The primary goal of this collaboration is to support financial institutions in improving security and streamlining digital banking services. The joint effort allows banks, fintech companies, and other financial organisations to integrate Plumery’s API-driven banking platform with Smile ID’s identity verification and fraud prevention tools.
According to Plumery, financial institutions in Africa face two significant challenges: the cost and complexity of traditional banking systems and increasing fraud risks during authentication. Plumery’s platform is designed to offer financial institutions a flexible, developer-focused system that enables customised digital banking experiences while lowering overall operational expenses.
It’s also worth noting that fraud at the authentication stage has become a growing concern. A 2024 analysis of 110 million identity checks found that fraud attempts during authentication were four times higher than at registration.
Many financial institutions emphasise Know Your Customer (KYC) compliance, but insufficient authentication measures leave them vulnerable to account takeovers. Smile ID’s authentication technology aims to address this issue by providing biometric and AI-driven verification tools that secure logins and transactions.
By integrating Smile ID’s fraud prevention capabilities with Plumery’s digital banking infrastructure, financial institutions can improve security measures without negatively impacting user experience. Traditional authentication methods often introduce friction, leading to customer drop-offs, but this partnership aims to embed security measures seamlessly into the digital banking process.
Plumery’s API-first approach enables banks and fintech firms to adapt and scale their services based on evolving customer needs. Smile ID’s biometric authentication and AI-driven fraud detection provide security at multiple touchpoints, including login, transactions, and account recovery. The integration of these technologies helps financial institutions meet compliance requirements, reduce fraud, and improve overall trust in digital banking services.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now