Liquid is pushing its new electronic Know Your Customer (eKYC) solution to organizations that want to enable a simpler onboarding and authentication experience for end users. Like other onboarding solutions, Liquid eKYC verifies people’s identities with a combination of face and document recognition, asking them to take a selfie (with liveness detection) and a photo of an identity document to make sure that the two are a match.
The offering joins a biometric portfolio that already includes Liquid Pay, which debuted in Japan in 2015. Liquid Pay is a biometric naked payments system that lets users authorize transactions with two-fingerprint recognition.
Liquid decided to pivot toward the eKYC segment to meet the growing demand for safe but user-friendly authentication options. The company’s solution was designed to guard against fraud and data theft, especially as more businesses move forward with their digital transformations in response to COVID-19.
Liquid is based in Japan, though it is hoping to extend its reach into Southeast Asia and the Middle East. The company will place its initial focus on Indonesia, Malaysia, and Vietnam, and is actively searching for local partners to ensure that Liquid eKYC meets the regulatory expectations of those markets. It also noted that the solution was built to be adaptable, so Liquid eKYC can be tailored to the needs of different countries and different industries.
“We want to facilitate the process for end users and to shorten verification times,” said Liquid CEO Hiroki Hasegawa. “Our goal is to centralise the information users register so they can use our service for different needs. We want to make the world seamless.”
Liquid believes that its eKYC solution will be particularly popular with financial institutions, but expects it to have additional applications in government, entertainment, and transportation. The company is hoping to forge partnerships that will increase its appeal in those other sectors.
Source: South China Morning Post
June 24, 2021 – by Eric Weiss