IDEMIA will be providing biometric onboarding services for Merchantrade’s financial customers. Merchantrade is based in Malaysia, and will specifically be using IDEMIA’s Identity Proofing Platform to verify the identities of those signing up for its Merchantrade Money e-wallet and its eRemit remittance service.
The Identity Proofing Platform runs remotely on a standard smartphone, and relies on a blend of face and document recognition. Users are first asked to scan an official government ID, and then take a selfie to prove that their face matches the image on that document. The solution is also able to verify the authenticity of the document itself.
For Merchantrade, IDEMIA’s offering is appealing because it is compatible with identity documents from all over the world. The company specializes in international money transfers and foreign currency exchanges, and the Identity Proofing Platform will ensure that people can still use the Merchantrade Money and eRemit applications while residing in other countries.
“IDEMIA is dedicated to support FinTechs around the world to differentiate their customer onboarding journeys,” said IDEMIA APAC Digital Business VP Christophe Lambinon. “We are pleased to work with Merchantrade to innovate the way they identify, verify and onboard customers, which will help users open their accounts in just minutes.”
“The benefits of IDEMIA’s system are far-reaching for Merchantrade,” added Merchantrade Founder and Managing Director Ramasamy Veeran. “It allows us to offer a truly safe and secure customer-centric solution, differentiating ourselves in a competitive market and speeding up the onboarding and activation process for first-time users.”
IDEMIA has previously used its facial recognition technology to link people’s identities to their COVID-19 credentials. Acuity has predicted that the market for remote onboarding solutions could climb as high as $18 billion in the next few years, and has listed IDEMIA as one of the leading companies that will be working to meet that demand.
June 4, 2021 – by Eric Weiss