NorthRow has been chosen by the UK’s Open Banking Implementation Entity (OBIE) to verify its international users.
NorthRow, a Contego solutions business, said it will verify users throughout the EU and the fast-emerging markets in Asia Pacific, including: India, the Philippines and Australia/New Zealand. It will handle the identity proofing and verification processes for onboarding FinTech firms and other financial organisations, ensuring security and customer needs sit at the core.
OBIE was established by the UK Government’s Competition & Markets Authority (CMA) in September 2016, with a remit to increase competition, make the management of money easier, and enable personal and business banking customers to take control of their financial data.
Under the initiative, retail financial services firms make a standard set of Application Programming Interfaces (APIs) available to companies regulated by the Financial Conduct Authority (FCA) or other national competent authority.
Adrian Black, CEO of NorthRow, said: “We want to enable Open Banking to make timely, accurate and informed decisions about potential participants and onboard them quickly, so they can focus on expanding the initiative and ultimately give the end customer secure control of their finances.
“We have delivered a customised solution, ahead of schedule, that will provide the OBIE with an automated and seamless process for the FinTech onboarding journey.”
NorthRow delivers a combination of automated and managed Identity Verification (IDV) and Know Your Customer (KYC) services via a single API, will the view of making onboarding as frictionless as possible. Its solution also meets meet Anti Money Laundering (AML) and other compliance requirements, including MiFID II client suitability and appropriateness checks.
By automating and integrating a range of identity and compliance checks, NorthRow claims to streamline the complex onboarding and monitoring processes of financial services organisations.
The business combines mobile identity verification capabilities using facial recognition and voice recognition AI with data from an international range of commercial, open source and law enforcement sources to deliver risk scores and enriched data on corporate entities, individuals and ID documents.
Nigel Spencer, head of support services at the OBIE added: “We have built a good working partnership with Northrow; their flexibility and innovation in the provision of a bespoke solution that also includes video ID verification has been proven with the success of the platform for UK users.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
