KYC providers are targeting companies in underserved areas to improve access to financial services with technologies like selfie biometrics and life detection. Element and Identomat have new partnerships to serve Southeast Asia and Ukraine respectively, while VerifyMe Nigeria says KYC costs have fallen in its home country, and Aadhaar reveals its latest usage growth statistics.

Element in Southeast Asia

Element Inc has formed a strategic partnership to build additional digital identity-based security into Brankas’ open finance technology.

Element will provide biometric life checks and identity verification technology to support digital KYC checks for Brankas clients in Southeast Asia. Element’s technology will support client onboarding and authentication.

“Element has the most comprehensive eKYC offering in the region, localized for specific markets,” says Brankas CEO and co-founder Todd Schweitzer. “Its life verification products and central identity verification connectivity databases can make Brankas’ Open Banking products more fraud-proof.”

VerifyMe and QoreID in Nigeria

The lack of trust infrastructure in Nigeria has been holding back small and medium-sized businesses in the country, VerifyMe Nigeria CEO and co-founder Esigie Aguele said during Fidelity’s recent SME Forum, This Day Live reported.

Aguele says many companies are under the mistaken impression that KYC processes are too expensive, based on their price before it went down dramatically, partly due to the influence of VerifyMe. The company launched the QoreID B2B platform to help build the necessary trust infrastructure.

adhar in india

Digital KYC transactions made using India’s national digital ID, Aadhaar, increased 18.5% on a quarterly basis to reach 848 million from October to December 2022.

eKYC transactions also increased on a monthly basis over the past quarter.

Aadhaar can be used for more than 1,100 government programs operated by the central and state governments, according to the announcement. It is also used by 105 banks and dozens of other entities, and is credited with lowering customer acquisition costs, as has been the case in Nigeria.

Identomat in Ukraine

Identomat has partnered with Ukraine-based compliance and business intelligence technology provider YouControl to offer secure remote identity verification and digital KYC checks in the war-torn country.

Under the partnership, Identomat will provide selfie biometrics and iBeta Level 2 tested life detection for KYC, Anti-Money Laundering (AML) and Politically Exposed Persons (PEP) checks. The integration is intended to provide efficient and affordable remote identity verification amid Russian fraud attempts and other challenging circumstances.

The move unifies what had previously been an identity verification process carried out with two separate solutions, according to the announcement.

“The merger of our forces with YouControl is a game changer for the digital verification industry as a whole,” says Identomat CEO David Lomiashvili. “Together, we will provide businesses with the most comprehensive and secure customer due diligence system. With the power of YouControl data and analytics and Identomat’s cutting-edge biometric technology, we will empower companies to make informed decisions and stay ahead of the competition. We are excited to see the impact of this partnership on the future of business and public services in Ukraine and beyond.”

Article Topics

Adhar | biometric authentication | biometric life detection | biometrics | Element | identity verification | Identomat | KYC | incorporation | Verify Me Nigeria