Fast-Growing South African Bank Signs Multi-Year Deal with Daon

“[IdentityX] has proven highly popular in the financial services sector over the last few years…”

Fast-Growing South African Bank Signs Multi-Year Deal with DaonAnother financial institution has opted to take advantage of Daon‘s IdentityX mobile authentication platform. The company has announced that South Africa’s Capitec Bank has signed a multiyear agreement to collaborate with Daon over IdentityX.

In a statement announcing the partnership, the companies indicated that IdentityX will initially be used to “enable clients to digitally onboard so they may perform everyday banking transactions by using their own biometric characteristics.”

A mobile-based solution, IdentityX supports facial, fingerprint, and voice recognition, allowing for strong end user authentication through a smartphone. It has proven highly popular in the financial services sector over the last few years, but has also been embraced in other areas, with the New Zealand government having adopted it for a new mobile ID app this summer.

For its part, Capitec says it’s South Africa’s fastest-growing bank, staking claim to more than 10 million clients and 18 percent growth in headline earnings for its latest fiscal year. In embracing IdentityX, the company appears to be looking to add more fuel to its fire in terms of attracting customers and differentiating itself, with Capitec IT executive Wim de Bruyn explaining in a statement that his firm is committed to “harnessing the power of technology to make interactions easier and simpler” for customers. “We are eager to work with Daon to bring new and innovative solutions to our clients so we can continue to keep their banking experience affordable and secure,” he added.

October 4, 2018 – by Alex Perala