Looking to provide identity validation for digital account creation via the Jack Henry OpenAnywhere platform, Jack Henry offers a frictionless, mobile onboarding experience, which is preferred amongst younger consumers, an offering enabled through its collaboration with IDScan.net.
IDScan.net’s technology helps integrate ID scanning and data parsing, facial recognition alongside liveness checks, as well as third-party identity validation, looking to provide both the community and regional financial institutions with the highest possible assurance that their customers are who they claim to be.
Although customers of financial institutions are enabled to open a new account in a matter of a few clicks, IDScan.net’s technology layers multiple security features outside of the front-end experience. The ID’s legitimacy is confirmed with the help of ID validation checks and calls to Department of Motor Vehicles databases, with each user being guided though a liveness check by selfie and includes anti-spoofing measures for the protection against sophisticated fraud techniques of the likes of deepfakes.
When speaking on the announcement, IDScan.net officials have stated that they aim to meet the changing needs of financial institutions and are looking to provide the most accurate identity verification possible, without adding unnecessary barriers when it comes to enrolment. As per the press release, IDScan.net has validated the identities of over 100,000 customers on behalf of Jack Henry financial institutions.
When it comes to the OpenAnywhere solution, one of the first banks that launched digital account opening through it was Simmons Bank, who was looking to provide an improved experience when it comes to account creation within their mobile app, while simultaneously aiming to reduce their fraud-related risk. When speaking on this, Simmons Bank officials have stated that account creation is possible in a matter of five minute, combining key components such as identity validation and automated ID capture. Through means of digital verification, the company was enabled to reduce the time spent on paperwork and move its focus on connecting with their customers and providing financial solutions throughout each life stage.
In 2021, the global identity verification market size was valued at USD 8.48 billion and was expected to grow at a compound annual growth rate (CAGR) of 16.7% from 2022 to 2030, a belief rooted in the increase in frequency of identity fraud, cybercrime increased digitisation initiatives, and the growth in use cases of data security across verticals. Furthermore, identity verification suppliers are presented with more prospects due to the measures by governments and companies that focus on digitalisation and the use of emerging technologies in identity verification systems of the likes of AI, machine learning, and automation.
IDScan.net is an AI-powered identity verification platform that focuses on age validation and fraud reduction for high compliance industries, having enhanced digital and physical environments for over 6,500 customers of the likes of IBM, Shell, AMC Theaters, Trader Joe’s, and Circa Casinos.
Jack Henry is a financial technology company looking to strengthen the connections between financial institutions and the people and businesses they serve. The company offers to banks and credit unions an ecosystem of internally developed modern capabilities, alongside the ability to integrate with fintechs, providing technology solutions that aim to enable its customer base of approximately 8,000 clients to innovate in a fast manner, providing personal services and insight-driven solutions that help reduce the barriers to financial health.
The current interest in supplying a better customer onboarding through the partnership with IDScan.net may be linked to Jack Henry’s recent foray into Peer-to-Peer (P2P) payments with the launch of a P2P payments’ solution in October 2022, powered by Payrailz digital payments platform.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now