Bank South Pacific receives Fulcrum Biometrics fingerprint-based KYC banking solution

Wednesday 17 April 2019 13:24 CET | News

Bank South Pacific has selected Fulcrum Biometrics to deliver a fingerprint-based KYC banking solution, expected to be rolled out in early 2019.

Fulcrum Biometrics’ real-time identity verification system is meant to help protect the bank from financial crimes, reduce risk with KYC due diligence, and comply with KYC and AML legislation. The new system, based on fingerprint identification, uses a combination of Fulcrum Biometrics FbF Rapid Biometric Enablement Suite and some customised web applications.

Moreover, Bank South Pacific customers will enroll into the KYC Biometric System at bank branches where, after providing verifiable identification documents, the customer scans the index and middle fingers simultaneously for both left and right hands. After checking the database for duplicate fingerprints or account identifiers, the system automatically enrolls the customer. Once registered, customers can verify their identity by simply scanning their enrolled fingers.

Initially, the bank will launch the new KYC biometric system across Papua New Guinea, then it will begin introducing the system to surrounding islands in the region later in 2019.

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Keywords: Fulcrum Biometrics, fingerprints, KYC, banking, Bank South Pacific, bank, AML, legislation, risks, identification, account identifiers, due diligence, compliance, Papua New Guinea
Countries: World

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