back Back

GoTyme Bank partners with Daon for secure account setup infrastructure

By Leandra Monteiro

November 02, 2022

  • Account Setup
  • Daon
  • Daon IdentityX
Share

GoTyme BankDaon, the Digital Identity Trust company, announced that GoTyme Bank, a new digital bank designed to provide financial inclusion to consumers, will utilise Daon IdentityX for digital identity capture and authentication in the GoTyme banking app.

As the digital bank launches in the Philippines, it needs to establish an account setup infrastructure that delivers a fast, frictionless signup process to reach a broad customer audience, while at the same time complying with that country’s regulations around customer and data protection as well as fraud prevention.

Daon’s IdentityX platform, using the company’s document-centric identity proofing technology, will help reduce the barriers for account setup for consumers, and at the same time ensure GoTyme Bank has accurate identity verification and proofing for all new customers.

GoTyme Bank is offering consumers the ability to open an account in under five minutes with a paperless process via digital kiosks located in malls and supermarkets across the country. In addition to its identity proofing technology, Daon’s fraud prevention features, like biometric watchlists, third-party identity checks, and manual review service, can be leveraged to ensure that GoTyme Bank can match the fast account setup with a fully inclusive and secure identity proofing and verification process.

“Fraud threats can lead to detrimental loss in the banking sector, and Daon is committed to providing world-class services to prevent them. This is equally as critical for new banks establishing operations,” said Clive Bourke, President of EMEA and APAC at Daon. “Implementing IdentityX in the GoTyme Bank app will provide their customers with a more efficient and reliable user experience, all while increasing the security of the application and expanding the platform as a trusted solution for leading Fintech customers across the globe.”

“Integrating our digital banking app with the Daon IdentityX platform will help to keep our mission of providing our customers seamless access to a wider portfolio of financial services than ever before,” said Chris Bennett, CTO at GoTyme Bank. “Our customers should feel safe and comfortable with secure account setup, opening doors to better savings, transfers, and rewards that our digital bank has to offer.”

GoTyme digital bank launched in July 2022 as a partnership between the Gokongwei Group and Singapore-based digital banking group, Tyme. It provides users with self-serve financial solutions accessible through an intuitive all-in-one banking app.

Previous Article

November 02, 2022

NEWITY launches ERC Service for Small Businesses

Read More
Next Article

November 02, 2022

Absa Bank Limited selects nCino Bank Operating System

Read More








IBSi Daily News Analysis

Fraud

February 23, 2024

Account Setup

Regulated firms battle surge in financial crime attempts, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 23, 2024

Vencora acquires CREALOGIX to expand its banking technology services

Read More

February 23, 2024

Axway to buy most of Sopra Banking Software activities for €330m

Read More

February 22, 2024

Kani Payments taps Pismo for data reconciliation and reporting

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023