Thales and Thirdstream, two prominent players in the tech world, are joining forces to redefine identity verification in Canada’s financial landscape.
Thales, a global leader in digital identity and security technologies, is renowned for its advanced solutions in this arena. Thirdstream, on the other hand, stands out as a Canadian leader in FinTech, specializing in account onboarding and digital solutions for financial institutions.
The core reason behind this partnership is to address the increasing challenges of in-person fraud in financial services. Together they will implement document scanning and reading technologies in bank branches, enhancing the safety and reliability of identity verification processes.
Thales has a proven track record in the field of digital identity and security. Their intelligent document reader solutions are designed to authenticate and capture data from various identity documents quickly and efficiently. Thirdstream, leveraging Thales’ technology, has been offering remote know-your-customer (KYC) and anti-money laundering (AML) services since 2020. This has included the use of mobile devices for capturing images of government-issued IDs and selfies, ensuring authenticity and liveness detection.
The partnership brings together Thales’ expertise in secure digital identities with Thirdstream’s growing relationships with Canadian banks, credit unions, and trust companies. This collaboration promises to deliver more advanced identity verification solutions to the market.
Thales providing its latest advancements in biometrics and secure document scanning. This technology is already in use globally in border security and financial services. Thirdstream’s configurable onboarding platform, combined with Thales’ security solutions, aims to offer a seamless, compliant, and customer-friendly identity verification process. The goal is to create an unmatched customer experience, with reduced wait times and increased efficiency in identity verification.
Thales, Director Product Marketing, IAM, Haider Iqbal said, “Thales is looking forward to providing a seamless and secure in-branch ID proofing experience for both financial institutions and their customers in a time of increased risk from fraud and growing regulatory requirements.”
Thirdstream, CEO, Keith Ginter added, “The expansion of our partnership reflects on both companies’ commitment to remain at the forefront of innovation for the financial services industry. This advancement elevates the standards for identity verification in Canada. We are creating what some refer to as a ‘friction-right’ experience for consumers, which, research shows, is the single greatest contributor to defeating identity theft.”
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