UBS partners with iProov to automate customer ID verification
By Gloria Methri
Swiss bank UBS has partnered with KYC specialist iProov to automate online identity verification checks when customers open an account on UBS key4. Leveraging iProov’s face verification technology, UBS will be able to onboard customers remotely 24/7 in five minutes.
In May 2022, UBS launched key4 for clients who want to carry out their banking transactions at any time of day, entirely digitally. The platform offers services such as personal accounts, savings accounts, debit, and other cards, mobile payment options, and more.
Using iProov, clients can enroll in the service simply by scanning their faces against a trusted government-issued document, such as a passport with an NFC chip.
iProov uses a simple multi-frame face scan using a sequence of coloured lights to confirm that the customer is the right person. It also validates the authentication in real time.
UBS claims to be the first bank in Switzerland to offer this process for account opening in combination with qualified electronic signatures. Prior to partnering with iProov, UBS was using video calls to verify client identity, which can restrict when and where new customers can enroll.
UBS is one of the many financial service institutes using iProov’s Genuine Presence Assurance technology to confirm the identity of online customers, authenticate transactions, and perform identity recovery.
iProov’s technology is leveraged by banks around the world such as Rabobank, ING, the US Department of Homeland Security, the UK Home Office, and the Australian Taxation Office. The RegTech says its cloud-based automated ID verification technology delivers a 98% typical pass rate with a 1.1 average number of attempts to achieve success.
IBSi Daily News Analysis
February 23, 2024
Biometric Identity Verification
Regulated firms battle surge in financial crime attempts, research revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage