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3 eKYC platforms facilitating secure transactions in MENA

By Delisha Fernandes

March 18, 2024

  • ATM
  • BNPL
  • detect fraudulent

eKYCElectronic Know Your Customer or eKYC, is a digital procedure for identity verification that allows financial institutions and other businesses, to conduct customer due diligence. A digital counterpart to traditional KYC processes, eKYC helps streamline customer onboarding, minimize fraud risk, and enhance regulatory compliance.

Employing eKYC adds an extra layer of security to online payments, further enhancing consumer confidence. These platforms leverage cutting-edge digital technologies to streamline customer identification and verification processes, enabling businesses to authenticate identities remotely with efficiency and accuracy.

Listed are 3 eKYC platforms facilitating secure transactions in MENA:

DIGI presents a secure and seamless digital KYC platform DIGI-KYC — to counter the remote functioning challenges. DG supports Payment Service Providers in establishing comprehensive compliance programs that include policies, procedures, and training to ensure adherence to applicable regulations. The company invests in robust technology solutions to monitor transactions, detect fraudulent activities, and secure customer data.

FACEKI is an online fraud prevention platform utilizing biometric authentication to instantly verify users through a selfie, utilizing unique facial features. Users enrol their facial biometrics, and real-time analysis confirms their identity, eliminating the necessity for physical cards or PINs. Alongside this, FACEKI offers additional solutions to bolster financial transaction security, including eKYC/AML for rapid digital user verification, KYB for assessing business reliability and risk scoring, and KYT for real-time monitoring of financial transactions to detect suspicious activities. Furthermore, facial recognition technology can seamlessly integrate into various payment methods, spanning online banking transactions to ATM usage.

uqudo is an international company with offices in the UAE and the Kingdom of Saudi Arabia. As a leading digital identity and eKYC company, uqudo adopts advanced digital identity technology that includes the KYC verification of national IDs and passports from around the world using powerful AI technologies, cognitive document analysis, superior facial recognition and liveness detection.  Also, Uqudo recently entered into a collaboration with Tamara. This strategic partnership represents a significant milestone in the financial landscape of the GCC, poised to elevate digital transactions within the BNPL sector.

ALSO READ: Robotic Process Automation in Financial Services Report Q3 2023

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