The partnership between these two companies comes in the context of increasingly tight Anti Money Laundering (AML) regulations, which demand that key documents such as passports should be verified and shared securely with professional and financial services providers. However, these documents sometimes end up being shared via unsecured email channels.
fyio and OCR Labs Global are creating a platform that mitigates risk for both sharer and recipient when verifying sensitive documents. Moreover, according to the official press release, this partnership lays the groundwork for a secure document-sharing service named fyio Pro, which will be launched in early 2023. Once launched, the system will allow users to store documents and get them verified directly via OCR Labs Global technology. Afterwards, the verified document can be shared with the party who needs to review it within the fyio ecosystem.
The Royal Marines Charity (RMA) has been using fyio’s secure document-sharing system. RMA representatives highlighted the simple and secure nature of the fyio concept, which allows documents to be shared safely from one side of the world to the other.
Regarding the partnership with OCR Labs, fyio officials revealed plans to expand internationally and a goal to provide the fyio community with access to a simple and globally recognised document verification function. The fyio app incorporates a digital filing cabinet, a highly secure document share function, and a fyio personal assistant. Officials from fyio cited by fintech.global emphasised how the company aims to transform the way users manage important documents and memories while acting as a problem solver in the life and document management space.
In November 2022, OCR Labs has joined the Open Identity Exchange to ensure safe and simple access to digital IDs across the globe. By joining the OIX community, OCR Labs Global hopes to gain a better understanding of the key issues impacting the UK and US markets while supporting positive changes by pushing the way IDs are verified to the next level.
OCR Labs’ officials stated that with the mass online migration in recent years, the adoption of digital ID has become crucial to ensuring security, privacy, and convenience for everyone involved.
Commenting on the development, OIX officials reported that their company is technology agnostic and its members come from a variety of competing business sectors. The focus is on ensuring digital ID works for everyone involved, from vendors, governments, and trust frameworks creators to acceptors of digital IDs and end consumers.
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