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HooYu expands KYC offering with open banking identity and affordability checks

By Joy Dumasia

January 14, 2022

  • AML
  • Bank Connect
  • Compliance

RegTech company HooYu has integrated open banking into its KYC and customer onboarding platform to provide greater customer identity and affordability insight. The new service, Bank Connect, extends the HooYu journey so that a user can prove their identity or affordability by logging into their bank account during a KYC process. HooYu clients can now efficiently orchestrate open banking alongside a wide range of KYC services such as liveness detection, facial biometrics, database checks, ID document validation and many more.   

During the Bank Connect journey, the user logs into their bank account and consents to share identity and expenditure data so that businesses can better verify identity and protect consumers from fraud. This feature also helps organisations graduate from Know your Customer into deeper Understand Your Customer processes. 

Bank Connect will provide identity data, account overview data, transaction information, and card information. All the data is automatically analysed and scored before being presented as part of a HooYu report. In line with HooYu data protection and data minimisation rules, HooYu deletes the Bank Connect data once the client has reviewed the results. Clients can choose to take the raw data, or HooYu can provide an affordability report classifying transaction data and evaluating account cash flow. 

David Pope, HooYu Marketing Director, commented: “HooYu is always looking to use the latest technology and data to improve the customer onboarding journey. By giving our clients the capacity to use open banking data to analyse customers, we’re creating an improved customer experience and reducing the threat of fraud and financial overreach.” 

IBS Intelligence reported that HooYu had launched Video-ID, a live video agent interview that meets the stringent KYC demands in European markets such as Germany and Spain. The HooYu Video-ID product has customers speaking to a certified, secure video agent in a significantly quicker timeframe than many users experience with current providers.

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