UBS has partnered with identity verification and forensic solutions developer Regula to create a ‘new experience’ for opening accounts and accessing banking products.
According to UBS, instead of real-time video interviews, which were previously required by UBS to verify new customers, the enrolment process is now fully automated, available 24/7, and takes just a few minutes with as little action from the customer as possible.
UBS said this is all possible thanks to Regula’s identity verification solutions that recognise and authenticate documents in a snap and compare document portraits with users’ selfies to ensure their identities are genuine.
The Swiss bank appears to be the first bank in the country to enable automatic identity verification and electronic signature creation. Onboarding for new customers is now available right from the UBS mobile banking app.
The whole procedure is done in four steps. First of all, with the help of a smartphone, the customer scans their ID, which must be a biometric passport only. If the customer is a Swiss citizen, they are required to provide a biometric Swiss passport. For non-citizens, it’s obligatory to scan their national biometric passport and Swiss residence permit.
This scanned passport is automatically processed with Regula Regula Document Reader SDK. First, its type and data are instantly identified and verified with Regula’s OCR engine; second, the RFID chip is read and full server-side verification and authentication of the chip data is performed according to the ICAO 9303 standard, including data integrity and genuineness check as well as chip cloning check.
After the document verification is complete, the customer takes a selfie for a liveness check. Finally, Regula Face SDK compares the document portrait (both the visible one and the one in the RFID chip) with the selfie to ensure the person is who they claim to be.
Regula said, “All these actions are done in less than five minutes, and right afterwards, the customer gets access to their freshly created bank account. Also, such profound identity verification allows UBS to generate qualified electronic signatures for their customers, which they can use widely throughout the country.”
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