Finos Announces the Launch of its Digital ID Verification Solution
Gives the trust industry a tool to speed up client onboarding.
Amsterdam, July 25, 2019 – Today, Finos announced the launch of its new software tool to help Dutch trust companies quickly and accurately verify the identities of clients. Powered by artificial intelligence,The Finos ID Verificationsolution helps licensed trust companies safely and securely identify their clients across devices–helping them to exceed their Know-Your-Customer (KYC) and other compliance requirements.
“As we continue to expand the Finos offering, one of our biggest challenges is establishing an appropriate balance between client security, regulatory compliance, and an improved experience for our clients’ clients,” said Finos’ Chief Technology Officer, Liam Dennehy. “Through our Digital ID Verification solution, we have achieved an important milestone in our mission to digitize and improve the trust and corporate services industry’s client experience by significantly reducing onboarding friction, while further improving our industry-leading security and regulatory standards. It’s a true win-win.”Liam Dennehy, Finos’ Chief Technology Officer
Traditional identity checking methods are pain-staking processes that can take weeks and require the use of notaries. The processes are manual, duplicative, and, therefore, prone to errors. The Finos ID Verification solution allows trust companies to more easily and securely capture and verify their clients’ identities with automated solutions that can be embedded in the onboarding and compliance review processes. Finos cuts the time down from weeks to within 5 minutes, and does not require the client to visit a notary. It uses three identification methods to create a full ID Check. These include; document verification (microprint, holograms, known forgeries, etc.), ID verification (checks that the person holding the ID is the same person shown in the advanced, biometric 3D image) and liveness detection (physical presence of person in biometric selfie).
Finos tailor-made solution for the trust industry integrates the world’s first, and only, iBeta Level 1 and Level 2 Certified anti-spoofing technology into its online identity verification workflow to capture and process the client’s face images taken from any 2D mobile device camera or webcam.
Many digital ID verification solutions only support smartphone image capture and exclude desktop or laptop webcams. Finos, however, is able to offer omni-channel support and blur detection to improve image capture and reduce friction for images taken on these other channels.
“Digital transformation is imperative for today’s trust and corporate services providers seeking to keep up with the needs of their clients, improve their own operational effectiveness, and meet their regulatory obligations, which is why it’s so important to adopt digital and automated KYC processes,” said Gui Vohringer, Finos’ Chief Product Officer. “As the trust and corporate services sector grows and pursues new opportunities, we know that our solutions will scale with them and help the sector create the best-possible experience for our client’s staff, and our clients’ clients”.Gui Vohringer, Finos’ Chief Product Officer
The release of the ID Verification solutioncomes after the recent announcement of Finos’ Integrity Check Platform. Several leading trust companies have participated in the co-creation of the Finos platform and are launch clients. These include, among others, Intertrust and Corpag.
Finos is a trust-tech software company with a focus on solutions for the global trust and corporate services industry. Finos’ blockchain-based Integrity Check and ID-Verification solutions enable clients to achieve operational excellence by meeting their regulatory compliance requirements faster, and better than before. The international company has its headquarters in the Netherlands. Learn more at: www.finosglobal.com
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