Synectics Solutions has deployed Yoti’s Doc Scan technology in an effort to streamline the onboarding process for its clients in the financial industry. Doc Scan is a digital identity verification platform with facial recognition and document reading capabilities.
To use Doc Scan, new clients must first take a photo of their official ID. They must then go through a liveness detection test to generate a biometric template. Doc Scan will compare the template to the image on the ID to confirm that the person in the liveness test matches the ID.
Doc Scan is compatible with ID documents from more than 175 different countries, and is compliant with the latest Know-Your-Customer (KYC) regulations. The process can be carried out at a kiosk or remotely through the web or with a mobile device, and is faster and more convenient than traditional manual alternatives.
The Synectics partnership is intended to combat identity fraud and give organizations more confidence about the legitimacy of their user base.
“Improving methods of authenticating and identifying genuine customers lies at the heart of addressing issues of fraud and financial crime for our clients,” said Synectics Partnerships Head Russell Mackintosh.
“Financial services clients now have an end-to-end solution for onboarding new customers,” added Yoti Commercial Director Gareth Narinesingh. “This will lead to better and quicker outcomes for good actors, whilst employing much tighter controls around keeping out bad actors. This will be good news for both compliance officers and heads of retail banking and consumer finance businesses.”
Yoti has previously partnered with LedgerState to develop a decentralized identity solution that blends Doc Scan with LedgerState’s blockchain technology. Galaxkey, RefNow, and Student Nannies have also teamed up with Yoti in the past few months.
Synectics, meanwhile, integrated AnyVision’s face and object recognition tech into its Synergy 3 surveillance platform earlier this year.
December 5, 2019 – by Eric Weiss