back Back

UBS partners with iProov to automate customer ID verification

By Gloria Methri

November 22, 2022

  • Biometric Identity Verification
  • Digital Identity Verification
  • Digital KYC

UBS bank Switzerland, iProovSwiss 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.

Previous Article

November 22, 2022

4 FinTech acquisitions occurred in the Americas in November 2022

Read More
Next Article

November 22, 2022

Hepsipay hits new milestone with 10 million users

Read More

IBSi Daily News Analysis

Merchants, payments, UAE

July 15, 2024

Biometric Identity Verification

Global wealth growth rebounds with major shifts expected by 2030, 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

July 15, 2024

Daiwa Capital Markets Europe selects Delta Capita for CLM service

Read More

July 15, 2024

Open Payment Technologies launches Kuady digital wallet app in LatAm

Read More

July 15, 2024

Thought Machine and Quantifeed partner to modernize banking

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
Wealth Management & Private Banking Systems Report Q2 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024