification for customers opening new accounts, but now adds fully digital onboarding with Incode’s remote biometric authentication and liveness detection to meet KYC and related regulatory requirements.

Banco Dondé began a digital transformation process in 2023 with the intention of bringing financial services to underserved communities in Mexico, according to an Incode blog post.

“We needed a solution that was secure, highly accurate, and could scale with our vision. Incode met all of those needs and more,” says Banco Dondé Founder and DG Eduardo Dondé. “With Incode, we’re now able to offer a truly digital onboarding experience that doesn’t sacrifice security. This opens the door to more inclusive, accessible financial services for millions of Mexicans.”

Meanwhile in America, First National Bank of Omaha, also known as FNBO, has upgraded its customer onboarding for co-branded payment cards with digital identity verification technology from Prove.

The integration of Prove Pre-Fill streamlines the application process for customers while reducing fraud, according to the company announcement.

“By eliminating friction, accelerating application speed, and reducing fraud, we’re helping large financial institutions deliver a seamless, VIP-like experience that turns onboarding into a growth engine and competitive advantage,” says Prove CRO Scott Bonnell.

Yoti adds mortgage broker service

Mortgage broker CRM provider Smartr365 has integrated Yoti’s reusable digital IDs to deliver customer identity verification complaint with Financial Conduct Authority (FCA) and GDPR requirements.

Client verifications will cost mortgage brokers 2 pounds (US$2.69) each, Mortgage Solutions reports.

Smartr365 CEO Conor Murphy says the integration gives brokers an affordable, privacy-first customer verification capability that saves time, reduces administrative load, and provides a smooth customer experience.

“Our partnership with Smartr365 puts our Digital ID network directly into the hands of brokers, enabling them to verify clients instantly, protect sensitive data, and meet regulatory requirements with ease,” says Yoti CCO and Head of Strategic Partnerships John Abbot.

iDenfy tapped by proxy provider

Residential proxy and web data collection tool provider Ping Proxies has implemented biometric software from iDenfy to carry out KYC checks and identity verification for remote customer onboarding.

Ping Proxies’ customer base has scaled rapidly, and the company now provides 35 million IPs and static IP proxies in 15 countries, including ecommerce, digital marketing and competitive intelligence businesses. This growth made it increasingly necessary to replace its legacy manual KYC processes, which are now automated with iDenfy’s selfie biometrics and identity verification software.

“Ping Proxies is an innovator that brings ethical standards and powerful technology to the proxy industry. By combining our identity verification tools with their platform, we’re helping them maintain trust, scale, and stay ahead of fraud risks in the future,” says Domantas Ciulde, CEO of iDenfy.

Biometric.Vision supplies Kazakh national pension

Kazakhstan’s Unified Accumulative Pension Fund (UAPF) has selected Biometric.Vision to provide biometric IDV for digital customer onboarding following a competitive bidding process, according to a company announcement.

Biometric.Vision supplies a modular toolkit for KYC checks, including ID document recognition, selfie biometrics matching and liveness detection. The company has offices in Almaty, Kazakhstan, and Wilmington, Delaware.

“Serving UAPF is both a great honor and responsibility,” says Biometric.Vision CEO Alibek Narimbay. “As one of the most sensitive and significant quasi-government institutions in the country, meeting its requirements is a strong validation of our platform’s maturity, reliability, and accuracy.”

Article Topics

AML  |  Biometric.Vision  |  biometrics  |  financial services  |  iDenfy  |  identity verification  |  Incode  |  KYC  |  Prove  |  selfie biometrics  |  Verato  |  Yoti