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Banks, fintechs ramp up biometric onboarding in Europe, UK, UAE and Singapore

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Financial institutions around the world are introducing selfie biometrics for remote onboarding clients, including new contracts from Sumsub and contract extensions from Onfido.

Onfido Partners to Double Identity Verifications in Four Years

European payments platform Lemonway says the number of verified IDs, wallets and accounts has tripled in the past four years, thanks to Onfido. It is now expanding its partnership with a UK biometric identity verification provider.

The companies did not disclose details of the latest deal. Lemonway serves marketplaces, alternative financial platforms and other businesses, Partner with Onfido Launch of Know Your Customer (KYC) solution in 2021. The payment platform serves brands such as Renault, Decathlon and SNCF.

ETSI certification and Onfido’s support for more than 2,500 ID documents will help Lemonway expand its business, Onfido chief customer officer Nello Franco said in a release.

June, Onfido received Accredited to the latest European standard for identity and trust services, becoming the first provider in the world to be accredited by these two European standards bodies ETSI and its british counterparts DIATFAccording to the company.

UAE bank Mashreq launches facial recognition onboarding service for corporate clients

United Arab Emirates-based digital bank Mashreq says it has become one of the first banks to allow large corporate banking customers to open bank accounts digitally using facial recognition.

Applicants with a valid Emirates ID can upload their signature via mobile phone and provide consent via a five-second live video stream, which is authenticated via facial recognition technology through the UAE Ministry of Interior database.

Dubai-based financial institution allow UAE residents will use facial recognition technology to open bank accounts after signing deal last year Agreement with the Ministry of the Interior.

June, nationwide Announce its milestone Emirates Pass Digital Identity Project after registration of 5 million digital IDs. Digital IDs provide authentication, digital signatures, and biometric identification.

Bank of Singapore to allow remote account opening for some biometric passports

OCBC, Singapore’s oldest bank, will allow biometric passport holders from Malaysia, Indonesia, China and Hong Kong to open accounts digitally.

This new service is mainly aimed at foreign citizens who come to work, study and live in Singapore. This financial center has always been a popular destination for professionals. New customers will be able to register remotely using the OCBC Digital app.

OCBC’s digital onboarding process is based on its proprietary know-your-customer (KYC) process and a partnership with OneConnect, an affiliate of China’s Ping An Group. The bank has operations across Asia Pacific and Greater China.

The bank has previously used facial recognition technology NEC for intra-branch identificationand from iProov for ATMs.

Sumsub gets another cryptocurrency client

Verification platform focusing on financial technology sumsup Working with cryptocurrency exchanges Gate.io Provides KYC, Know Your Business (KYB), Transaction Monitoring and Anti-Money Laundering (AML) solutions.

Gate Group founder Han Lin said in a statement that the partnership will help Gate.io maintain a leading position in cryptocurrency regulation. The company says it serves more than 13 million active users worldwide.

article subject

banking | face biometrics | Authentication | know your customer | onboarding | OneConnect | Onfido | selfie biometrics | sumsup



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