Entrust launches digital account opening solution

According to Entrust’s officials, the company is currently working on improving the customer experience in the banking industry. By introducing the new solution, Entrust intends to allow banks and credit unions to enhance their service to customers by offering accelerated onboarding, security, and convenience. Furthermore, the company plans to eliminate the barriers to account opening, enabling more individuals to develop trusted banking relationships and create the foundation for long-term involvement with the digital economy. The launch also solidifies the company’s commitment to drive the digital transformation of the banking and financial services sector.

The Entrust Digital Account Opening solution aims to allow banks and credit unions to onboard new customers globally using their smartphones and government-issued IDs. The solution enables a simpler process that reduces the time and effort required for consumers to open a bank account online. Moreover, it intends to help banks securely and conveniently provide new account holders with the banking products they require, including digital and physical card issuance, as well as mobile wallets through a branch or by mail. Entrust’s solution minimises the risk for financial institutions and ensure eKYC compliance while simplifying the onboarding process for consumers.

With its solutions, Entrust intends to enable strong identities, secure payments, and protected data for enterprises, governments, their customers, and the data and transactions associated with them. Currently, the company provides its services to customers in more than 150 countries and a network of global partners. To support its development strategy, Entrust recently launched Entrust Verified Signing, a solution designed to increase the level of trust and assurance in digital transactions and agreements. The solution merged identity verification and identity and access management (IAM) with digital signatures to verify and authenticate individuals on both sides of digital transactions. Organisations can integrate the Identified Signing capabilities into their existing business processes and workflows or be deployed as a turnkey electronic signature solution.

Furthermore, in June 2023, Entrust partnered with Intexus to improve bank payments in LATAM, with their collaboration addressing the need for secure unified payment enablement for financial institutions and credit unions in the region. By joining forces, Intexus was able to leverage Entrust’s digital card and instant issuance solutions to facilitate its ‘Card as a Service’ offering. The move was expected to narrow the technology gap within financial institutions to develop a cohesive payment enablement programme.

At the beginning of March 2023, Entrust enabled Raiffeisen Bank International (RBI) and its processing centre RPC to extend their digital card services in Austria. Through this collaboration, RBI and RPC introduced the RaiPay app, operated by the Entrust Digital Card solution, which was intended to help deliver simplified and secure contactless payments for Android phones.

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