UKs Open Banking selects NorthRow to verify international users

Thursday 24 May 2018 09:54 CET | News

NorthRow, a regtech and compliance specialist, has been chosen by the UK’s Open Banking Implementation Entity (the ‘OBIE’), to verify its users within the EU and globally.

The move follows the successful implementation of verification processes for UK users. The new partnership will see NorthRow verify users throughout the EU and the fast-emerging markets in Asia Pacific, including: India, the Philippines and Australia/New Zealand.

The company will handle the identity proofing and verification processes for onboarding fintech companies and other financial organisations. Moreover, other NorthRow processes includes: online application forms, real-time ID verification, ID document capture and verification, and video interviews.

OBIE was established by the UK Government’s Competition & Markets Authority (CMA) in September 2016, with a remit to increase competition, make the management of money easier, and ultimately enable personal and business banking customers to take control of their financial data.

NorthRow delivers Identity Verification (IDV) and Know Your Customer (KYC) services via a single API, to support onboarding processes, whilst meeting Anti Money Laundering (AML) and other compliance requirements, including MiFID II client suitability and appropriateness checks.

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Keywords: MiFID II, Open API, KYC, AML, regtech, identity verification, partnership, NorthRow, UK, Open Banking, OBIE
Countries: World