GoTyme Bank partners with Daon for secure account setup infrastructure

By Leandra Monteiro

Daon, 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.