remote biometric digital kyc

The banking and payments industry is the world’s fastest adopter of new technology innovations. It is always critical for nations and authorities to safeguard financial sector security, minimize system anomalies, and provide consumers with simplicity of use. Nonetheless, financial losses due to fraud in banking and transactions have resulted in a loss of more than 32 billion dollars worldwide in 2020, according to a Merchant Savvy analysis.

On the other hand, increased competition in the BFSI field necessitates industry players to give consumers a new-age banking experience, ensuring a far smoother journey at each stage of the banking lifecycle while also ensuring maximum security.

Biocube’s Bio-KYC, which includes multi-factor biometrics and liveness verification, as well as integrated compliances on AML, PEP, and Sanction check, ensures a super-convenient and fool-proof customer due diligence (CDD) process for new customer onboarding and account opening seamlessly, entirely in a remote self-service mode on customers’ own devices.

The Bio-KYC module is extremely customizable from the backend, allowing clients to quickly add/remove checking factors and vary the risk threshold, ensuring a completely tamperproof KYC procedure and making consumers’ lives easier.

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Multi-Factor Biometrics Authentication-Based Secure Transactions

Biometric authentication has evolved into one of the most effective and dependable techniques for combating identity theft. Biometrics has matured as a technology innovation arena, from fingerprint to voice print to face recognition and then into many more elements such as eye recognition, palm recognition, and so on, particularly in connection with Artificial Intelligence and Deep Learning

Biometric Multi-Factor Authentication (MFA) is a way of validating a person’s identity by employing two or more factors and permitting secure login, transaction, or access.”

Furthermore, in today’s digital age, mobile devices and the internet have become ubiquitous mediums for each of us to access various services and conduct transactions in a variety of forms – the majority of which are sensitive in nature, requiring authentication of the user’s identity to authorize these transactions or deliver verified services. Particularly post-pandemic, the need for remote methods of service provision has become increasingly prevalent.

Multi-Factor Biometrics adds additional layers of authentication to the system, making it more accurate, durable, and tamperproof. Furthermore, the inclusion of AI makes biometric engines smarter – the AI analyses and weights individual elements about the login attempt to generate a risk score for the scenario.

Biocube has created the world’s most unique, proprietary (patent-filed) Biometric multifactor-multimodal authentication platform, which is available on smartphones as well as a wide range of other devices such as tablets, laptops, and IP cameras, lowering the cost of technology adoption while ensuring user convenience and security with guaranteed ROI.

Biocube Offering for The Payment Platforms

Biocube proposed a solution to password-free payment using multimodal biometrics;

ATM

  • User registers on Biocube powered app using biometrics
  • User gives ID details on an app- validated by Govt. source database with the account number and customer Bio-ID
  •  The user can quickly scan their bar code.
  • The user goes to a conventional bank ATM, selects the BioPay Cash withdrawal option, and enters the amount.
  • The customer bio-authenticates themselves using his or her mobile device.
  • Cash Disbursal is done from the ATM

APP

  • The user will open the online payment app & registers with biometrics & User Bio-ID
  • User link their payment account with KYC in self-service mode
  • User bio-authenticates using the multi-factor mode, depending upon the amount of transaction.
  • Payment can be made easily using an online payment app.

Biocube offered a password-free payment option based on multimodal biometrics.

As consumers become more conscious of financial literacy and financial accessibility, the number of digital payment methods will grow tremendously. Biocube offered a multifactor safe authentication workflow allowing users to have a more seamless and secure experience with their existing devices.

For sanitary reasons, the majority of users prefer a touchless recognition system to a touch-based one. Our proposed solution serves as the foundation for a mobile touchless passive liveness Face/Voice/Palm/Finger/Eye authentication and recognition system.

Benefits:

  • Transactions run smoothly: Multi-factor bio-auth for online, P2P, bus and train tickets, bill payments, and other transactions.
  • Privacy and security of data: There is no chance of data leak or hacking because data is fully encrypted on the user’s device.
  • Reporting Automation: Fully automated admin panel for the payment platform to collect detailed information on user check-in and ID details. Customized reporting can be integrated with customer profiles, analytics, and actionable insights.

Conclusion

The adoption of biometric-based digital KYC has increased significantly in the last few years, and we can expect higher usage in the coming years. The adoption has come with the rise in digital transactions and the Indian government’s eKYC module.

Biocube is a leader in contactless biometric technology and revamped its Bio-KYC systems to meet the growing demands of the digital user. The solution adheres to government guidelines and has become a key sanction check, PEP, and AML identifier.

Schedule a meeting with us to learn more about the advantages of Bio-KYC across multiple industries and its most significant advantages for your organization.