UBS partners with iProov

Monday 21 November 2022 15:01 CET | News

UBS, a Switzerland-based banking institution, has partnered with iProov to onboard new customers online in a secure, fast, and convenient process.

In May 2022, UBS launched UBS key4 for clients who want to carry out their banking transactions at any time of day, entirely digitally. UBS key4 includes personal accounts, savings accounts, debit, and other cards, mobile payment options, and more. Using iProov face verification technology, UBS key4 customers can now onboard remotely 24/7 in only 5 minutes. Clients enroll onto the service by scanning their face against a trusted government-issued document, such as a passport with an NFC chip. UBS is one of the first banks in Switzerland to offer this process for account opening in combination with qualified electronic signatures.

Prior to partnering with iProov, UBS key4 relied on using video calls to verify client identity virtually.

UBS is one of a number of financial services companies around the globe using iProov’s Genuine Presence Assurance technology to confirm the identity of online customers to securely enroll new accounts, authenticate transactions, and perform identity recovery, all against the backdrop of the threat of cybercrime and online fraud.

Digitalisation of the onboarding process

One of the most common business processes that financial institutions are looking to modernise is the onboarding process. For both financial institutions and customers alike, it is often a very manual and time-consuming process that relies heavily on in-person interactions.

UBS, a Switzerland-based banking institution, partnered with iProov to onboard new customers online in a secure, fast, and convenient process.

However, biometric face verification enables banks and other regulated firms to securely:

  • Verify that an online individual is who they claim to be, within seconds;

  • Confirm that an online individual is a real person and not a photo, video, or other spoof, thus protecting against identity theft and synthetic identity fraud.

This modernises the onboarding experience to provide a fully digital and convenient service to users that:

  • Simplifies the user experience for new and existing customers – accessing a new bank account, credit card or other service takes minutes instead of days.

  • Offers inclusivity – everyone has a face and no specialist hardware is required to complete a biometric face verification; all that’s needed is a user-facing camera on a device or kiosk.

  • Provides reassurance to customers that security checks are in place and their finances are being protected.• Protects the organisation against financial loss from fraud.

  • Complies with KYC and other regulatory requirements.

iProov in other news

iProov is specialised in online facial biometric authentication, working with governments, banks, and other enterprises to securely verify customer identity. Used for onboarding and authentication, customers include the US Department of Homeland Security, the UK Home Office, the UK National Health Service (NHS), the Australian Taxation Office, GovTech Singapore, Rabobank, ING, and others.

In October 2022, iProov has been certified to SOC 2 Type II. This certification assures that iProov’s system is designed with suitable organisational controls to ensure sensitive information is kept secure in the cloud. To achieve SOC 2 certification, organisations must implement controls on system monitoring, data breach alerts, audit procedures and forensics.

In September 2022, together with other trusted identity experts, iProov promised to deliver an EU digital wallet pilot. The consortium is being actively supported by leading digital government agencies, banks, enterprises, and technology providers and will leverage the mature digital identity infrastructures of the six respective nations.

To find out more about iProov, check their profile in our company database. 

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Keywords: partnership, identity verification, digital identity, banks, digital onboarding
Categories: Fraud & Financial Crime
Companies: Iproov, UBS
Countries: World
This article is part of category

Fraud & Financial Crime




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