A new biometrics service has been launched by Pakistan’s government, while Taiwanese regulators are updating their rules to include the use of biometrics in online banking, amid the ongoing global money laundering struggle.
ComplyCube is addressing the anti-money laundering (AML) market with a new biometric solution, while Socure has partnered with a fraud prevention orchestrator, and Sumsub has signed up a cryptocurrency platform customer.
Pakistan biometric service, Taiwan rule changes
NADRA has launched a contactless biometric verification service to allow the people of Pakistan to open bank accounts and complete financial transactions remotely through a smartphone app, Profit by Pakistan Today reports.
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 integrating it, according to the report. Five banks will pilot the service before a broader rollout across the sector. The service will be available to branchless banking providers and electronic money institutions in addition to traditional banks, all of which may begin offering new digital banking services utilizing biometrics.
The move is expected to both ease financial transactions and increase financial inclusion in Pakistan.
“We are addressing the need of the hour during this ongoing pandemic,” comments NADRA Chairman Tariq Malik. “This new technology makes contactless fingerprint acquisition and matching possible using a smart mobile phone, providing an alternative to conventional methods of conducting digital financial transactions that may require specialized equipment or visits to Bank Branches/Franchises. NADRA is proud to maintain its reputation for introducing niche technological trends in the country. It is another step towards our aim of creating a robust National ID EcoSystem in Pakistan.”
Taiwan’s Financial Supervisor Commission (FSC), meanwhile, has revealed plans to relax digital banking regulations in the country to enable biometric authentication, Taipei Times reports.
Applicants can be identified through videoconference or encrypted digital tokens.
Online loan applications are currently allowed in Taiwan, but involve stricter identity authentication than applications in-person 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 do not apply to onboarding customers or opening new accounts, but rather apply to existing digital savings accounts.
ComplyCube biometric solution, Socure partnership, Sumsub customer win announced
ComplyCube has provided more details about its newly-released biometric KYC solution Flow, which the company says provides face biometrics and liveness detection, identity document scanning and address proofing all within 30 seconds.
Flow is pitched at businesses still performing manual identity checks, with the promise of lower costs, faster results, greater security and reduced chances of human error. ComplyCube says Flow is GDPR-compliant, and businesses can begin using the web-based solution in just minutes.
A partnership between Socure and SpecTrust will provide enhanced risk orchestration, assessment and mitigation of fraud, the companies say.
The SpecTrust ROAM no-code platform will be integrated with the Socure ID+ digital identity verification platform.
The companies plan to demonstrate the combined solution at FinnovateFall on September 13, 2021 in New York City.
The partnership is intended to ensure compliance with European AML regulations, while securing the passive income of Cabital’s users.