Yoti has launched a new eKYC pilot in collaboration with Synectics Solutions. The new project has been dubbed Endeavour, and it will blend Yoti’s digital identity technology with Synectics’ data-based anti-fraud and anti-money laundering (AML) screening services.
Endeavour is geared primarily towards financial institutions, who will benefit from the platform’s identity verification and risk assessment capabilities. The automated solution should dramatically reduce the amount of time needed to onboard low-risk customers, who represent approximately 90 percent of the clientele for a Tier 1 bank in the UK.
Those customers will be able to open an account with only a smartphone, and gain immediate access to various financial products and services. Synectics will operate in the background, using information from Dow Jones Risk Solutions and Eversheds Sutherland – Konexo regulatory compliance division to generate a risk assessment for each new user. Financial institutions will still need to carry out manual due diligence for any users that are deemed to be high risk.
The two companies are hoping to partner with major financial institutions in the UK during the pilot phase of the project.
“Endeavour crystallizes a new commercial partnership between Yoti and Synectics Solutions to create the most sophisticated anti-fraud solution in the UK,” said Yoti Commercial Director of Financial Services Gareth Narinesingh.
Endeavour deepens the preexisting relationship between Yoti and Synectics. The two companies first joined forces back in December, when they announced that Synectics would be deploying Yoti’s Doc Scan technology for its clients in the financial industry.
In the meantime, Yoti has offered free digital identity tech to organizations on the front lines of the COVID-19 pandemic. The company has noted that there is a lower risk of transmission when using contactless IDs, and it has since gone on to provide digital IDs for NHS employees. Those IDs themselves are stored on the user’s smartphone.
April 20, 2020 – by Eric Weiss