Sybrin, Regula streamline onboarding for financial service businesses in the US

Thursday 21 September 2023 13:40 CET | News

South Africa-based software solution provider Sybrin has partnered with identity verification provider Regula to provide an onboarding solution for US banks.


The joint solution offered by Sybrin and Regula enables banks and other financial institutions to seamlessly and securely onboard and verify their customers. This is achieved via combining Regula Document Reader SDK and Face SDK with Sybrin's KYC (Know Your Customer) onboarding solution and orchestration engine. As a result, financial service businesses can establish a comprehensive identity verification workflow that includes advanced document checks, selfie capture, and liveness verification, all in line with the strict regulations.

Sybrin has partnered with identity verification provider Regula to provide an onboarding solution for US banks.

Enhancing identity verification and KYC compliance

By integrating Regula Document Reader SDK, the joint solution enables institutions to verify identity documents in the most secure and trustworthy way, with the ability to re-verify data on a server in a company’s secured perimeter. By doing so, organisations drastically reduce the risk of falling victim to fraudsters interfering and tampering with data on mobile devices, which are now often used for remote onboarding. 

With Sybrin’s global KYC orchestration engine, the solution enables businesses to confidently expand internationally while seamlessly adhering to regulatory demands across borders. Sybrin's advanced biometric technology, cutting-edge onboarding platform, and global KYC system redefine the customer onboarding journey.

Also, Regula Document Reader SDK allows businesses to read and verify nearly any identity document in the world. Regula’s solution is backed up by a proprietary document template database which is the largest on the market, containing over 13,000 document templates from 247 countries and territories. With the plethora of identity documents in the USA alone, it’s more than crucial for thorough ID verification.

An additional layer of security in the onboarding process is provided by biometric checks and liveness verification, which is handled by Regula Face SDK. These checks eliminate fraud attempts by detecting static pictures, video injections, masks or filters on applicants' faces, and video replays.

Key benefits of the partnership are:

  • Enhanced customer experience due to a streamlined and simplified verification journey, be it a mobile app or a website improved security measures against fraud and tampering;

  • Accelerated project implementation and eventual reduction of onboarding timeframes, faster time-to-market, and quicker customer acquisition;

  • Improved customer conversion rates by streamlining the verification process and making it more user-friendly.

While the initial focus of launching the joint solution by Sybrin and Regula will be on the financial services market, its flexibility allows for potential expansion into other sectors such as insurance, government, and retail. This diversification strategy opens up new opportunities for growth and market penetration beyond the core financial services segment.

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Keywords: KYC, identity verification, digital identity, fraud prevention, digital onboarding
Categories: Fraud & Financial Crime
Companies: Regula, Sybrin
Countries: United States
This article is part of category

Fraud & Financial Crime




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