solarisBank is launching a new digital identification solutions division which is already being used by four banks.
The initial product from the unit is a digital KYC platform which bundles a number of identification processes. This includes an online solution to identify business customers called Business-KYC. Alongside this, clients can choose from end-customer identity processes from other companies including IDnow and PostIdent.
BMS MMM BankingGuide is the first partner to take use of the new solutions to support the creation of its ‘BankingGuide’, which is used for comprehensive advice of corporate clients. The company is now looking to grow its product through KYC processes and optimising the BankingGuide via self-service of corporate customers.
solarisBank’s new KYC solution is being piloted by four banks within the Volksbanken Raiffeisenbanken. These include Berliner Volksbank eG, Volksbank Raiffeisenbank Rosenheim-Chiemsee eG, Hannoversche Volksbank eG and Volksbank BraWo.
These institutions will be testing the product until January 2019 at a friends and family phase. Following this, official launch will begin.
The decision to create this new division came after solarisBank noticed some of it partners, such as banking app Penta, needed a solution for identity verification.
Identity Business Unit managing director Delia König said, “As a banking-as-a-service platform, we aspire to drive technological innovation in the financial market and provide the best and most advanced solutions to our partners. With the Business-KYC product, we set a new standard for digital customer enrolment processes of banks and financial services providers.”
Earlier in the year, solarisBank launched a blockchain factory in a bid to create a technological and regulatory bridge between banking and blockchain.
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