LenddoEFL has 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.
To date, Know Your Customer (KYC) regulations in the Philippines have always required a face-to-face or real-time online interview to onboard new-to-card or new-to-bank current account/savings account (CASA) customers.
Following LenddoEFL’s new solution customers will be able to get verified as part of a CASA or credit card account application via their mobile phone.
“This is a game-changer as we continue to adopt alternative digital verification and scoring to help push for a more secure, faster and reliable verification process to onboard more unbanked and underserved segments into the financial system, supporting BSP’s mission of financial inclusion,” said Judith Dumapay, APAC Sales Director Philippines, LenddoEFL.
Based in Singapore, LenddoEFL is on a mission to provide 1 billion people access to powerful financial products, at a lower cost, faster and more conveniently. It uses identity verification, credit scoring, and consumer insights to help banks make data-driven decisions. Its AI and advanced analytics bring together sources of digital and behavioural data to help lenders in emerging markets serve underbanked people and small businesses.
Earlier this year, RegTech 100 company iSignthis has extended its agreement with XM.Com to include Electronic Know Your Customer (eKYC) for China. The Australian Securities Exchange and Frankfurt Stock Exchange cross listed RegTech said it has extended the scope of its Paydentity solution to XM.com to include provision of Chinese identity verification services, as a standalone service.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
