A new biometrics service has been launched by the Pakistani government, as Taiwanese regulators update their rules to include the use of biometrics in online banking, as part of the global fight against money laundering. money.
ComplyCube is targeting the anti-money laundering (AML) market with a new biometric solution, while Socure has partnered with a fraud prevention orchestrator and Sumsub has signed a crypto platform client. cash.
Pakistani biometric service, Taiwan rules change
NADRA has launched a contactless biometric verification service to allow Pakistanis to open bank accounts and conduct financial transactions remotely through a smartphone app, reports Profit by Pakistan Today.
The biometric app was developed at the request of the State Bank of Pakistan and will enable digital Know Your Customer (KYC) checks for remote onboarding.
The service was released last week and banks are working on its integration, according to the report. Five banks will pilot the service before a wider deployment in the sector. The service will be available to remote banking providers and e-money institutions in addition to traditional banks, all of which may start offering new digital banking services using biometrics.
This move is expected to both facilitate financial transactions and increase financial inclusion in Pakistan.
“We are meeting the need for the hour during this ongoing pandemic,” commented NADRA President Tariq Malik. “This new technology makes it possible to acquire and match contactless fingerprints using a mobile smart phone, providing an alternative to conventional methods of performing digital financial transactions that may require specialized equipment or visits to bank branches / franchises. NADRA prides itself on maintaining its reputation for bringing niche technology trends to the country. This is another step towards our goal of creating a robust national identification ecosystem in Pakistan. “
Taiwan’s Financial Supervisory Commission (FSC), meanwhile, has revealed plans to ease digital banking regulations in the country to allow biometric authentication, the Taipei Times reports.
Candidates can be identified by videoconference or by encrypted digital tokens.
Online loan applications are currently allowed in Taiwan, but involve more stringent identity authentication than in-person applications at a branch. Biometric authentication can also be used in branch, and authentication will also include questions about regular account activity.
The new authentication rules don’t apply to onboarding customers or opening new accounts, but rather apply to existing digital savings accounts.
ComplyCube biometric solution, Socure partnership, Sumsub customer gain announced
ComplyCube provided more details on its new KYC Flow biometric solution, which the company says provides facial biometrics and alertness detection, ID document scanning and address verification, all in 30 seconds.
Flow is for companies that still perform manual identity checks, with the promise of lower costs, faster results, increased security and reduced risks of human error. ComplyCube claims Flow is GDPR compliant and businesses can start using the web solution within minutes.
A partnership between Socure and SpecTrust will improve risk orchestration, fraud assessment and mitigation, according to the companies.
The SpecTrust ROAM code-free platform will be integrated into the Socure ID + digital identity verification platform.
The companies plan to showcase the combined solution at FinnovateFall on September 13, 2021 in New York City.
Sumsub was selected by Lithuanian crypto platform Cabital Global to verify the digital identity of European investors in two minutes, according to a Tweeter.
The partnership aims to ensure compliance with European AML regulations, while securing the passive income of Cabital users.
biometrics | ComplyCube | digital identity | fraud prevention | identity verification | KYC | NADRA | integration | Pakistan | Socur | Sumsub | Taiwan