Acuant and Codebase Technologies Digibanc have joined together to launch a new electronic Know Your Customer (eKYC) solution for the Gulf Cooperation Council.
Digibanc Identity will be available for the GCC region, which includes Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman.
The goal of the partnership is to provide a customer focused solution to industries heavily focused on their customers and are looking to provide deeper and more engaged customer experience.
It claims that Digibanc Identity will help organisations lower their customer acquisition costs, operating expenditures, onboarding times, and physical location footfalls from. The solution has already been deployed for a large-scale regional bank in the GCC providing them with regulatory compliance and increased customer satisfaction.
According to the announcement, the platform aims establish itself as the benchmark technology for institutions for the verification and onboarding of their customer base on a global scale starting with the GCC and South Asian Regions.
Acuant provides Identity Verification to instantly reduce fraud and increase revenue while providing a seamless customer experience. Its product offerings include data capture and auto-fill, document authentication, and facial recognition software. Intelligent engineering covers regulations such as KYC, AML and PII.
The company has partnered with start-ups, Fortune 500 and FTSE 350 organisations in all industries including Government, Financial, Healthcare, Hospitality and Security. In the financial services space, its partners include Data Systems of Texas, Experian, Fiserv, Coinsource, jack henry Associates, and ATM Merchant Systems, among others,
Out of the $4.8bn invested in RegTech companies globally since 2012, 47.7% of the capital went to companies addressing AML and KYC according to data by RegTech Analyst. Looking at the RegTech investment from a regulatory level, KYC received 23.2% of the capital, demonstrating the increasingly complex requirements placed and heavy fines imposed for inadequate compliance by regulatory authorities.
Earlier this year, LenddoEFL launched an electronic Know Your Customer (eKYC) product for Philippines-based financial institutions. The company said the solution will help customers apply for credit card and bank accounts at Philippine financial institutions, and is consistent with Bangko Sentral ng Pilipinas (BSP) regulation.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
