Innovation Finance, a FinTech company specialising in equipment financing, is set to deploy Daon’s biometric identity technology.
The company said it will use Daon’s IdentityX platform to drive to create a better client experience.
“With customers already successfully deploying our IdentityX platform across six continents in the financial sector, it is rewarding to see innovators in other sectors discovering the power and convenience of mobile biometric authentication,” said Tom Grissen, CEO, Daon.
Innovation Finance provides equipment financing for manufacturing, medical, technology and other business equipment.
Innovation Finance’s QuickFi mobile application, a lending platform which offers borrowers low-cost capital, claims to reduce a process that typically requires 20 signatures and three weeks down to just three minutes.
“Daon was the obvious partner to help us create a mobile platform that is changing the way commercial borrowers access capital for equipment purchases,” said Bill Verhelle, CEO, Innovation Finance. “Daon has proven again and again the ability to help its customers improve their mobile development initiatives while maintaining a secure platform. Daon’s expertise in biometric authentication is a key component of our technology, and the enhanced security is invaluable to our clients.”
Headquartered in Virginia, US, Daon’s IdentityX is a unified platform for Digital Onboarding and Authentication. It allows users to authenticate themselves on any mobile device just by taking a selfie. It is adaptable to allow its clients, and their customers, to pick and choose the biometric they’d like to use, including but not limited to facial recognition, voice recognition, and fingerprint id.
The product is now being implemented by customers in the banking, technology, investments and gaming sectors, who require more trusted mechanisms to meet Know Your Customer (KYC) and Anti Money Laundering (AML) regulations for identity verification during account opening.
Akbank recently became the first bank in Turkey to deploy facial recognition for mobile banking authentication. The bank partnered with Daon to deploy its IdentityX facial recognition technology.
Earlier this year, New Zealand Department of Internal Affairs(DIA) selected Daon to bolster its digital boarding mobile app. Daon’s IdentityX Platform is now part of the DIA’s digital onboarding mobile app, RealMe Now, which enables customers to create an online verified identity.
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