Several telecom companies have announced they will use Accura Scan for KYC, while, “robo advisor” InbestMe has signed on to use Onfido’s ID verification. Signzy and Confirm are also targeting online marketplaces to make transactions more secure.
Accura Scan for faster telecom customer onboarding
India-based biometric ID verification provider Accura Scan has announced Kuwait Telecommunications Company (STC) will use the software to speed KYC and onboarding processes.
Accura Scan’s ID verification software can perform KYC checks and verify identity documents within seconds, according to the announcement. The software performs OCR, MRZ, and NFC verification from documents as well. STC customers will be able to complete the onboarding process and start accessing STC’s services more quickly, improving customer satisfaction.
Accura Scan’s suite of services also includes iBeta Level 2-compliant liveness detection, contactless fingerprint biometrics without implementing additional hardware. Its facial authentication verifies that the individual present matches the ID provided.
Accura Scan’s services can be used for fraud prevention, regulatory compliance, and age verification, among others.
Batelco or Bahrain Telecommunication Company BSC, leading telecom provider in Bahrain, has also chosen Accura Scan for faster KYC and onboarding, according to another announcement.
Other sectors that could particularly benefit from Accura Scan’s verification include gaming, dating apps, insurance, finance and banking. Other customers include Ahli Bank, Bank Nizwa, Deem Finance, and the Commercial Bank of Dubai.
Accura Scan also says it is targeting banks and telecom customers in the U.S.
Onfido streamlines financial onboarding, ID verification
Identity verification provider Onfido has announced that Barcelona-based digital investment platform InbestMe will use its selfie biometrics for automated onboarding, verifying new users in minutes. This would make InbestMe the first automated financial advisor, or “robo advisor” in Spain to integrate ID verification.
InbestMe uses machine learning to personalize investment plans to align with users’ concerns. By implementing Onfido’s ID verification, the platform can improve fraud prevention efforts and comply with KYC/AML regulations.
Onfido verified identities by combining a number of document and biometric verifications, data sources, and passive fraud signals. Users sign up by taking a photo of their ID and submitting a simple head-turn video selfie.
Onfido first checks that the ID is genuine before verifying that it matches the user through Onfido Motion, an iBeta PAD Level-2 compliant active liveness detection check that the company says takes only a few seconds.
Signzy, Confirm make marketplaces more secure
Now fintech providers can access user ID verification on a unified platform that spans across over 200 countries and jurisdictions. This will enhance KYC and AML checks among all parties in the network while reducing friction.
Banks and financial institutions can now find Signzy in the marketplace and build proofs-of-concept in NayaOne’s digital sandbox in four to six weeks before completing the onboarding process.
Canadian startup Confirm has now launched its reusable digital ID to improve security on online marketplaces, such as Facebook Marketplace. Individuals can use the software to create a secure, verified digital ID, or ConfirmID, to control what information they share when proving their identity.
Users can create a ConfirmID using a government-issued ID and a selfie for a biometric match. Once created, it can be used anywhere they go online.
Confirm can bolster trust for online peer-to-peer transaction networks like Facebook Marketplace. According to a survey from thinkmoney, one in six people on Facebook Marketplace report being scammed either by a fraudulent buyer or seller.
Confirm offers other features that can determine the owner of a Facebook account and establish payment terms and meeting locations for in-person transactions. It can also work with any peer-to-peer marketplace, such as eBay, the company says.
“Peer-to-peer markets like Facebook Marketplace are a tremendous opportunity for millions or even billions of people,” said Kirk Simpson, Confirm CEO and co-founder. “By helping people be sure that the stranger they’re interacting with is who they say they are, Confirm instantly increases the safety and peace of mind in an online transaction.”